what%happens%when%millennials...

What Happens When Millennials Get The Wallet?

in partnership with

October 2013

between Millennials and non-‐Millennials

-‐Jeff Fromm and Christie Garton

Marketing to Millennials

2

Table of Contents

Background Page 4Page 5

About Berglass + Associates Page 6Hypothesis Page 7Methodology and Respondent Profile Page 8

Key Findings Page 10

Level of Attention Being Paid to Millennials Page 13

Degree of Understanding of Millennials Page 19

Marketing in the Millennial Age Page 25Overview Page 25In-‐Store 2Digital Page 42Listening to Millennials Page 52

Millennials and the Modern Retail Organization Page 58

Appendix Page 64

3

BACKGROUND

4

For 100 years, Women's Wear Daily (WWD), a property of Fairchild Fashion Media, has

been the daily media of record -‐ and the industry voice of authority -‐ for senior

executives in the global women's and men's fashion, retail and beauty communities

and the consumer media covering the market. Often referred to as "the fashion bible,"

WWD provides a balance of timely, credible business news and key fashion trends to a

dedicated readership of retailers, designers, manufacturers, marketers, financiers, Wall

Street analysts, media executives, ad agencies, and tastemakers around the globe. As an

increasingly complex marketplace heightens the need for information and competitive

intelligence, WWD delivers with frequency, integrity, independence, spirited coverage

and a long tradition that demands staffers get the story and get it first.

5

About Berglass+Associates

Berglass+Associates is the premier executive search firm serving both the pure-‐play

and brick-‐and-‐mortar retail universe. By combining a substantive history with a

significant leadership placements. Its clients include Neiman Marcus, ModCloth,

Avon, Coach, Restoration Hardware, Fanatics, Rue La La, Target, Warby Parker and

Under Armour.

Berglass+Associates was the first retail focused search firm to recognize that the digital

world was going to redefine retail leadership. Now, as the Millennials

they will dominate the shopping landscape and change the very nature of retail. As the

Berglass+Associates

6

Hypothesis

We know from outside research that the Millennial generation (currently ages 14-‐33) is approximately 80 million strong, representing 25% of the U.S. population (larger than the Baby Boomers, and 3 times that of Generation X).2 They are responsible for $200 billion in spending annually and are set to outspend the Baby Boomers by 2017.5

Because the motivations, values, and attitudes of Millennials are different than those of previous generations, current business strategies and tactics do not apply. 1

We hypothesize that the retail industry may not be adapting at the pace necessary to remain viable now and in the years ahead, because:

1) They underestimate the size and spending power of the Millennial generation

Millennials

7

Methodology & Respondent ProfileTargeted online survey conducted in September 2013121 U.S. business leaders professionally involved in retail

Type of Retail Organizations84 brick-‐and-‐mortar (61 with e-‐commerce)

37 multi-‐ Sephora)24 single-‐brand specialty stores (e.g., Ann Taylor, H&M)13 single-‐brand luxury stores (e.g. Prada)3 mass volume retailer/buying club (e.g., Walmart, Costco)

17 direct mail order catalog3 TV home shopping

Roles/Titles100% Director or above33% CEO/President86% involved in marketing for their organizations

8

Primarily apparel/accessories/footwear/beauty sectors87 involved in apparel 80 involved in accessories (including jewelry/watches) 65 involved in footwear 44 involved in beauty 30 involved in other consumer goods (e.g., toys, electronics, appliances, health/wellness, home decor, etc.)

Note: Total is greater than 121 due to respondent involvement in multiple areas.

Annual revenue breakdown:

All responses were anonymousThis is a qualitative research study; results reflect the responses of the retail executives surveyed and are not meant to represent the entire population of retailers9

Annual RevenueTotal Retail

Online Retail (including mobile & tablet apps)

$1 billion and above 20 4Between $100 million and $999 million 17 13Under $100 million 58 68Prefer not to answer/don't know 26 36

KEY FINDINGS

10

Approximately half of respondents are unaware that Millennials are expected to outspend Baby Boomers annually within 5 years.

More than a quarter of respondents mistakenly believe that the #1 influencer of Millennialsas opposed to the opinions of friends which is known to be the greatest driver.

Of those respondents who target a broad base of consumers, less than half have distinct marketing strategies for reaching each generation.

60% of respondents are not conducting any kind of research on -‐ or analysis of -‐ Millennials.

Only 36% of respondents from companies with both physical stores and e-‐experience.

