Marketing to Millennials10/31/2016
Considered entitled by many, millennials, (like most young people of all generations) believe they are hard working and ambitious. Millennials reached the age of employment in one of the worst job markets in decades which in turn made it appear that some millennials were not anxious to work. As the employment picture improved the number of millennials that found work increased as well.
Millennials now out number Baby Boomers as the Countries largest generation according to population estimates by the U.S. Census Bureau. Millennials number approximately 75 and a half million, about a half million more than Boomers. This gives millennials control over a considerable chunk of buying power.
Millennials represent over 1 trillion dollars in purchasing power. The oldest millennials are now in their mid thirties and are at the age where they begin to influence the purchases made by older generations as well.
Millennials prefer purchasing from locally-owned businesses and say they are more likely to buy a product (and even pay more) if their purchase supports a cause. Millennials are generally loyal to companies they buy from and prefer companies that stand for something other than purely profit.
Over half of this tech savvy generation have children now and the family market expands their purchasing power. Now that they are buying for children and a larger household make the millennial market even larger.
Millennials are two and a half times more likely to try or test new technology. This generation grew up with technology and use it to its fullest. Most never go anywhere without some form of technology which allows them to stay connected in ways previous generations could never dream of.
Approximately half of Millennials report having over 200 Facebook friends, about 20% of other generations report having as many social media associations. This means that millennials can quickly promote a brand or warn friends of low quality products or services. Studies show that approximately 70 % of millennials feel obligated to review companies after a good or bad experience.
As many as 80% say they want to be entertained by advertising or brand promotions but they do not like hard selling. High quality video and interactive promotions where content may be created by the audience are often favored over traditional advertising.
Millennials shared an experience (the end of a millennium) and grew up on technology, otherwise the fact that almost 70% of them crave adventure seems to be very similar to other generations in their twenties and early thirties. Two thirds of millennials view owning a home as part of a plan for a good life, a higher percentage than the next older generation. There are differences between all generations, each deviation derived from the life experiences each generation shared. The basic human needs and desires are the same no matter how old or young we are.