What Are The Millennial Trends?
Who are Millennials and how are they preparing for their futures?
According to various sources, Millennials are generally defined as people born between 1981 and 1996.? They are the largest generation in history and are often referred to as digital natives as the first generation to truly embrace the digital revolution.
Millennials are an ambitious generation who focus on work/life balance and are socially and environmentally conscious.? They want their careers to reflect these passions and expect to be treated with respect and dignity in the workplace.??
So if, like me, you’re a Millennial you may be interested to read what Deloitte’s Millennials 2023 survey shows the current trends to be.??
What is impacting the day to day thoughts and lives of Millennials and what are their key concerns for the future?
The workplace plays a huge part in the lives and identities of Millennials?
Whilst results this year are an improvement on the same survey from 2019, stress and anxiety levels remain high for Millennials with 39% saying they feel stressed at work all or some of the time and 45% saying they feel burned out. ? Burnout is on the rise as people cite poor work/life balance and unhealthy team cultures, not to mention continuous stress about finances, the future, health of the family and their own mental health.
According to all Millennials surveyed, 42% are most worried about cost of living, 23% about climate change and 20% about unemployment. ? With cost of living such a concern, many Millennials are feeling forced to take a second job with the extra income cited as the top driver;
All of which is contributing to workplace concerns, especially amongst the below social groups.??
More and more Millennials are worrying about what they see to be decreasing opportunities around them in the workplace.? They fear there are reduced opportunities to ask for a pay rise (this is particularly the case for women - 59% for women compared to 52% for men), buy a house, start a family, get a new job, get promoted. ? Whilst 70% of Millennials state family and friends are the most important to their sense of identity, there is a large percentage, 62%, who say they are defined by their career so these decreasing opportunities are a serious cause for concern for many Millennials.??
Since Covid, hybrid working has also become a key focal point within society when discussing that elusive perfect work/life balance.? The general feeling across countries, regardless of gender, sexuality, parenting responsibilities seems to be that hybrid working is preferable to fully office based working and that as many as 75% of Millennials would consider leaving a job if it reverted to fully office based and 15% would definitely leave.? The top choice would be to have full flexibility to choose where and how they worked.??
According to Millennials, hybrid working drives greater productivity, saves time and money and achieves a better work/life balance.? This is especially true of parents and ethnic minority groups with 63% and 67% respectively saying it has a positive impact on their mental health.
Leading on from this, over half of respondents have acknowledged that the workplace is making more of an effort to embrace mental health with 55% of Millennials saying their employers are now taking it seriously.? This is a huge improvement from last year but more still needs to be done.??
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Compounding this further are the ever increasing caretaking responsibilities Millennials are dealing with.? 39% are dealing with mini humans or older relatives on a day to day basis which impacts their personal lives and overall well being;
Social media is also a double edged sword with half of Millennials saying it provides a positive outlet but there are equal numbers saying it just makes them feel lonely and under pressure to present a positive public persona.??
Climate change
Climate change is another major concern for Millennials and an area in which they try to be more proactive.? Many are trying to change their day to day habits such as;
However there are fears over how the economic climate is affecting their ability to to live a more environmentally friendly life, for example the costs of sustainable, fairtrade and organic products, food and services.? 60% of Millennials are willing to pay more for sustainable products but nearly as many fear they will no longer be able to do so.??
As a consequence of this social and environmental consciousness, more and more Millennials are accepting jobs based on their values and principles and ways in which they feel they can positively influence the organisation.? Diversity, mental health, social and environmental impact are all areas in which Millennials want to positively influence their place of work.
Millennials are facing both current and future challenges, mainly financial, environmental and personal.? Yet despite these concerns, their spending power is almost limitless and they are a generation marketers and retailers are keen to connect with.? They are an extremely powerful social group who have shaped technology, communication and entertainment into what it is today.???
Part 2 of this blog will discuss the changing technology and spending habits of Millennials and why they are such a desirable social group.?
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Written by?Laura Stevens
My name is?Laura?Stevens and I am a freelance copywriter.??
I have extensive experience in digital advertising spanning the last 12 years and have worked across display, programmatic, SEO, video and content writing.?This is inclusive of articles, blogs (personal and professional), emailers and web pages and I have almost finished writing a children's novel.
I am now pursuing my passion for writing as a career.
My partner and I are parents to three young children with whom we spend as much time as we can and I also have a passion for reading and hiking.?If ever you can't find either one of us, we've more than likely disappeared up a mountain!