11

Key Findings

With only a couple of exceptions, respondents from companies with both physical stores and e-‐commerce websites appear to be on par with those from pure play companies as it relates to serving the needs of Millennials.

However, less than a third of respondents with physical stores are employing in-‐store apps, QR codes, mobile checkout, or promotions tied to GPS enabled devices (geo-‐targeting).

83% of respondents whose companies are active in social media state that a senior executive is responsible for their social media content.

Based on survey responses from Presidents and CEOs, 7 new digitally-‐oriented senior management positions are quickly emerging in the retail sector, several of which will report directly to the CEO within 3 years.

12

Level of Attention Being Paid to Millennials

13

What We Know

Approximately 80 million strong, Millennials represent 25% of the United States population.2

The annual spending power of Millennials in the U.S. is $200 billion.5

The Millennial generation is expected to out-‐spend Baby Boomers by 2017.5

By 2030, the Millennials will be larger in volume than all other generations combined. 3

14

Respondents overwhelmingly agree that Millennialsare important to their businesses.

93% of respondents stated that Millennials are important to their businesses today.98% of respondents stated that Millennials will be important to their businesses in 3 years (2016).

15 n=121

93%

7%

Respondents Who Say Millennials are Important

Important Not Important

Though 89% of respondents understand the size of the Millennial generation, 75% underestimate their spending power.

16 n=12175% underestimate CORRECT

8%

27%

40%

21%

3%

0%5%

10%15%20%25%30%35%40%45%

$10 Billion $50 Billion $100 Billion $200 Billion $300 Billion

Respondents' Estimates of U.S. Millennials Annual Direct Spend

Approximately half of respondents are unaware that Millennials are expected to outspend Baby Boomers annually within 5 years.

17 n=121

CORRECT

51% 49%

0%

20%

40%

60%

80%

100%

True False

Millennials will Outspend Baby Boomers within 5 Years

60% of respondents are not conducting any kind of research on -‐ or analysis of -‐ the Millennials.

18 n=121

21% 18% 18% 14%

60%

0%

20%

40%

60%

80%

100%

Qualitative Research

Quantitative Research

Segmentation Analysis

Other Research No Research

Research on Millennials

Degree of Understanding of Millennials

What We Know

Millennials are digital natives Internet, and social media.1

Millennials embody contradictions.2

They want instant gratification yet they are financially cautious.6

They are narcissistic12 yet they are involved in social causes and charity.8 & 14

Opinions of friends are the strongest influencer of Millennials 5

Millennials are socially and environmentally aware and responsible.5

Millennials value experience over material goods. 5

While Millennials say they value privacy, they are willing to share some private information in exchange for added benefits or discounts.1

Millennials are savvy consumers who value authenticity and transparency; they 3

20

At least 7 out of 10 respondents correctly identified certain key traits of the Millennial generation.

21 n = 121

But only about half correctly identified their other most distinctive traits.

Source: Fromm, J. and C. Garton. (2013). Marketing to Millennials. AMACOM, New York; Time Magazine, May, 20, 2013.

Percentage of Respondents Who Associate Trait with Millennials

Innovative 90%Influence Their Peers and Parents 88%Socially Conscious and Involved 80%Narcissistic/Self-Involved 75%Positive/Optimistic 75%Nice 70%

Percentage of Respondents Who Associate Trait with Millennials

Lack respect for authority 54%Financially cautious 55%Value experience over material goods 53%Lazy 48%Pragmatic 46%

Most respondents missed two important differences between Millennials and prior generations.

n=12122

Almost half of respondents overestimate Millennials79% of respondents overestimate Millennialssavvy as they are).

Source: Fromm, J. and C. Garton. (2013). Marketing to Millennials. AMACOM, New York.

46%

54%

Millennials

The same or more so than prior generationsLess so than prior generations

79%

21%

Millennials

The same or more so than prior generationsLess so than prior generations

More than a quarter of respondents mistakenly believe that the #1 influencer of Millennialspurchasing decisions is online brand advertising.

23 n=121

CORRECT

1%

26%

1%

0%

72%

0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Traditional Brand Advertising

Online Brand Advertising

Price-driven Promotional Advertising

Out of Home Advertising (e.g., billboards, kiosks)

Opinions of Friends

Opinions of Parents

Respondents' Ideas on #1 Influencer of Millennials Activity

More than 1/3 of respondents mistakenly believe that privacy is not at all important to Millennials.

