According to Wikipedia, Millennials, also known as Generation Y, are the demographic cohort following Generation X and preceding Generation Z. Researchers and popular media use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years, with 1981 to 1996 a widely accepted defining range for the generation.
Who are Korean millennials?
Korean millennials have become core consumers after leaving the so-called 'New World' to 'Gen Z'. Korean millennials are also becoming parents with the fact that the Korean fertility rate is 0.98%, one of the lowest in the world. Google has conducted research on the Korean millennials' digital TPO (Time, Place, and Occasion) based on Google's data and cultural context research. So, what is the main characteristics of Korean millennials as a parent? So-called Korean MYPs (Millennial Young Parents) live in an apartment with an average of 1 child and 65% of them are couples working together for a living.
Main characteristics of Korean millennials.
Korean MYPs (Millennial Young Parents) have enjoyed a good life during the Korean economic boom as children of Korean baby boomers. They got high-quality education thanks to their baby boomer parents' strong desire for education. However, they encountered slow economic growth as an adult and had to battle hard for better job offers after graduating from a university. Marriage is not a priority for Korean millennials. They consider marriage only after building a stable career. And the Korean fertility rate is a clear indication that having a child is not a priority for Korean millennials.
Two personas: Korean millennial as a parent vs. as an individual person.
According to Google research, Korean MYPs have two personas, as a parent and as an individual person, at the same time.
Korean millennials as a parent: They take childcare education, finance, real estate, and health as their priority. In particular, 56% of MYPs are ready to spend 30% of the family income on children's education because of their strong desire for the children's education. If we look at the latest YouTube data, Korean millennial daddies are 20% more interested in real estate related to YouTube content than general millennials.
Korean millennials as an individual person: According to Youtube data, the Korean MYPs spare sufficient time for contents that reflect their personal interests such as beauty, outdoor, action and game contents, classical music, and luxury shopping contents.
Understanding MYPs' digital TPO.
TPO (Time, Place, Occasion) is the core of effective digital marketing. In order to attract Korean MYP consumers to your business, you first need to understand their digital TPO and apply it to your digital marketing strategy.
Korean MYPs spend daily average 2 hours 11 minutes watching TV and 4 hours 15 minutes using the internet.
Korean MYPs are 3 times more affected on the purchase decision journey by digital media than traditional (legacy) media (TV, radio, newspaper, magazine).
Korean MYPs spend much more time on the internet than TV. As MYPs are considered so-called 'digital natives' they use digital media mostly in the process of the purchase decision.
Korean MYPs' one of the most used digital platforms is YouTube. In fact, YouTube has become a part of daily life for the Korean MYPs. Let us take a look at the Korean MYPs digital TPO based on YouTube.
Time-From weekday late night until dawn.
Married millennials with no child are active on YouTube during evening time (8 p.m~11 p.m) while MYPs watch YouTube contents during lunchtime (12 p,m~2 p.m) and after their children going to bed (11 p.m~2 a.m). MYPs consume childcare-related content during weekdays while watching general content on weekends. So, if you are planning to launch a marketing campaign related to child care, consider scheduling it for weekdays rather than weekends and night time rather than day time.
Place-Child care-related vlogs and child care items.
MYPs consume various contents. If your target audience is MYP, you should care about booming child care vlogs and child care item related content on YouTube. There are MYPs who are YouTube creators and child care item related content is going beyond simple item explanation. Those contents are made based on strong sympathy and entertaining comfort for difficult child care process.
Occasion-Categories for reference and keywords.
If we analyze the main product categories on YouTube, we can understand about how the Korean MYPs use YouTube. Apart from the child care related content, other contents related to MYPs' personal happiness such as fashion and beauty are also important factors to take into account when launching a marketing campaign targeting the Korean MYPs.
How to communicate with Korean MYPs?
So, how should we communicate with Korean MYP consumers? We have to take 4 factors into account to communicate with MYP consumers-sympathy, journey, digital TPO, and husband.
Sympathy-Brands should tell stories that are directly related to MYPs. Brands should build authentic stories that the Korean MYPs can sympathize with rather than pushing unrelated stories or contents.
Journey-Brands should focus on a consistent journey rather than simple moments. Korean MYPs take brand reliability seriously rather than simple brand information. That is why they rely on brand reviews in the process of making purchase decisions.
Digital TPO-It is time to move from traditional (legacy) media to digital TPO. Digital media affects Korean MYPs purchase decisions from 1.5 to 5 times more than traditional (legacy) media. It is very important to analyze the digital TPO of MYPs when brands launch digital marketing campaigns targeting the Korean MYPs. Simply, we have to admit that digital media is now a very important part of MYPs' daily life.
Husband-Most childcare-related marketing campaigns focus on wives (female) rather than husbands (male). However, according to Google analysis on the child care related content on YouTube, husband (male) audiences' concentration on the contents is 16% higher than wives (female).
It is time to move to digital TPO from traditional marketing strategies that focused on time and occasion to target audiences. It is time to admit that Korean MYPs live with digital media every day. And the good thing is that they leave valuable data on their digital media usage pattern.