To what extent is the consumer behavior of Millennials different to that of previous generations? Entertainment - Music

Introduction

Different generations form by different age groups and represent different types of growing background, lifestyle and characteristics (Marketing to the Generations, 2017). Each of them conducts several types of decision making and brings diversity of consumer behavior.

Credit to https://cdn.theatlantic.com/assets/media/img/sponsored/2015/01/allstate_mill/resp-main.jpg?1421935836
Compare with other previous generations, Millennials is an important demarcation line apart because of the rapid progress of technology nowadays (Think design, 2017). It could be reflected on the way of what they value on and how they consume to the commodity of entertainment, especially on the area of music.

References - http://blog.logodesignguru.com/gen-x-vs-y-factors-shaping-consumer-purchase/

Credit to http://affinitymagazine.us/wp-content/uploads/2017/02/marketing-to-millennials.jpg

Characteristics of each generation
Credit to http://blog.logodesignguru.com/gen-x-vs-y-factors-shaping-consumer-purchase/
Factors influencing the consumer behaviors of several generations

★ External influences - In the model of consumer behavior, it shows that the self-concept and lifestyle of people are formed by external influences.

Figure: Consumer Behaviour model (Mothersbaugh and Hawkins, 2016)

1. Economic factor

The worldwide economy today is becoming mature than before. It brings better living standard and quality to the Millennials. People who born in 20th century have more disposable income and property to make more consumption on what their interested.
Parent of Millennials used to spoil on their child in order to compensate for their own insufficient childhood and they are willing to afford the spending of entertainment to the Millennials. It enhances the purchasing power of Millennials on entertainment (TNW, 2017).
According to globalization, different countries have more connection on the music market and it makes huge contributions on the worldwide economy. People in different countries have several channels to know and be in touch with the artists in foreign countries.

For the Generation X, people might only rely on buying the musical record CD for entertainment in order to show their support to their idols. Vary from Generation X, Millennials are able and willing to make more consumption on the commodity of music industry through Internet (e.g. iTunes) easily nowadays.

Music
It is common to the famous singers, for instance, Adele from U.K., Lady Gaga from U.S.A., Justin Bieber from Canada and Big Bang from Korea, to hold the worldwide concerts tour in order to engage with their foreign supporters. Millennials are more enthusiastic and crazy than the Generation X and they might even think that it is worth to travel to another country for their idols. Moreover, Millennials might be convinced by the endorser and purchase on other products. These types of connection make a huge contribution on economy (Life hack, 2017).

Live performance of Lady Gaga

Famous singers among the world

2. Technological factor

Millennials grow in a digital world with advanced progression of technology. It makes the way of entertaining changing among different generations, people used to patriciate in outdoor sport activities and it is more popular to stay indoor nowadays.
Ways of entertainment
Millennials spend more time on using digital devices for entertainment than the other generations in order to get the information immediately, for instances, smartphone, tablet and computer (V12DATA, 2017). Besides, the types of digital devices for listening music is also changing from radio and MP3 into iPod and iPad.

References - V12DATA, 2017 http://www.v12data.com/blog/retail-generations-how-market-baby-boomers-gen-x-and-millennials/

Most Used Devices of New Generations
Moreover, Millennials switch their platforms often base on the trend among the market (Forbes, 2017). The dynamic interaction in social media platforms between Millennials encourage a lot of new social media platforms in the market, from Facebook in 2004 to Instagram and Pinterest in 2010 (Accenture, 2017). These social media conduct competitions and make improvement on up-dated information in order to attract and keep the Millennials’ users.

References - Forbes, 2017 https://www.forbes.com/sites/danschawbel/2015/01/20/10-new-findings-about-the-millennial-consumer/#551e260e6c8f

References - Accenture, 2017 https://www.accenture.com/us-en/insight-outlook-who-are-millennial-shoppers-what-do-they-really-want-retail

How technology affect Millennials

3. Social-cultural factors

Millennials value on word of mouth and used to make their buying decision based on the opinion from their peer. The popularity of social media provides platforms to the Millennials to communicate and share with other users so that they can review the comments and suggestions online for more informed information in order to make an appropriated decision (Forbes, 2017).