24 n=121CORRECT

34%

56%

10%

0%

20%

40%

60%

80%

100%

Not at all important Somewhat important Very important

Importance of Privacy to Millennials

Overview

Marketing in the Millennial Age

25

What We KnowMarketing strategies that have been highly effective in the past do not work with Millennials.1 & 10

Millennialsshareworthy

2 & 21

Millennials respond well to stories and humor. 4

Millennials prefer images and videos to words.9

Millennials expect benefits in exchange for their personal information. 6

Millennials place high value on their unique identity and therefore seek out products and solutions that are personalized and customized. 6

Millennials are socially/environmentally aware and responsible8; as such, they -‐ 6

37% of Millennials say they are willing to purchase a product or service to support a cause they believe in, even if it means paying a bit more. 6

26

Of those respondents who target a broad base of consumers, less than half have distinct marketing strategies for reaching each generation.

27 n=120

48%53%

0%

20%

40%

60%

80%

100%

Yes No

Different Strategies for Each Generation

Less than half of respondents say that their companies and merchandise are environmentally friendly and sustainable.

28 n=121

45%

8% 9%

26%

12%

0%

20%

40%

60%

80%

100%

Now In 12 months In 24 months Not in the Works Not Sure

Focus on Environmental Sustainability

-‐marketing.

29 n=121

45%

18%

1%

19% 17%

0%

20%

40%

60%

80%

100%


Employ "Cause-Related" Marketing

Less than half of respondents offer custom and/or personalized products/solutions.

30 n=121

45%

17%

7%

21%

10%

0%

20%

40%

60%

80%

100%


Offer Personalized Products/Solutions

Less than half of respondents offer special values or

information.

31 n=121

44%

15%

0%

22% 19%

0%

20%

40%

60%

80%

100%


Offer Benefits in Exchange for Personal Information

In-‐Store


32

What We Know

Millennials value experiences over material goods; they therefore seek in-‐store experiences that are stimulating, satisfying, unique and memorable. 6

For millennials, technology (e.g., QR codes, mobile messages, apps, etc.) is part of the shopping experience. 6

Online, mobile and in-‐store technology must be integrated and seamless. 6 & 15

Critical components for physical stores in the Millennial age include:

Extended online product assortment11

The ability to pick up online purchases in store11

Shared/common inventory fulfillment across physical stores and the web11

Online, mobile and in-‐store technology must be agile so that retailers can adapt to the rapidly changing environment. 13

33

74% of respondents with physical stores believe they are creating exceptional in-‐store experiences that are unique, memorable and fun.

34 n=84

74%

17%

2% 2% 5%

0%

20%

40%

60%

80%

100%

Now In 12 months In 24 months Not in the works Not sure

Exceptional/Unique In-Store Experience

However, only 37% of respondents with physical stores are employing branded entertainment to impact the in-‐store experience.

35 n=84

37%

19%10%

26%

8%

0%

20%

40%

60%

80%

100%


In-Store Entertainment

26% have no plans to do so in the next two years.

Furthermore, less than a third of respondents with physical stores are employing in-‐store apps, QR codes, mobile checkout, or promotions tied to GPS enabled devices (geo-‐targeting).

36 n=84

26%

32%

25%

11%

30%

17%

29%25%

2%0%

10%6%

26%30%

26%

33%

15%

21%

11%

25%

0%5%

10%15%20%25%30%35%40%45%50%

Apps QR Codes Mobile Checkout GeoTargeting

In-Store Technology


Approximately half will be employing all of these tactics except for geo-‐targeting within one year.

64% of respondents with physical stores and e-‐commerce are offering a broader and/or different mix of products online vs. in store.

37 n=61

64%

16%

3%10% 7%

0%

20%

40%

60%

80%

100%


Broader/Different Product Mix Online

Another 16% expect to begin doing so within one year.

Almost half of respondents with physical stores and e-‐commerce are offering the ability to order online from inside the store.

38 n=61

49%

26%

3%

18%

3%0%

20%

40%

60%

80%

100%


Ability to Order Online While In Store


Approximately 1/3 of respondents with physical stores and e-‐commerce are offering the ability to purchase online and pick up in store.

39 n=61

34%25%

10%20%

11%

0%

20%

40%

60%

80%

100%


Ability to Pick Up Online Order In Store


Almost half of respondents with physical stores and e-‐commerce are leveraging/utilizing common/shared inventory.

