By 2015 Millennials will overtake the majority representation of the workforce and by 2030 this generation will make up 75% of the workforce (Source: U.S. Bureau of Labor Statistics). Equally important, this same generation has a large affect on America's economy spending nearly 200 billion dollars in food and entertainment (Source: Kelton Research). To ensure our future success in a ever changing and challenging global business environment, we must understand and position Millennials for success. A recent survey by KPMG International takes a personal look at Millennials purchasing habits.
KPMG International cites that the majority (nearly 70%) of Millennials personal purchasing decisions considers social issues, specifically in the areas of sustainability, human rights, and fair trade. Alternatively, for all other ages the survey reported a far lower number at 50%. Additionally Millennials knowledge of social issues were far higher as compared to all other ages, most notably in the example conflict minerals. The survey revealed that 16% of all consumers were aware of conflict minerals whereas 75% of people under the age of under 30 were aware.
Compound this consumer survey with young professional studies citing a desire for company / community impact (Source: Net Impact, MTV) and it could indicate that Millennials align their workplace and personal life into a single social consciousness.
How can the KPMG survey assist in the scope and delivery of marketing messages and/or association processes?
Additionally, how can Gen X and Boomer management hone in on key takeaways from the KPMG survey to create a better work environment with stronger KPI's for Millennial recruiting, retaining, and growth?
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Bryan Harrison
Speciality Equipment Market Association (SEMA)
Sr. Manager of Networks
Diamond Bar CA
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