Sep 2018 RadioWorks Blog
Why Students are investing in expensive audio technology, but living off Baked Beans.
Millennials are so often slated in the press for their ridiculous spending habits; whether they are buying too many fancy sandwiches or whimsical city breaks, this generation is definitely guilty of indulging in an impulse buy or two. Making up nearly a quarter of the total UK population (24%), millennials are a huge audience, especially for those in the recruitment sector who are targeting graduates or first and second jobbers. It’s so important therefore, to really understand who they are, so that when you do advertise, you can really get your message through to them.
As a generation who has been brought up in a digital centric world, you’d be forgiven for thinking that the number 1 thing millennials can’t live without for a week is their mobile phone or tablet, but a recent report from Spotify shows that it is in fact music, with 74% of millennials saying music defines who they are and listing it as their top passion followed by food, fitness, fashion, sports and gaming.
Spotify’s latest research looks at understanding millennials through music, and for a generation that is steeped in a culture of discovery, engagement and sharing, music streaming is their preferred consumption platform as they can stream via mobile and listen to music wherever and whenever they want. Even when they engage with other media, it is always on. (46% browse social media while streaming music.*)
With such a big passion for music, 80% of audio streaming is done on headphones** and it’s no wonder then that this generation are choosing to spend their money on expensive earpieces, leaving them with only baked beans for dinner! The global headphone market is estimated to be worth about $13billion annually, according to Futuresource Consulting, and this figure is likely to continue rising even though most smartphones supply earphones with the purchase. TGI data shows that 34% of University Freshers buy headphones for Noise-Cancelling/ Wireless/ Sport features and we are now in a world where there is a playlist to match every mood – be it studying, exercising or relaxing, music is inevitably always on! Because of this, there are so many opportunities for advertisers to connect with this key audience by taking things such as genre, mood and context into consideration, and using powerful creative to cut through the personal headphone listening experience.
*Spotify & Ypulse millennial Research,2018
**SoundBoard Audience Panel