40 n=61

49%

23%

5%11% 11%

0%

20%

40%

60%

80%

100%


Shared/Common Inventory


41

With only one or two exceptions, hybrid companies* appear to be on par with pure play companies as it relates to serving the needs of Millennials.

Marketing Tactic

Percentage of Respondents Who Say Company Is Engaging in Tactic Now Or Will Be Doing

So Within 12 Months

Hybrid* (n=61)

Pure Play (n=37)

Optimized mobile site for e-commerce 80% 81%Mobile app for e-commerce 67% 68%Tablet app for e-commerce 54% 62%Invite consumers to help create product 43% 49%Listen to consumers and take action on insights 82% 86%Offer exclusive deals/discounts via social media 75% 86%Provide customer service via social media 75% 76%Offer benefits in exhange for customer info 64% 59%Provide a seamless online experience (across all screens) 70% 70%Environmentally friendly 46% 57%Engage in cause-related marketing 62% 62%Offer custom/personalized products 70% 49%

-commerce operations

Digital


42

What We Know

Millennials are digital natives and avid social media users. 6

Millennials expect instant gratification: speed, ease, efficiency, security and convenience in all of their transactions, whether they be online, mobile, or in-‐store.6 & 15

Millennials expect the online experience to reflect the physical shopping experience; they do not differentiate between screens and expect a seamless experience from one device to the next and from their devices to the store. 3 & 17

Millennials follow brands on social media in order to obtain deals and coupons, and they expect the rewards they receive via social media to be exclusive to the channel.6

95.2% of U.S. Millennial adults will be mobile phone users -‐-‐ and ¾ of that group will be mobile internet users -‐-‐ by the end of 2013.7

70% of Millennials check their phones every hour.12

67% of Millennial smartphone users have used their devices to shop; 55% say smartphoneshave influenced their decision to make a purchase.16

Millennials expect mobile advertising to be useful, entertaining, informational, and/or valuable (e.g. discounts, added value, etc.)6 and they expect to receive the right message at the right place at the right time.1

43

81% of respondents sell merchandise through their own e-‐commerce websites and/or apps.

44 n=121

81%

19%

0%

20%

40%

60%

80%

100%

Yes No

Conduct e-Commerce

73% of respondents whose companies have physical stores also engage in e-‐commerce.

45 n=84

73%

27%

0%

20%

40%

60%

80%

100%

Yes No

Have Physical Stores + e-Commerce

Almost half of respondents whose companies conduct e-‐commerce have not yet optimized their e-‐commerce sites for mobile devices.

46 n=98

Within one year, 81% of respondents whose companies conduct e-‐commerce will have optimized their e-‐commerce sites for mobile devices.Only about 1/3 of respondents whose companies conduct e-‐commerce have launched mobile or tablet e-‐commerce apps; the figures will increase to 67% (mobile app) and 57% (tablet app) within one year..

Now Within One Year

Optimized Mobile Website 54% 81%

Mobile App 33% 67%

Tablet App 31% 57%

36% have integrated their e-‐commerce channels with their physical stores for a seamless customer experience.

47 n=61

Another 31% plan to integrate their in-‐store and e-‐commerce channels within one year.

36%31%

15%8% 10%

0%

20%

40%

60%

80%

100%

Now In 12 months In 24 months Not in the works

Not sure

Seamless Offline/Online Experience

-commerce operations

94% of respondents state that their companies are active in social media.

48 n=114

94%

6%

Active In Social Media

Active Not Active

Of those respondents whose companies are active in social media, 68% are offering deals and discounts via social media.

49 n=114

Another 12% expect to do so within the next 12 months.

68%

12%1%

14%4%

0%

20%

40%

60%

80%

100%

Now In 12 months In 24 months Not in the Works

Not Sure

Offer Deals/Discounts via Social Media

Less than half of respondents involved in marketing have optimized their mobile/tablet websites or launched mobile/tablet apps.

50 n=104

The percentage of respondents with optimized mobile/tablet sites and/or mobile/tablet apps will increase significantly within the next year.

48%

35%

20% 18%

74%64%

54%44%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Optimized Mobile Website

Optimized Tablet Website

Mobile App Tablet App

Optimized Mobile/Tablet Sites and Apps

Now One Year From Now

Less than half of respondents involved in marketing who report that Millennials are important to their businesses say that SMS/text is very important in reaching them.

