Recently, Viacom Media Network conducted a 3-year survey of 10,000 Millennials about 73 companies spanning 15 industries. This study created a Millennial Disruption Index (MDI) to measure the possible disruption at the hands of this target born between 1981-2014.

 

Recently, Viacom Media Network conducted a 3-year survey of 10,000 Millennials about 73 companies spanning 15 industries. This study created a Millennial Disruption Index (MDI) to measure the possible disruption at the hands of this target born between 1981-2014.

“The results paint a clear picture of which brands are loved, which are meeting consumer needs, and which are poised on the brink of disruption. The Index also sheds light on the top line features of companies that Millennials rely on and identify with.”

 

 
According to the research, banking is at the highest rate of disruption.

Some findings that should scare the hell out of you … and excite you!:
 

  • 71% would rather go to the dentist than listen to what banks are saying
  • 1 in 3 are open to switching banks in the next 90 days
  • All 4 of the leading bank brands (not YOU) are among the ten LEAST loved brands by Millennials
  • 68% say that in 5 years, the way we access money will be totally different – 70% say we’ll pay for things in a totally different way
  • 73% would be more excited about a new offering in financial services from Google, Amazon, Apple, Paypal, or Square than from their own nationwide bank
  • 33% believe they will not need a bank at all!
As a reality check, everyone surveyed was between the ages of 14-33. Some of these results are from teenagers and most are from 20-somethings. Regardless of the fact that I THOUGHT I knew it all at that age … I didn’t know diddly-squat!!!  
 
That’s only to put everything into perspective – not to discount the survey. This is a fast-growing consumer segment that totals about 80 million Americans who spend approximately $600 billion annually. By 2020, Millennials are expected to spend $1.4 trillion, representing 30 percent of total retail sales. As marketers, we need to understand what they think today and track their actions as they grow up.

 

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