It’s time to get real about Millennials. Everybody seems to love trash-talking them, perpetuating stereotypes. The fact is they are a huge factor in our lives, both economically and socially, so we better start treating them as what they are: a huge market of potential customers, for years to come.
Who are they? Estimates from Millennial Marketing tell us this:
- They are 25% of the U.S. population
- They account for 27% of discretionary purchases
- 53% of Millennial households have children
- 50% are more willing to purchase from a company that supports a cause
Take a look at these facts and you’ll see, the value of this market is undeniable.
They aren’t an “up and coming” market. They are here! And there are a lot of them. It’s estimated that in 2019 Millennials will outnumber Boomers in the United States. And, as the boomer population continues to decline, this market will continue to dominate the consumer landscape for years to come.
They aren’t all 20-somethings. The oldest Millennials are in their upper 30’s (Pew Research Center) and many are married with kids. And yes, they have money to spend.
They are discriminating. It is widely, and correctly, purported that many in this generation spent their formative years raised by parents and institutions that celebrated them at every turn. They’ve also been online, on social media with access to knowledge about all of their options. So now . . . they expect a lot. They expect specialized experiences and products and they trust their friends’ reviews to confirm the authenticity and customization they seek.
So, what’s the takeaway? Deal with it. There’s no secret, just that. Millennials are here, they are a huge force and, as we’ve done for every generation and every important market segment before them, we must adapt. The time for lamenting these “youngsters” is long gone. It’s time to recognize their value as a market force and capitalize on it. If your products, services and marketing methods aren’t aligned to this segments’ needs, it’s time for a change.
At GMS we work with clients on strategies to reach a multitude of market segments. New technologies to match changing shopping and buying patterns, online reputation management and customer engagement strategies and analytics to measure successes are all a part of our services to clients. If those services can benefit your business, get in contact.