Millennials recently became the country's biggest generation, and although many were affected by recessions coming out of college, their buying power can be expected to greatly increase in the near future. What exactly is different about their interests and spending habits, and what has stayed the same compared to older generations? It would be incorrect to assume that they have completely rejected the old ways, when in fact many of their tastes and habits hearken back to earlier times. Man of the Hour is here to help bridge the gap in understanding between companies and millennial culture.
Data has shown that car and home ownership rates are lower among millennials, but young men may simply be making these major life choices later than their parents did and not due to less interest. Contrary to many industry fears, they are continuing to buy cars at a steady rate and their relative share of car ownership is growing. Millennial males tend to place more importance in thinking of themselves as unique, and one way they express this, more so than older men, is through their decor. This would be a possible explanation for furniture and bed sales more than doubling over the last two years.
While the image of beer-guzzling and shot-chugging college students is a common portrayal in the media, it might be surprising to find out that members of Generation Y drank 42% of wine among all Americans last year. Compared to Generation X members and baby boomers, they also bought more of the pricier bottles and from a wide variety of wineries. They may be more familiar with current trendy liquor brands like Ciroc, but ultimately a lot of millennials love to drink alcohol just like their generational counterparts.
The young can often be seen with their camera phones ready when restaurant dishes arrive or after they've finished cooking at home. Some may find this practice perplexing or annoying, or both, but the fact remains that the love for food is alive and well among this generation. They happen to express this love differently, as their habits of snapping pictures of meals and sharing them all over social media indicate. Man of the Hour will be more than just a source for food porn, by providing informative background on cuisines and detailed recipes on specific dishes.
Traveling is something that millennials are doing more than their parents, and they're doing so in different ways and for different reasons. Besides the broad purposes of leisure and business, Generation Y expresses more of an interest in learning about a destination's culture through history, language, and food. Their heightened sense of individualism makes them more likely to seek custom experiences rather than a traditional tour lacking in flexibility. They're more thrifty with their traveling plans, spending more time and effort into finding discounts and cheaper rates.
One obvious area associated with millennial men is technology, whether it's through social media, mobile apps, or electronics. However, it's not just that they use it more. Their mindsets are wired to crave user-generated interaction and content. Young foodies and travelers value feedback on social media, blogs, and review sites like Trip Advisor and Yelp as opposed to traditional food critics and travel agents. For lodging options they're more likely to use Airbnb and other alternatives to hotels. Millennials make buying decisions based on consumer input more than advertisements from companies. Finally, technology has influenced their preferred methods of communication, and therefore customer service and brand interaction. There's a lot of truth to the joke that the last thing young people want to use their phones for is to talk.
Millennial men have forged their own consumer identity, but not without past influences. Their ways can be new and brash, but not without elements of traditional refinement. Young men have retained many of the same interests of previous generations, but given the proliferation of technology and their individualism, they're using non-traditional ways to pursue them. Similarly, they buy many of the same things but are doing a lot of it online in addition to in person or on the phone. Man of the Hour's culture content will take all these distinctions into account when informing its audience and bringing it to companies that wish to do business with Generation Y.
Make sure to check out Man of the Hour when its redesign finishes in June, and find out more about its content through the Media Kit. Don't hesitate to contact the magazine about collaborating through interviews, product profiles, and more.