References - Forbes, 2017 https://www.forbes.com/sites/danschawbel/2015/01/20/10-new-findings-about-the-millennial-consumer/#551e260e6c8f

Influences of new media
Besides, Millennials also expect higher interaction with the brand than other generations and hope to feel valued by the brand (Forbes, 2017). Compare with other generations, Millennials are more willing to express their feeling and comments on the social media platforms, for instance, Facebook, Twitter, Instagram and YouTube. It is important to make good use of digital marketing in order to interact with online users on time and fulfill their needs and wants. Selena Gomez, a famous singer in U.S.A., has about 114million of followers on Instagram and her posts could usually get more than one million like.
Under the trend of globalization, music from different countries could be transmitted in a fast and easy way. A successful marketing strategy of promoting an artist could attract people interest and gain a huge number of followers quickly by the spread from mouth to mouth between Millennials, for instances, introducing the song on Facebook, YouTube, Tumblr and LinkedIn (Accenture, 2017).

References - Accenture, 2017 https://www.accenture.com/us-en/insight-outlook-who-are-millennial-shoppers-what-do-they-really-want-retail

Top Social Media Sites used daily among new generations
Social Apps by Usage

★ Internal Influences - After analyzing the external influences of the consumer behaviors, there are some internal influences forming the characteristics of Millennials base on the pyramid of “Consumer black box”.

Pyramid of Consumer Black Box

1. Cultural and social factors

The music taste of Millennials in different countries might be different because of the social class, family status and the social atmosphere. In general, people in better family background might have generous consuming habits and be willing to pay for entertainment relatively, for instance, buying some chargeable song and games in the iTunes app of Apple.
In addition, the geographic factor and national history will also affect the consumer behavior of Millennials. Some Millennials in Asia are being crazy with a famous Korea boyband called Big Bang and some Millennials in Europe and the United States are being crazy with a U.S.A rock band called Maroon 5. It shows that the culture of different regions will affect their taste of music.

2. Personal & Psychological factors

Although Millennials is a large group of generations, it includes different type of people who are in different age, different educational background, different occupation and different social status. These factors create different personalities and lifestyles so that Millennials will conduct different consumer behavior in the market.
Millennials is more perceptual than other generations. They might be more energetic on chasing star in their personal leisure time. Compare with other generations, Millennials are not satisfied with staying at home and listen to the CD only. They ask for more in order to have enjoyable and unforgettable experience and memory.
Chasing stars
The new ways of listening music

In the Stimulus-response model of buyer behavior, it shows that the decision-making process of consumer is affected by the buyer characteristics with certain buyer responses.

Stimulus-Response Model of Buyer Behavior

Frequency of listening music

Compare with other generations, Most Millennials spend more than 7 hours on listening music in their daily life for relaxing or entertaining and it composes an important part of their emotion. Music breaks the cultural barriers and build connection between different generations, different countries and different races (Life hack, 2017). Millennials are not limited by the genre of music and they can be familiarized with several kinds of music, such as rock, pop or hip-hop (Billboard, 2017).

References - Life hack, 2017 http://www.lifehack.org/424989/music-as-a-marketing-tool-focused-on-millennials

On the contrary, most people in other generations might only spend 1-2 hours on listening music (Digital Music News, 2017).

References - Billboard, 2017 http://www.billboard.com/articles/business/6958854/billboard-poll-21-millennial-artists-influencers-music-industry-execs

References - Digital Music News, 2017 http://www.digitalmusicnews.com/2016/06/02/millennials-listen-more-music-baby-boomers/

Frequency of listening music in different ages

Ways of entertainment

Furthermore, different generations have their own way of entertainment. For Millennials, they are not limited to the traditional means of music consumption anymore (Billboard, 2017). Millennials drift apart from buying physical CD or listening to traditional AM/FM radio and replace by visiting network with their digital devices, for instance, using Spotify, YouTube and iTunes app (Music week, 2017).

References - Billboard, 2017 http://www.billboard.com/articles/news/magazine-feature/6958853/scooter-braun-millennial-artists-industry-oversharing-self-promotion

References - Music week, 2017 http://www.musicweek.com/digital/read/millennials-consumption-patterns-show-massive-embrace-of-streaming-in-us/065324

People could watch the ‘live event’ through these types of online platforms and interact with the artist by commenting and sharing the posts to their friends (Life hack, 2017).

References - Life hack, 2017 http://www.lifehack.org/424989/music-as-a-marketing-tool-focused-on-millennials

Main channels of Millennials

Copy right of music

However, the rise of social media platforms brings a new problem to the music industry: people could download free songs from the Internet easily and fewer users want to pay for the upgraded service of several online platforms (Forbes, 2017).
Millennials might have indistinct concept to the concept of copyright. The music industry is concerned to this situation and the musicians need to explore new ways to maintain stable sales income.
Conclusion
The consume behavior of Millennials is different because of the economic recovery, advancement of technology and the popularity of social media platforms under globalization (Life hack, 2017).

