SA millennials different from the global cohort
Locally the big opportunity here for brands is to demonstrate how they are solving the complex set of socioeconomic and personal challenges this audience faces.
Those that can demonstrate a full understanding of these challenges matched with a precise positioning that they consistently deliver on, will be the brands that achieve sustained success amongst this audience.
An important audience for marketers to understand
A data-led analysis, Millennials: Fact or Fiction, from M&C Saatchi Group South Africa, is a report of key insights for leaders as they look to connect with this generation, which is undoubtedly one of, if not the, most important audience for marketers to understand.
Diana Springer, chief data and intelligence officer at M&C Saatchi Group South Africa comments that in the local market, where the median age is 27, with more than 70% of the population is younger than 40 years old, millennials are an important audience in the growth conversation.
“We cannot forget about our millennials. Localised insights matter and as economically active citizens in the country, with ages currently ranging from 23 to 41 years, millennials are market makers and shapers.
"And gaining this knowledge is particularly urgent during economically constrained conditions when consumer disposable income is under significant pressure,” she says.
Four quadrants: family, money, environment, and politics
The research filters fact from fiction in four quadrants: family, money, environment, and politics.
"We sought to quantify the millennial opportunity because beyond economics, these are the parents and guardians of the future generation," adds Springer.
- Family
The report finds that most South African millennials (76%) are single, reflecting the narrative that millennials are less inclined to settle down in their 20s and 30s than previous generations.
It states that while they might not have settled down, our SA millennials are certainly not footloose and fancy free. In fact, as many as 64% are parents of young or unmarried children, and 17% are guardians of children that aren’t their own. When it comes to family matters, this audience is absolutely family-first, but the standout distinction is that their understanding of family extends beyond blood relatives to lifelong bonds.
- Money
South African millennials claim to see themselves as being good at managing their money, with 62% being willing to take on risk in their finances to get ahead.
- Politics
“In the lead-up to the forthcoming National Elections, the political stance of the country’s millennials provides food for thought.
"While 78% of this audience say they are proud to be South African, an equally high 60% feel disengaged with politics and politicians.
"Our millennials are observers on this front – not apathetic but quite disengaged from the status quo of politics in South Africa.
"And though voter apathy may seem apparent, interest in political discourse and current affairs are ever prevalent, and disengagement is not an indication of a lack of passion, but rather a lack of faith in the leaders of today,” says the report.
Millennials: Fact or Fiction was generated in participation with Fluency, M&C Saatchi’s global data consultancy and South Africa’s leading customer analytics company Eighty20 with whom M&C Saatchi have formed an official partnership to bring more data fluent strategies and decisions to clients.
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