51 n=97

6% 5% 6%

27%

46%

9%

0%

20%

40%

60%

80%

100%

Not at all important

Not very important

Neither important nor unimportant

Somewhat important

Very important Don't Know/Not Sure

Importance of SMS/Text in Reaching Millennials

Listening to Millennials


52

What We KnowMillennials like to participate in influencing and shaping brands, from social media/website content to advertising to product development and enhancement. 6

Millennials expect companies to take their comments on social media to heart and act upon them quickly. 6

Millennials expect brand engagement in social media to be non-‐intrusive (i.e., listening) and authentic (i.e., responding).6

Millennials believe in crowd-‐sourcing advice and shopping collaboratively. 2

Engaging with customers one-‐to-‐one via social media and taking their comments to heart is expected to be standard practice by 2016.6

53

71% of respondents say their companies listen to consumer input and take action based on their insights.

54 n=121

12% expect to begin doing so within one year.

71%

12%3% 7% 7%

0%

20%

40%

60%

80%

100%


Listen To/Take Action on Consumer Input

However, less than 1/3 of respondents say their companies invite consumers to participate in creating product/service offerings.

15% plan to start doing so within the next 12 months, but 32% have no plans to do so within the next 2 years.

55 n=121

30%

15%

2%

32%21%

0%

20%

40%

60%

80%

100%


Invite Consumers to Co-Create Products/Services

Of those respondents whose companies are active in social media, 62% are offering customer service via social media.

An additional 15% will begin to offer customer service via social media within 12 months.

56 n=114

62%

15%4%

12%6%

0%

20%

40%

60%

80%

100%


Customer Service Via Social Media

More than 1 in 5 respondents overestimate the length of time remaining before one-‐on-‐one engagement with consumers via social media will become standard practice.

57

35%

45%

12% 9%

0%5%

10%15%20%25%30%35%40%45%50%

1 Year 3 Years 5 Years Never

How Long Until One-on-One Engagement Via Social Media Becomes Standard?

n=121CORRECT

Millennials and the Modern Retail Organization

58

What We Know18

The roles of chief marketing officer and chief information officer are blending.18

Some companies are structured so that their e-‐commerce teams report into marketing. 18

Many companies are adding key new digitally-‐driven positions to the C-‐suite, including Chief Innovation Officer, Chief Cloud Officer, and Chief Social Media Officer.19

in Facebook, Twitter, Pinterest and mobile technology as they are in merchandising, marketing, and the balance sheet.20

59

Based on survey responses from Presidents and CEOs, 7 new digitally-‐oriented senior management positions are quickly emerging in the retail sector.

60 n=40

Exist Today

Will Exist In 3 Years % Change

Chief Cloud Officer 0 7 N/A

Chief Content Officer 5 14 180%

Chief Customer Officer 9 19 111%

Chief Digital Officer 4 15 275%

Chief e-Commerce Officer 11 23 109%

Chief Experience Officer 3 12 300%

Chief Social Media Officer 7 22 214%

At least half of the Chief Customer Officers, Chief e-‐commerce Officers, Chief Experience Officers and Chief Social Media Officers will report directly to the CEO within 3 years.

61 n=40

In 3 Years

Role will exist

Direct Report to

CEO/ President

% Direct Report

Chief Cloud Officer 7 2 29%Chief Content Officer 14 4 29%Chief Customer Officer 19 12 63%Chief Digital Officer 15 4 27%Chief e-Commerce Officer 23 15 65%Chief Experience Officer 12 6 50%Chief Social Media Officer 22 11 50%

83% of respondents whose companies are active on social media stated that a senior executive is responsible for social media content.

62 n=114

83%

17%2%

1%10%

4%3%

2%35%

1%19%

7%

0% 20% 40%

Other

VP

Chief Financial Officer

Head of eCommerce

Chief Merchandising Officer

Chief Information Officer

Chief Technology Officer

Chief Marketing Officer

Chief Operating Officer

Chief Executive Officer

Owner/Founder

Who's In Charge of Social Media Content

35% state that the CMO is in charge of social media content.

80% of respondents whose companies are actively listening/responding via social media state that a senior executive is responsible for this activity.

63 n=113

80%

20%2%

1%8%

4%4%

1%35%

1%16%

8%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Other

VP

Chief Financial Officer

Head of e-Commerce

Chief Merchandising Officer

Chief Information Officer

Chief Technology Officer

Chief Marketing Officer

Chief Operating Officer

Chief Executive Officer

Owner/Founder

Who's In Charge of Social Media Listening/Responding

35% state that the CMO is in charge of social media listening/responding.