References - Life hack, 2017 http://www.lifehack.org/424989/music-as-a-marketing-tool-focused-on-millennials

Millennials own more opportunities, resources and channels to entertain and enjoy themselves than other generations.

References -Mashable UK, 2017 http://mashable.com/2014/06/12/music-millennial-marketing/#dSexNM0nPgqu

Therefore, Millennials value on the interaction with others and they love to share and comment on the Internet in order to find some like-minded for emotional comfort, such a Twitter and YouTube (Mashable UK, 2017).

Moreover, the macro environment of the world shapes the unique personality and characteristics of the Millennials. It builds another type of consumer behavior among the Millennials and boosts the connect of the world by breaking the cultural barriers.

Therefore, music becomes an important part of Millennials and it heals the heart of Millennials with different genre of music. Under globalization, different countries could connect through music and communicate for better relationships.

Compare with Millennials, music is less important to the previous generations. The consumer behavior of people in the previous generations is not obvious and more passive than the Millennials. They are not energetic and interactive on the social media platforms. It shows that the consumer behavior of Millennials and the previous generations is different to a large extent.
Credit to https://www.apptentive.com/wp-content/uploads/2015/05/millennials-stock.jpg
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Hui Jodi
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Credits:

Created with images by RyanMcGuire - "musician country song banjo" • Bessi - "child model cute" • skeeze - "runner race competition" • rmt - "family together parents" • FlashBuddy - "girls women happy" • YannaZazu - "fun park boy" • pruzhevskaya.photo - "IMG_4532" • stux - "piggy bank save saved" • White77 - "family holiday people" • stokpic - "hands world map" • shurik - "earth planet space" • Amigos3D - "k7 plastic magnetic tape" • Pexels - "brand data mono" • abdallahh - "light as a wave - onde de lumière" • LoboStudioHamburg - "twitter facebook together" • FirmBee - "mobile phone iphone" • ManelTor - "Concert" • TJ Sengel - "Lady GAGA, GMA Concert, Lady GAGA, GMA Concert, Lady GAGA GMA Concert," • marcen27 - "Adele 3" • Joe Bielawa - "Justin Bieber -DSC_0631-10.20.12" • oouinouin - "Taylor Swift 24 - Live in Paris - 2011" • voonah - "_MG_0096" • FirmBee - "office freelancer computer" • sarahbernier3140 - "father daughter beach" • 422737 - "golf sunset sport" • liquene - "Phone Home" • StartupStockPhotos - "children win success" • FirmBee - "office freelancer computer" • Visual Content - "Social Media Marketing Mix" • geralt - "feedback confirming board" • LoboStudioHamburg - "twitter facebook together" • PublicDomainPictures - "internet laptop video" • whoalice-moore - "girl music pink" • woodleywonderworks - "school friends" • Evil Erin - "Family jump" • ljguitar - "Society 091" • skeeze - "eiffel tower long exposure lights" • derwiki - "london parliament england" • JeepersMedia - "iTunes" • Photo-Mix - "music on your smartphone spotify music service" • Drew's Photo Shoots - "Globe" • hang_in_there - "personality" • jill111 - "pretty woman happy young" • Pexels - "audience backlit concert" • Unsplash - "audience concert music" • bbolender - "stage crowd fans" • ericbarns - "dancing clubbing dancers" • ohallmann - "Teaser" • FirmBee - "mobile phone iphone" • Pexels - "headphone headphones listening music" • 422737 - "cd cover music cd cd" • CapCase - "Radio Radio Radio" • USA-Reiseblogger - "smartphone notebook social media" • whatleydude - "Spotify on the Lumia 800" • stux - "tv youtube hf 1" • fdecomite - "Itunes" • Photo-Mix - "social media facebook twitter" • TymonOziemblewski - "youtube laptop notebook" • FirmBee - "iphone visa business" • kaboompics - "man reading touchscreen" • Alexas_Fotos - "play stone colorful smilies" • USA-Reiseblogger - "youtube tablet news" • Unsplash - "chainlink fence metal" • Henra - "love music headphones" • Pexels - "smartphone cable technology" • Hans Engel - "end."

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