Dubai: The Millennials — those in the 18-34 age group and what global advertisers see as a prize catch — are going to be careful with their monies, going by a recent study collated by ZenithOptimedia.

Instead of the spend-happy consumers advertisers would like them to be, the Millennials are far more likely to put a premium on attaining financial stability. “While previous generations rebelled against controls, Millennials believe they need to be in control of finances, work, social and family lives in order to take advantage of freedoms and opportunities,” according to the report that polled the thoughts of more than 6,000 respondents in this age group spread over 10 countries.

“We discovered that Millennials who are in control of their career are 56 per cent happier than those who are not in control. Similarly, Millennials who are in control of their passions and interests are 55 per cent happier. And, those in control of their social life are 35 per cent happier”.

But the degree of ‘control’ varied with the country. In the US the key areas of control were on finances, social life and work/life balance, while in Spain it was career/education, ambitions and finances.

“We discovered that having ‘meaningful experiences’ is critical to happiness for millennials’, the report noted. ‘The majority of millennials we spoke to considered experiences — such as spending time with friends or going to a concert — to be more important than material goods. And, in contrast to previous generations, Millennials feel they are judged on how they express themselves, not by what they own.

“This explains why social media has become so important for this generation — it is their primary platform for sharing stories and creative expression’.

According to Linda Tan, Strategic Insights Director — Worldwide, ZenithOptimedia, “While Millennials might seem a very carefree audience, obsessed with social media and celebrities, scratch below the surface and you will discover very savvy, discerning and astute consumers.”

The findings should strike a chord with regional brand owners. According to Racha Makarem, Managing Director of Research and Insight at VivaKi MENA, “Millennials represent 65 per cent of the region’s population ... this presents a very unique situation compared to the rest of the world in that it is also a place where mobile penetration and consumption is high.”