whats wrong with these kids today - gen y - millenials

WHAT’S WRONG WITH THESE KIDS TODAY?

Get Ready for Gen Y

It’s Always about ‘the kids’

@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck

Intro¨ Elton Mayfield

¤ Co-founder & Principal @ERMarketing¤ Primarily focus on the Building Materials Industry¤ Just named one of the 25 Key Influencers in Marketing¤ Family Business was construction¤ Parent to…Employer of…Experience with…- GenY


25+YEARS CREATING DEMAND IN THE BUILDING INDUSTRY

AWARDWINN I NG

ROI DRIVEN CREATIVE CAMPAIGNS

Who am I?

Navigate-the-Channel.comBlog written for marketing professionals in the building materials industry

So Now Let’s Focus on You!

You’re the Most Interesting Man!

The Contractor is the Final Point of Purchase with a Homeowner

You’ve Got the Power

It’s time to leverage that for more sales


What do we call them? ¨ Often referred to as Generation Y or Echo

Boomers.¨ Their births coincide with the turn of the century – so

the Millennial reference has become common.


When were you born?

1922-1945• Veterans,

Silent, Traditionalists

1946-1964• Baby Boomers

1965-1980• Generation X,

Gen X, Xers

1981-2000• Generation Y,

Gen Y, Millennial, Echo Boomers


Gen Y Size

By 2025, 75% of the workforce will be made up of millennials

5 Ways Millenials are changing the workforce


Remote Working¨ Millennials are on a

mission to end the traditional 9 to 5

¨ Flex time is almost standard as a company benefit.

45%Choose workplace flexibility over pay.


Culture is Important¨ Changing the way company culture works. ¨ Creating a flat hierarchy, and want more autonomy

in their work. ¨ 60% of Millennials who left their company

indicated that the primary indicator was whether the company was a ‘good cultural fit’.

8 out of 10 Millennials want regular feedback from their boss.


More Transparency¨ Millennials also love transparency. ¨ Now that everything is out there, it makes sense that

this transparency would translate into the corporate world.

¨ Recent study showed this was one of top four characteristics they want in a leader.


79%Want to work for a company that cares about how it impacts or contributes to society.

Count giving back and being civilly engaged as their top priority.

Generosity is Key

70%

Gen Y in the Building Industry


Home Buying

Leaving the Nest

In the next 5 years…

During the downturn, an unprecedented share of young adults did choose to live with their parents rather than strike out on their own, hindering household formation and economic activity. As economic prospects improve, however, Millennials will emerge from their parents’ basements. Today, there are just 13.3 million households headed by Millennials, but this number will swell to 21.6 million by 2018, and they will spend more than $2 trillion on rent and home purchases combined – more on a per-household basis than any other “generation” over the next five years.

8.3 million new Millennial households form

Millennials spend $1.6 trillion on home purchases and

$600 billion on rent

Households Headed by Millennials (millions)

Millennial Share of Spending on Housing, 2014-2018

Note: Millennials defined as those between the ages of 18 and 29 in 2013. Millennial household formation is due to multiple factors, including moving out of parental or roommate homes, as well as immigration.Source: 2013 Demand Institute Housing & Community Survey; 2013 Demand Institute Housing Forecasts

RentSpending

HomePurchases

2018

201313.3

21.6

22%

27%

to establish own household

50%

Not So GlumDespite all of the doom-and-gloom reports about their financial situation, Millennials themselves are overwhelmingly optimistic about the future. They expect their finances to improve, and most have plans to move in the next five years. Further, Millennials are looking to upgrade their living situations, whether that means moving into a nicer, more spacious rental or purchasing a home for the first time.

Source: 2013 Demand Institute Housing & Community Survey

79%

74%

Top Reasons to Move...

Expect their financial situation to improve

Plan to move in the next five years

to own, not rent

48%for a better

home/apartment

71%for more privacy

or space

59%

Still an Ownership SocietyNot surprisingly, those seeking to set up a stable family unit want a stable place to live. While most Millennial movers will rent their next home, more than 8 in 10 already own or plan to own their own home someday. Nor has the recent crash in home prices led Millennials to believe home ownership is a poor investment. Based on stated aspirations, there is no indication that this generation will be any less likely than previous generations to own their homes.

Source: 2013 Demand Institute Housing & Community Survey

75%

73%

believe ownership is an important long-term goal

believe ownership is an excellent investment

16%will not purchase

60%plan to purchase

24%already own


Home Buying


Home Buying Criteria¨ Good Schools¨ Home Technology

¤ Media Rooms¤ Technology infrastructure

¨ Smaller, flexible space¤ Everyday use¤ Energy efficiency


Gen Y key to Housing Recovery¨ Households in their 30s

should increase by 2.7 million over the coming decade


Gen Y as a Customer¨ Don’t insult their intelligence¨ Make it easy to find you online, on mobile

devices and make decisions. ¨ Be online and be on social media if you want

to reach Gen Y¨ Quality and Service are very important.

¤Gen Y demands higher quality and service.


Gen Y and Remodeling¨ Understand what Gen Y’s want and have examples. ¨ New Kitchen and bath¨ Open floor plans¨ Home office¨ Low Maintenance¨ Technology¨ Energy efficiency and green

Gen Y and Mobile Technology:


1983

Sold for$3,995


Mobile Has Come A Long Way

86%OVER

MOBILE USERS USE THEIR DEVICES WHILE WATCHING TV

91%OVER

MOBILE USERS HAVE THEIR DEVICE WITHIN ARMS REACH, 24/7

@EltonMayfield#EGwolfpack

@DigitalOlson

Are you a nomophobic?

Where’s my cell phone????


Final Thoughts¨ Authenticity is crucial.

¤ Millennials know when something’s forced or contrived, and they’ll ignore it.

¨ For Millennials, if it didn’t happen on social media, it didn’t happen at all.

¨ Millennials will fiercely support causes they believe in, and will align with brands that share their values.


Final Thoughts¨ Millennials have a limited budget, but will

pay a premium for brands that resonate with them.

¨ Most brands will find that evolving to a Millennial-friendly, participative marketing model means actual structural reorganization. Lip service won’t work for this generation.

Questions

whats wrong with these kids today - gen y - millenials

Education