The Scoop on Millennials: How to Reach this Generation
The largest generation to-date: Millennials. Currently, Millennials overtake Baby Boomers by nearly 4 million – and the population is growing. The millennial generation is expected to grow to 81 million over the next 20 years and therefore, this population is coming for us…and our products. We must study today’s generations to market our products accurately and efficiently.
Overall, one-fourth of this whopping 79.4M generation are new moms living in a child-centric world; 67% of these new moms are multicultural. Moreover, this group has $200B in spending power. On the business front, Millennials avidly look to generate power and “turn the world around.”
Wondering how they might manage this? Well, they have the numbers…and the degrees. This is the most educated generation thus far (Bachelor’s degree and above). They are very focused on socially responsible brands and concerned about services and experiences rather than products (stay tuned for how Gen X feels about this notion…). Aside from wanting to change the world, Millennials are deeply into extreme fun, technological advancements and achievement.
From a marketing standpoint, it is more important than ever to reach consumers via social media. We can do this through ads, sweepstakes, photoshoots, chats, brand partnerships, music, and events. Lucky for us, Millennials have an “earn to spend” mentality. They are eager to spend their paychecks, and even savings. With a “me, first” attitude, this generation spends the most on comforts and conveniences rather than necessities. For example, 60% of Millennials spend more than $4 on a single coffee, 79% will splurge to eat at a popular local restaurant, 69% buy clothes they do not need and over 50% spend money on taxis and Ubers.
Therefore, Millennials are willing to spend – but you must first get their attention. Marketing is all about multiple touch points. Therefore, we recommend you continue with direct mail campaigns and creative pieces, but expand and transition over to digital and social media as well. It is not really a choice anymore, it is a necessity. More to come on how to reach Gen X and how this group differs from Millennials.
Pew Research Center
U.S. Department of Labor
Live Well Collaborative