"The Millennial generation has never before faced adversity of this proportion - they are new to a tight job market where wages are depressed," says Ann Mack, director of trendspotting at JWT. "Brands can get behind Millennials by subtly acknowledging their tough situation and helping them navigate the recession by offering easy-to-understand guidance. Marketers can also spotlight opportunities and show young adults how to take advantage of them."
The survey also examined how the economy is affecting Millennial teens and found that recession-related issues are replacing typical teenage ego-centric worries - concern about whether there will be good jobs after graduation or whether the teen will have to give up some things he/she likes are trumping worries about school performance and attractiveness.
The survey, fielded Feb. 11-16, polled 1,065 Americans aged 18-plus, 243 of whom were 18-29. In addition, 96 teenagers (aged 13-19) residing in the homes of the adult participants were surveyed. This is the 16th installment of JWT's six-year-old proprietary AnxietyIndex, launched during the run-up to the Iraq war to track the level and intensity of consumer anxiety and, importantly, the drivers of it.
Other findings from the report include:
- Teens are more anxious than even their parents suspect: 64 percent of teens say they are nervous or anxious given everything that's going on in the world, the country and their family's life, while 54 percent of parents would describe their teens as nervous/anxious.
- The Internet and mobile phone were chosen by teens and young adults as the entertainment and socialization platforms they'd be most reluctant to give up for budget reasons:
a) Only 11 percent of 18- to 29-year-olds said they would give these up if money became tight. By contrast, 61 percent said they would forgo their DVR/TiVo or buying video games/equipment.
b)90 percent of teens said they would be very or somewhat bothered if they had to give up their Internet connection; 73 percent said the same of their mobile phone. By contrast, only about a third of teens said they would be bothered if they had to give up buying video games or participating in extracurricular activities.
"The Web and mobile devices offer connectivity and a wide array of content and applications at little to no cost, and as a result, they can easily replace paid products and services," says Mack. "Teens and young adults already see their mobiles and the Web as extensions of themselves, but the downturn is only increasing that bond and time spent with these platforms."
