SINGAPORE – October 3, 2013 – Despite significant economic concerns, many millennials are very happy, according to "The Next Normal: An Unprecedented Look at Millennials Worldwide." Millennials’ levels of happiness outweigh stress levels by a factor of over 2 to 1, the study said.
First released in November, the expanded study was unveiled this month by Viacom International Media Networks (VIMN) Asia, a division of Viacom Inc. The study now includes fresh insights from additional countries in Asia like Malaysia, Philippines, and Thailand.
According to the study, 68 percent feel personally touched by the global economic crisis. Still, 76 percent of Millennials worldwide describe themselves as “very happy.”
Millennials in the Philippines report the highest levels of happiness in Asia (83 percent), followed by millennials from India (81 percent) and China (80 percent). Both millennials from Thailand and Malaysia were close to the global average, while Singapore millennials were below the global average at 69 percent.
Christian Kurz, Vice President of International Research and Insights, Viacom International Media Networks, said the study was "the definitive guide to this demographic’s evolution."
“These insights help inform our content and further strengthen our connections with Millennial audiences around the globe. We’re now seeing partners indicate a lot of interest in leveraging these insights to reach out to the same audience too," said
The report draws from in-depth explorations, expert contributions and commentaries, as well as over 20,000 interviews with respondents aged nine to 30 from 32 countries.
"’The Next Normal’ is the broadest single study of the Millennial generation to date,” said Kurz, who presented the in-depth findings at a joint hosted event to marketers and Pay-TV operators with the American Chamber of Commerce at The American Club in Singapore.
"We have a wealth of research on how young people approach life, what they consider important and how they cope with challenging situations,” said Kurz. “This study builds on Viacom’s already significant leadership in understanding our audiences and is a perfect example of our commitment to extending this knowledge and expertise globally."
Among the study’s findings was that millennials place a lot of importance on spending time with family, as well as friendships both real-life and offline. “Thanks to the importance Millennials place on family bonds, the family unit today is closer than ever,” said Kurz, noting that the study confirms that this emphasis on family is a global phenomenon.
Millennials also believe that technology does not define their generation, but enables it. 73 percent of millennials say internet access changes their perception of the world.
According to the study, with the exception of Japan, millennials in Asia are somewhat more active than elsewhere in the world on Facebook and Twitter while watching TV. "China stands out as being particularly active microblogging on Weibo and Philippines’ Millennials are generally highly enthusiastic users of all kinds of communications," it said.
The study also revealed that millennials suffer from job insecurity. 49 percent of millennials believe that job security will continue to get worse, while 78 percent would rather have a minimum wage job than no job at all. While 38 percent of young people in 2006 strongly agreed with the statement, “I will earn more than my parents,” that percentage is down to 25 percent in the post-crisis era.
When it comes to pride and tolerance, millennials show a growing sense of national pride and interest in maintaining local traditions. At the same time, they have an increasingly open and tolerant view of other countries and cultures.
“A key priority for VIMN is to provide its audiences around the world with ‘glocal’ content –programming that strikes the right balance between global and local themes,” continued Kurz. “Our findings from ‘The Next Normal’ indicate a truly positive display of ‘glocalisation’ in action among Millennials at an even deeper level.”
The study indicated that “The Next Normal” is much more “we” than “me.” Key defining traits for the Millennial generation include a sense of global community, newfound tolerance and flexibility, increased creativity and a powerful desire to share and connect. "93 percent globally believe it’s our responsibility to treat all people with respect, regardless of race, gender, religion, political viewpoint or sexual orientation," the study said.