APPENDIX

64

65 n=121

5% 1%

34%

11%3%3%2%2%1%

19%

19%

Respondent Breakout By Title

ChairmanBoard MemberCEO/PresidentOwner/Founder/PartnerChief Financial OfficerChief Operating OfficerChief Marketing OfficerChief Merchandising OfficerChief Information OfficerEVP/SVP/VPDirector

66 n=121

12%

23%

28%

24%

6%7%

Respondent Breakout by Age

25-3435-4445-5455-6465+Prefer Not to Answer

67 n=121

40%

21%

39%

Respondent Breakout by Type of Retailer

Vertical Specialty Retailer

Retailer Selling Branded Goods Purchased From WholesalersBlended Wholesaler/Retailer

68 n=84

8%

44%29%

15%4%

Respondent Breakout By Type of Store(Respondents with Physical Stores Only)

Multi-Brand Department StoreMulti-Brand Specialty StoreSingle Brand Specialty StoreSingle Brand Luxury StoreMass Volume Retailer/Buying Club

69 n=98

87

80

65

44

30

0

10

20

30

40

50

60

70

80

90

100

Apparel Accessories Footwear Beauty Other Consumer Goods

Respondent Breakout by Type of Goods Sold

Most respondents missed two important differences between Millennials and prior generations.

n=12170 Source: Fromm, J. and C. Garton. (2013). Marketing to Millennials. AMACOM, New York.

Character TraitACCORDING TO OUTSIDE

RESEARCH

ACCORDING TO RESPONDENTS

More so than Prior

Generations

About the same as

Prior Generations

Less so than Prior

Generations

Accepting of others (ethnicity, gender, sexual orientation, etc.)

Millennials are MORE so than prior generations

93% 5% 2%Believe self-actualization (developing one's own unique identity/potential) is more important than money 64% 27% 8%

Burdened with student loan debt 79% 18% 3%

Have a global perspective 61% 26% 12%

Brand loyal

Millennials are LESS so than prior generations

12% 34% 55%

Naive 29% 50% 21%Burdened with household debt (e.g., mortgage, car) 23% 43% 34%

Patient 4% 31% 65%

Of respondents involved in marketing whose companies actively seek the opinions of consumers, less than half are engaging in crowd-‐sourcing or soliciting input on advertising or website content.

71 n=90

82%

14%

63%

19%

39%

18%

86%

37%

81%

61%

0%

20%

40%

60%

80%

100%

Use social media channels to gather

feedback

Engage in crowd-sourcing

Solicit input on product/service enhancements

Solicit input on advertising

Solicit input on website content

yes no

82% are using social media channels to gather feedback.

63% are soliciting input on product/service enhancements.

Of those respondents whose companies conduct e-‐commerce, 39% have integrated one or more e-‐commerce channels (e.g., web + app) to create a seamless online customer experience.

Another 32% plan to integrate their e-‐commerce channels within one year.

72 n=98

39%32%

3%

14% 12%

0%

20%

40%

60%

80%

100%


Seamless Online Experience

Of the subset of respondents involved in marketing whose companies are active on Facebook, more are concerned about the # of likes and shares than they are about the content of the comments on their FB pages.

73 n=98

38%43%

30%38%

53%47%

59%

49%

0%

10%

20%

30%

40%

50%

60%

70%

# of likes # of comments # of shares content of comments

Matters Somewhat Matters a Lot

Sources

74

1

http://www.marketingprofs.com/articles/print/2013/10599/

2 Millennials

3

www.visa.com.

4 Millennialswww.socialmediatoday.com, January 29, 2013.

5 www.destinatioinCRM.com, February 1, 2012.

6Fromm, J. and C. Garton. (2013). Marketing to Millennials. AMACOM, New York.

7 Millennials eMarketer, New York.

8 Millennials

9

10 Millennials

http://www.marketingprofs.com/articles/print/2013/10599/

http://www.visa.com/

http://www.socialmediatoday.com/

http://www.destinatioincrm.com/

75

11

12

13

14 Millennials www.cnn.com, June 9, 2013

15

16 -‐and-‐www.wwd.com (2011)

17 iPadJanuary 20, 2013

18

19 Leahey -‐

20

2012

21 DeMarco Millennials crave firstnesshttp://blog.bazaarvoice.com/ June 6, 2013

http://www.cnn.com/

http://blog.bazaarvoice.com/

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