Millennials (also known as Generation Y) are the demographic cohort following Generation X. There are no precise dates for when this cohort starts or ends; demographers and researchers typically use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years.
According to the history of the development of the world, millennials grew up in an electronics-filled and socially-networked world. In other words, millennials grew up with the internet and the electronics. With the stronger goods resource and the increasingly wide of marketing, the millennials has received the most marketing attention.
Millennials are different from the previous generations, they were born in a better world, no experiences of hunger, poverty and the lack of resources, they are more confident and know what they want.
Consumer behavior of Millennials in Entertainment
As the above said, millennials were born in a new world, they are more confident, so that they are braver to discover the fresh things such as online games, videos or films which were developed during their growing. One research found that 51% of Chinese millennials watch at least one hour online videos; and 40% play at least one hour video games every day. That’s on top of time spent on social media, web surfing, and online shopping. (Qihoo360, GGV Capital)
League of Legends is an online game which is developed by Riot Games, in September 2016, Riot Games co-founder and CEO, Brandon Beck said in an interview, the game's monthly active users have more than 100 million people. (www.news.163.com)
The game is free for play, but users could buy some special characters in the game and some beautiful skins of the characters. Millennials as the largest number of users in League of Legends obviously make huge amount of the consumption. The special characters and skins means different from others, which is the millennials want to be, they want to be the special one, so that they are willing to pay for knowledge, willing to pay for virtual products, which is very different from previous generations. (Wu, 2016)
That is different from previous generations such as Generation X and Baby Boomers, the previous generations are more likely buy real goods than virtual products.
The United States after the end of World War II between 1946-1964 ushered in baby boomers, this group of baby boom on the future of the United States for nearly a century of industrial economy had an important impact, led the whole of the US cross-century industrial change. In their growth period of 0-20 years old, the entire US toy, cartoon and pop music industry developed rapidly; in its 21-30 years of age between the marriageable age, housing industry, the corresponding increase in the automotive industry; in its 31- 40 years old, but also led the development of the computer, the Internet and created the largest increase in the history of the stock market, while housing, international aviation, personal computers, computer networks and sports and leisure tools and other needs of a substantial outbreak. 40 years old, baby boom into the golden age, the purchase demand gradually increased. In 2000, after the age of 50, the baby boomers into the retirement period, retired Americans sold a large number of stocks, funds and other high-risk assets, the sale of real estate in the city moved to rural residence. Since 2007, the US economy has entered a recession.
For Millennials, they are not old enough, no need to consider the above things such as the pension or the retired life, so their consumer behavior more tends to be fashion and novelty. That means the previous generations more likely to buy what they need, but the millennials more likely to buy what they want. But for the behaviour similarities between millennials and the previous generations, one thing does not change, which is the value, all consumers are willing to buy a product which is worthy in their opinion. Millennials are willing to purchase on the online game because they think it worth it while the previous generations does not think so.
Different from millennials consumer behaviour in the entertainment area, the previous generations are more likely to spend money in watching movies than online games.
Online shopping, online ordering, online socialization, it seems all the daily needs can be resolved online; they hate all the things that need to line up, pay electricity coal, transfer, visa, pay a fine, everything can be done on the phone, never to the scene Queuing for a waste of time; even accustomed to "plug and play" lifestyle, similar to Airbnb, Uber's shared economy is one of the ways to survive the Internet. Southwest University of Finance and Economics Associate Professor Zhang Xiaomei pointed out: "80, 90, the group of China 'millennium' consumption habits almost left the mobile payment inside the total spending habits.
China's millennial generation in the leisure and entertainment spending reached a high level. With the support of their parents, the house did not weaken their pursuit of quality of life. The report shows that the Chinese millennial generation will use one-third of the income for non-food shopping such as the purchase of clothing, electronic products, such as eating out, watching movies, going to bars / nightclubs, sports activities such as watching / participating in sports , To the gym and so on.
This group goes out for a meal for 5.9 days per month, watch live performances or movies for 4 days, go to the shopping center for non-food consumption for 2.7 days. On the one hand is to go out leisure and entertainment activities continue to rise, on the other hand focus on life experience of the general attitude is also reflected in the shopping. (www.money.163.com) For the older generations, they need to consider more about life, income, property and investment, they are not tend to spend more money in the entertainment area.
The attitude-toward-behaviour model may could describe the millennials consumer behavior. Attitude-Toward-Behaviour Model is a model that proposes that a consumer’s attitude toward a specific behaviour is a function of how strongly he or she believes that the action will lead to a specific outcome either favorable or unfavorable. Millennials likely to buy what they want, that means they will decide to buy a product by their attitude of that produce. For example, in the game of League of Legends, there is a special skin for a character which is the favorite one of the millennial player, obviously, he will buy that skin because of that is his favorite character and that is a special skin for it in his attitude.
Millennials in the workplace - Simon Sinek