Almost every day I get involved in a conversation related to the different generation types. Millennials are clearly the hottest bunch on the list as they are the fastest growing segment in the employment market, but it’s not only about them.
In fact, so many conversations revolve around the differences between Millennials, Gen-X, Gen-Y and the upcoming Gen-Z. But is it really so critical to label and categorize each generation separately? Can’t they simply be bundled into a single group?
Building on those questions, we invited FutureCast President Jeff Fromm to present at our Viola Group annual meeting this year. Jeff is an expert on Millennial marketing, and has an interesting view on how consumers react based on their “generational affinity”. Below is an excerpt from our discussion, in which Jeff shares a few strong observations, one of which I found quite surprising. In contrast to the traditional definition of ‘Millennial’, Jeff talks about the classification of this generation being based on mentality, rather than birth year. So who knows, maybe I’m actually an old millennial…
This is our 3rd VChat, with a few more already scheduled, so look out for some more interviews in 2017.
Some of the topics covered in this video:
The notion that the definition of “Millennial” is changing from “age-based” to “mindset-based”
The financial impact of influence of Millennials
The difference between “stated” importance and “derived” importance on the ‘true’ impact of Millennial financial influence
The impact of technology on Millennial brand loyalty and purchase decisions (“Useful is the new cool”)
Jeff on the top performing brand across all Millennial ‘mindsets’: Amazon
Jeff on his impression of the tech scene in Israel
Check out some of my previous VChats:
[VIDEO] Daniel Cohen chats with Estée Lauder’s Chaz Giles on innovation trends in non-tech companies
[VIDEO] Daniel Cohen chats with DSP Group’s Daniel Amir on all-things Semiconductors