Texas Electricity Providers 2

Part
01
of two
Part
01

Media Consumption Habits: "Busy Idealist"

"Busy Idealist" Media Consumption

Seamlessness and immediacy are the primary concerns of "Busy Idealist" electricity consumers, much like most other consumers in the Millennial age bracket; this is reflected through their overwhelming preference for digital and online media sources, particularly mobile/app-based outlets.

"Busy Idealist" and Millennials

  • Since the definition of "Busy Idealist" is highly niche, there is no public data available that addresses this psychographic/demographic profile in specific. However, our research finds that Millennials in general are very close to this niche for many reasons: they fit squarely within the age bracket, the majority of them don't have children, their average salary is nearly $50K, they are concerned about CSR and the environment, and they are willing to spend more on companies connected to their values. As such, the rest of our findings will consider "Busy Idealist" and "Millennial" to be synonymous.

Media Consumption Habits — Convenience is Key

  • The upper end of the age bracket sees some crucial disparities; TV/broadcast outlets have a monthly reach of 90% among adults 38+, but reach drops to 61% for those 37 and below. Additionally, the reach for digital channels (computer, smartphone, etc.) is 88% among the younger part of the group, while it is only 80% for those 38+.
  • Strictly digital media consumption is 4x higher among "Millennials" than it is among the 38+ demographic (Nielsen considers Millennials to be between 18-37), but the desire for mobile convenience/immediate access is consistent across the two age groups. Effective monthly consumption demonstrates this clearly: 45% vs. 42% for mobile only, 10% vs. 14% for desktop only, and 43% vs. 44% for a combination of mobile and desktop.
  • With energy providers, seamless digital channels are just as important, if not even more; 83% of Millennials would be discouraged from signing up for more services/products from their provider if their digital experience is not seamless.
  • While Millennials perceive newspapers as more credible than TV and mobile channels, they are still significantly less popular because of the lower variety of content they offer, as well as declining access/availability and the inconvenient, relatively tedious process of procuring one compared to the instant gratification of the internet.
  • The cost of cable/satellite is a significant deterrent to Millennials' interest in consuming media by way of TV-based channels and outlets.
Part
02
of two
Part
02

Media Consumption Habits: "Conscious Consumers"

As there was no readily available information specific to conscious consumers, we triangulated the media consumption statistics using survey data from reports such as the Nielsen Total Audience Report. The conscious consumer spends nearly 26 hours/ week watching television, over 7 hours/week on both social media and podcasts, 11 hours/week on the radio, and a total of over 33 hours/week online (through personally owned devices excluding TV-and-TV-connected-devices).

Nielsen Total Audience Report

  • The Nielsen Total Audience Report provides media consumption data for age groups 18-34 and 35-49. We have averaged the media consumption data for both age groups to determine the weekly time spent by 25-44-year-olds in the US on different media types. The calculations for the same have been shown in the attached spreadsheet.

Weekly Time (hours: minutes) spent by adults aged 25-44 in the US in Q3 2018

  • Total Use of Television: 26:21
  • Live+Time-Shifted TV: 18:59
  • Time-Shifted TV: 2:32
  • TV-Connected Devices: 7:22
    • DVD/Blu-ray Device: 0:36
    • Game Console: 2:31
    • Internet Connected Device: 4:15
  • Radio: 11: 02
  • Internet on a Computer: 3:59
    • Social Networking: 0:30
  • Video on a Computer: 1:03
  • App/Web on a Smartphone: 20:29
    • Video Focused App/Web: 1:42
    • Streaming Audio: 0:40
    • Social Networking: 5:19
  • App/Web on a Tablet: 4:33
    • Video Focused App/Web: 0:52
    • Streaming Audio: 0:07
    • Social Networking: 0:35
    "Note: Internet Connected Device is inclusive of Smart TV app usage."
  • A 2013 study found that early adopter millennials spent 26% more time reading magazines than the average millennial, 17% more time on tablets, 14% more time on mobile phones, 11% more time on an e-reader, 9% more time on a home computer, 6% more time on an MP3 player, 5% more time on a gaming console, 3% more time reading a newspaper, and 2% more time on a work computer. The early adopter mllennial spends 3% lesser time watching television than the average millennial and 1% less time listening to the radio.
  • While some media usage habits of early adopter millennials relative to average millennials may have changed because of digital adoption (early adopters are more likely to be reading digital versions of magazines and newspapers), we assumed that the differences in media consumption habits of early adopter millennials versus the average millennial have relatively remained the same for television, smartphones, tablets, gaming consoles, and computers. This assumption was the basis of triangulating the weekly media consumption habits of the conscious consumer. A large part of the 25-44 yr-old demographic comprises millennials.
  • Also, as "52% of millennials are above-average in terms of their adoption of technology", the media consumption characteristics of the early adopter are unlikely to differ very drastically from that of the average millennial (as is the case in the 2013 data).
  • The weekly media consumption of the conscious consumer (hours: mins):
    • Total Use of Television: 25:33 (26:21*97%)
    • Internet on a Computer (at home): 4:21 (3:59*109%)
    • App/Web on a Smartphone: 23:21 (20:29*114%)
    • App/Web on a Tablet: 5:19 (4:33*117%)
    • Game Console: 2:39 (2:31*105%)
    • Radio: 10:55 (11:02*99%)
    • One in five individuals in the US aged 18-49 and one in three individuals aged 18-34 listen to podcasts at least once in a month. Podcast listeners are more likely to be "early adopters in multiple categories including movies, electronics and CPG" and have a higher education. Regular millennial and Gen X podcast listeners listen to podcasts for at 7.4 hours/ week and 7.2 hours/week, respectively. Therefore, on average a regular podcast listener (likely to be an early adopter) aged 25-44 listens to podcasts 7.3 hours/ week (7.4+7.2/2).
    • Social Media (using the smartphone usage factor of 114%): 7:18 ((0:35+5:19+0:30)*114%)
    • Online (non-TV): Internet on a Computer (at home) + App/Web on a Smartphone + App/Web on a Tablet = 4:21+23:21+5:19 = 33:01
  • In 2015, 53% of millennials were parents; this number is likely to be greater now (in 2020) for the millennial generation and even greater for the 25-44 yr-old demographic. Also, early adopters are more likely to have a higher education. Therefore, triangulated statistics are unlikely to be significantly inaccurate.

Additional Information

Early Adopters and Social Media

  • Early adopters are more likely to use low-traffic networks such as Quora and Reddit.
  • "Twitter is 59% more likely to reach users intending to make tech purchases."
  • Twitter users are 42% more likely to be "early adopters of technology" than users of other social media platforms.
  • Twitter users are 79% more likely to be technology influencers than users of other social media platforms.
Sources
Sources

From Part 02