Millennials and spending/behavior comparison - Assignment Example

First Last NUMBER The Genesis of My Consumer Anatomy: I am a Millennial hear me ROAR! Move over Baby Boomer generation, the millennial generation is here and reaching the zenith of our spending and socio-economic capital. The Millennial generation is rapidly establishing a dominant market footprint. Millennials’—people between the ages of 16 and 34—have been the subject of abundant analysis and commentary, mostly revolving around their avid use of technology, changing media-consumption habits, and entry into the workforce.

As a millennial I can attest to a shift in the consumer paradigm among my peers. Millennials’ expectations are different from those of previous generations, and companies will need to rethink their brands, business models, and marketing to meet the millennial consumers’ expectations.Dollars & Sense Although the youngest members of the Millennial generation are still economically dependent on Mom and Dad, older Millennials such as myself, are beginning to enter their peak spending years.

While we are not yet set in our ways, we are forming clear preferences, exhibiting tendencies, and influencing one another’s opinions and behaviors in regards to the economic values we possess and how we envision ourselves. Campus Life Back in Session’s authors make the argument that discretionary spending among my cohort has increased exponentially within several market niches including apparel (up 126%), technology (up 227%) personal care products (up 105%) and cosmetics (up 280%).(“Campus Life Back in Session” 4)From my perspective I do not believe that my spending habits in any regard have increased.

I believe that the cost of many consumer products such as apparel and technology have gone up forcing me to spend more in those areas and become more frugal with other discretionary purchases. My personal perception conflicts with the data provided. I do not feel that my personal budget has increased at all, in reality I am forced to make my dollars stretch further to purchase the items that I want and need.Leisurely Pursuits I strongly disagree with the application made that Millenials’, such as myself, are slackers who are self-absorbed into their own Leisurely Pursuits.

Campus Life Back in Session’s author uses a very loose set of research/survey data to frame an estimate of a millennial life schedule. In my particular case I find to meet the demands of my education and other priorities I must delegate and schedule my life intensely. As the haste of technology has accelerated so has my need to budget my time carefully. I believe that my personal Leisure time without any external demands is less than 50% of what is estimated in Campus Life Back in Session. Based on my weekly planner I average less than 10 hours per week of “me” time.

While I do agree with the factual data that “food”(“Campus Life Back in Session” 4) is the primary motivation that takes me off campus, the interpretation of the meaning of this data is far skewed from my personal Leisure time reality.The Tech Trifecta Technology encompasses and drives my life and internal compass each and every day. On all fronts whether it is social or educational I am perpetually tied to a technology tether that requires input and feedback. As I see it technology drives the millennial generation’s habits and ultimately drives up our individual stress levels. The 14.2 hour connects average for a typical Millennial is about correct as stated.

(“Campus Life Back in Session” 4) For my standpoint the context of the data is more relevant to Author Shan Li’s article “Millennials feel more stress than older generations, study says”(Li 2) in that as I am more tethered to technology and my daily exposure has increased I am more stressed and unable to put it down. While technology may be a marketing “Trifecta” for companies like Apple, for me personally it correlates directly to my increased feelings of stress in my everyday life.

Sociology 101: The Art of Friending Do we have more “Friends” or do we have more “Acquaintances”? One of the drawbacks I see every day is the impact of social media on my life and the lives of my friends. Millenials’ use social media as a crutch; they distance themselves from their peers and engulf themselves in an electronic social media bubble. While I do spend at least 20 minutes a day just checking out what my friends are doing on Facebook, I find that I am contributing less about my life and just watching the drama in their updates.

If anything the sociology I personally see in my Millennial cohort is focused more on detachment from interpersonal relationships and a reliance on the digital filter to carry us through.Deal or No Deal Honestly, free samples of anything break the monotony of my student life. I completely agree with Campus Life Back in Session’s authors in regards to the number of students utilizing sites like Group on (45% in 2012) (“Campus Life Back in Session” 4), however I disagree with the application of the data in that Millenials’ use sites like Group on as value centers because we each feel the “personal touch”(Steele 1) of the tight economy and how it bites into every single buying decision we make.

Democracy U "College students are the eternal optimists, as they should be.” (“Campus Life Back in Session” 4) pretty well sums up the general consensus of the Millennial generation. Our focus is squarely aimed at influencing our world. Among my peers I have to agree with the data provided by Campus Life Back in Session in that probably 7 out of 10 of my cohort identify strongly with dynamic liberal causes and maybe 2 out of 10 are conservative. What matters most to each of us regardless of our political ideology is what kind of world we are going to inherit.

No matter how we view our lives we each see the glass not as half empty or half full but over flowing with potential because we can and we will be the lion that Roars!Works CitesGlobal Newswire. “Campus Life Back in Session: College Students Arrive Confident, Smart-Er and with Climbing Consumer Spending Power.” Wall Street Journal -Market Watch. Wall Street Journal -Market Watch, 12 Sep. 2012: 4-7. Web. 14 Feb. 2013. .Li, Shan. “Millennials Feel More Stress Than Older Generations, Study Says.

” Los Angeles Times Business On Line. Los Angeles Times Business On Line, 9 Feb. 2013: Web. 14 Feb. 2013. .Steele, Emily. “‘Millennials’ Drive Rethink On Marketing.” FT. FT.com, 18 Nov. 2012: Web. 14 Feb. 2013. .