The new generation of consumers are looking to have total control over the shopping experience and they need the freedom to try. Thus, brands are required to adapt to the characteristics of these individuals and take into account the shopping experience while also considering the products. “Millennials” represent 20% of the global population.
Who are the “Millennials?”
Millennials, or members of the Generation Y, are the young group born within 1979 and 1999. They are successors of Generation X and kids from the Baby Boomers. These individuals currently range between 19 and 34 years. The name “Millennials” came from the transition into adulthood just in time for the new millennium, an era of economic prosperity.
Generation Y represents 20% of the global population. The United States only has 80 million “Millennials.” This group has great influences within political, economical, social, and cultural realms. They are known to be academically ready and prepared. In general, they are the generation with an abundant disenchanted look of institutions such as the political class, religious life, etc.
However, according to Kathleen Shaputis, this generation tends to delay what previous generations considered suitable for adulthood. An example of a “Millennial” is NBA player LeBron James. He previously played for Miami for four years and has since returned to Cleveland to go back to his homeland.
This generation has certain traits in common:.
A superior intelligence, clothes, technology, and pop culture are apart of the features according to a Pew Research study.
To continue, some of the characteristics in common within “Millennials” are the following:
- – Parents of “Millennials” had less kids than the previous generation, so the income of each “Y” kid is greater. 111% has been the increase in purchases when compared to their parents.
- – During the “live your life” moment, an open mentality is more present than their parents, who sought to work and earn money at a permanent position as soon as possible.
- – Three out of ten college degree earning individuals have experienced serious difficulty in finding employment and independence. This is also affected by the economic crisis from previous years.
- – Even with that, expectations and leadership skills are spacious. 15% are already leading a company. Google, Amazon, Netflix, or Youtube are found in the top 10 companies where “Millennials” wish to work.
- – It’s the last “non-native” digital generation. However, they’ve been brought up from technology, social, and Internet influences.
- – According to ONTSI, the “Millennial” generation is the new prototype for online buyers.
A new generation of consumers:
The new generation of consumers are looking to take total control of the buying experience and they need liberty to try it out. Therefore, brands are required to adapt to the characteristics of these users and take into account the shopping experience as well as the actual product.
“Millennials” need to feel “in command” with their shopping transactions:
- – The Internet is a natural tool on a daily basis: they buy, interact, and perform on all types of transactions on the web. 76% own a Smartphone and 90% use social media such as Facebook or Instagram.
- – “Millennials” are seeking to be treated in a personalized way. Thus, companies have to predict their needs and preferences to make it part of the brand. A good way to do this is through Big Data (we recommend reading http://www.ad-pure.com/moment-marketing-resources/el-big-data-uso-e-interpretacion-de-los-datos-en-moment-marketing/).
- – Classical advertising is no longer a good strategy to retain attention. Primetime TV has also become obsolete in their habits.
- – Omnichannel: Much of their daily relations are intermediated by a phone screen, tablet, computer. Companies should use a wide range of channels and devices to maintain communication with them.
- – In this sense, the App sector is in luck. It’s a powerful selling tool which optimizes the user experience. The App Store have recorded 5 million worldwide downloads of daily applications.
- – Investigate what they buy: to improve the shopping experience, they truly value the opinion of previous buyers. Many don’t buy technology, hotel accommodations, car or travel insurance without consulting via the reviews. Social networks plays a major role in this regard since it’s also a preferred medium to interact with companies.
58% of online consumers are “Millennials:”
“Millennials” love shopping. They spend 600 billion dollars each year. In 2020, it’s projected to be $1.4 trillion. However, they are cautious consumers who choose products according to their ideology. Some facts about their purchases:
- – Spend 20% more in flights when compared to other generations.
- – 65% go out to eat with friends on a normal basis.
- – 43% follow more than 20 brands on Facebook.
- – 41% makes these purchases from their mobile device.
- – 60% have a subscription to a video streaming platform.
- – 46% have a paid TV service.
According to Entrepreneur, “Millennials” are a generation that some fear and others don’t understand. The truth is, above all, they’re a generation that everyone wants to attract. Deloitte anticipates that in 2025, “Millennials” will make up 75% of the global workforce.