Millennial Insights

Published on Topic:

The start of every year is particularly interesting because a whole bunch of new words are added to the dictionary and define the trends that are emerging.  The creation of new words and phrases clearly define our society and what is important at the time.  Interestingly, more of our words are becoming an amalgam of two or three words.  Awesational is the combination of Awesome and Sensational and will surely be just a matter of time before one of our newsreaders uses it to describe something impressive.  Impressive being yesterday’s word to describe something that is awesome and sensational.

Wexting, “walking and texting” at the same time.  What this tells us is that the most viewed screens are now phones, not the TV or computer.  If we are going to develop significant marketing channels and strategies, they have to be around mobile phones.  Because phones got “smarter”, they have had to get bigger to fully utilise their processing capability.  Smart phones are now becoming our primary computer.  In fact one may argue that the phone is now a secondary function.  Communication is now by smart phone and a whole new language is being developed around it.

Whilst still on the topic of mobile phones, Butt Dialling is the act of sitting on your phone and accidentally calling someone.  Clearly this is a phenomenon that is common lingo to the millennial generation but again reflects the connectivity that is now available to them.  A survey conducted in 2014 showed that 86% of this generation had a smart phone.  Of that, 93% of Millennials admitted to using their phones in bed and 80% admitted to using it in the toilet.  If you want to talk to this generation, the phone is where it is at.  

Whilst some would argue that this generation has the least authentic relationships as a result of their reliance on technology, the reality is that their relationships are simply different than the non-traditional ones of their parents.  Their capacity to influence in large numbers the events that surround them is a function of their technology and the relationships that they create.  This was a generation that was largely silent, however their voice is now heard whether asked for or otherwise.  If you miss the message to this group, the damage that is created can be very difficult and often costly to repair.  The lesson is that your marketing needs to be founded in strong market research. 

Geofence or Geofencing, “a virtual boundary encompassing or dividing an area”. Again this becomes highly relevant when being applied demographic changes and how they relate to a given area.  Geofencing is an incredibly useful tool that broadens descriptors outside of natural features or even man made ones such as suburbs.  Geofencing goes a long way to recording traffic as it enters and exits boundaries.  As an example, this would allow a retail centre to determine the average length of time someone is within their centre.  Increase their time in the centre, and you potentially increase their spend.  Big data is going to rely very heavily on Geofencing and will be important in increasing efficiencies from car movements (particularly as they become driverless) through to demand on energy and general people movement.  With this increased knowledge will come the capacity to be significantly more targeted, assuming of course that the privacy laws allow for this information to be released.

If we move from demographic and market speak back into the urban environment, new words are emerging to define market trends and events. The word Kenopsia is used to define “the eerie, forlorn atmosphere of a place that was formerly bustling with people but is now abandoned and quiet.”  The first time I read this I immediately thought of our regional centres in a post resource boom environment.  Take Mackay for example, in 2012 it achieved 1,298 land sales, in 2015 this figure was down to 127.  Whilst this is not quite the abandoned and quiet city, it is a very confronting change to a market.  This is significantly worse in places like Dysart, Moranbah, Blackwater, Clermont etc.

If you are simply looking for some words for fun, here’s a handful that will make you smile.

  •   Nagagator: a passenger in a vehicle who nags the driver.
  •   Fleek: flawless, perfect, amazing.
  •   Ecofficient: ecologically efficient.
  •   Clique-bait: a piece of writing designed to appeal to an exclusive group of people.
  •   Phonetography: photography created through the camera on a smart phone.
  •   Gawker-Jam: a traffic jam caused by those slowing down to gawk.

Just as our markets change, so too does the language we use to talk with them.  If we get the language wrong, the delivery mechanisms half right, the results will be far from inspiring.  As many markets transition from that successful market stage and horrible expression of “build it and they will come”, the need for focussed and real research will become significantly more apparent.  Remember if you’re not moving with the market, preferably in front of the market, the cost to catch up is always more than the cost to lead.

Have a great weekend!

Recent studies undertaken by The NPR Co.

•    Gold Coast Masterplanned Residential Community Analysis
•    Sunshine Coast Masterplanned Residential Community Analysis
•    Fortitude Valley Apartment Market Study
•    Beachfront Residential on the Sunshine Coast
•    Ipswich Land Study
•    Gold Coast Apartment Market Supply Analysis
•    Western Ipswich Land Supply Investigation
•    Boutique Land Analysis in Rochedale
•    Central Queensland Resort Study and Demand Analysis
•    Rockhampton Residential Market Study
•    Project Positioning Reports- Redlands, Northern Brisbane Suburbs and Near City Suburbs.
•    Tourism in Off Season High Country Destinations

Contact the team at NPR Co, a truly independent Property Economics and Research House to help with your next project, creating strategies in the marketplace and help mitigate risk whilst enhancing profitability.  

The National Property Research Company

Level 1, 307 Queen Street

BRISBANE  QLD  4000

Ph 07 3229 0111

www.nprco.com.au

Be In The Know – The National Property Research Co.