The millennial generation is the most researched generation in history. They also happen to be the most educated generation in history. While they have stepped into a culture and traditions established by their parents and previous generations, they are about to turn things as we’ve known them on their head.
Every industry is in the midst of a disruption, whether they are aware of it or not. Established businesses that are set on doing things a certain way and speaking with consumers and even their own employees in a certain way, are in for a rude awakening. While one single millennial wouldn’t have the power or authority to turn an industry upside down, 92 million or even a significant minority of them can have a profound effect and do just that.
Let’s talk Banking: All four leading banks are among the 10 most hated brands by Gen Y
According to a recent study by Scratch, Viacom Network; millennials hate how banks operate and expect them to disappear completely in the next five years. Just as Uber turned the personal pay-for-transportation aka cab industry on its head – banking as we know it is likely on its way out. The finance industry is about to morph into something much different from what we have experienced to date. Much like music morphed from vinyl records, VHS and cassette tapes, into music streaming from the cloud.
Banking is set for one of the greatest disruptions of any vertical. Consider that 1 in 3 millennials are open to switching banks in the next 90 days – 53% don’t think their bank offers anything different from other banks, and 71% would rather go to the dentist than listen to what banks are saying. More than half of the 10,000 millennials interviewed for the Millennial Disruption Index by Scratch, a division of Viacom Network, see no difference between the institution they use and other banks.
A Word About the Wedding Industry
As was written in a recent MediaPost article, “From the white dress to the first dance and everything in between, the wedding industry has been notoriously known as being one of the most—if not the most—traditional industries. This was, until recently.”
According to MediaPost, the wedding industry has seen tremendous change due to the millennial generation. From drones and wearables, to online-only inspiration, today’s millennial brides have embraced WedTech—and it doesn’t seem to be a passing trend.
Not unique to the wedding industry, but another trend and preference of the individuals comprising the Millennial generation is the desire to ‘create things from scratch.’ The millennial generation has embraced the mentality, coining themselves the “DIY generation.” This hands on preference for doing and creating things has translated across many industries. However, none have felt the impact quite like the wedding industry.
One of the biggest influences for the DIY bride has been Pinterest. Statistics say that over 50% of Pinterest users have boards that are primarily dedicated to bridal related topics. Brides-to-be will use Pinterest as the showroom for bridal options. And having attended a recent ‘Start-Ups pitch VCs’ event in NYC, those Pinterest pins are going to be ‘click and buy-able’ in short order. This creates a whole new dynamic for retailers, e-tailers, local merchants, and everyone in between.
Millennials are officially the largest, most diverse generation in the U.S. population, according to a report by the Council of Economic Advisors. They are just beginning to step into their spending power. This influence combined with their desire for disruption and bucking tradition when it doesn’t serve a greater purpose, may be for the better of almost everyone but big business.
The millennial generation has no interest in being a passive participant in their experience of life or in their own customer journey. Their view of the world and the way in which they engage with it, will ultimately bring about disruption of the old and an ushering in of the new. Industries can either proactively look within, and open their eyes and ears outward, or be prepared to be chiseled away or pulled out by the changing tide.
LuRae Lumpkin bridges the leadership and knowledge gap between millennials and established organizations to facilitate the change we need in the marketplace, workplace, and in the world. She helps those in business and leadership understand what they need to know to relate to millennials and succeed together.