Their unique experiences and relationship with technology is changing the way they buy products and consume information, forcing companies to re-examine how their businesses cater to this market.

"Millennials" refers to a segment of the population born between the early 1980s to the early 2000s, also labelled as the “youth”. The term was coined by demographers William Strauss and Neil Howe in the early 90s.

But there has been a recent rebirth of interest around this buzzword in the marketing world, which might make anyone in the industry wonder: why have millennials suddenly become the subject of so many in-depth case studies, articles, seminars, webinars and conferences all around the globe?

The answer is simple: millennials are exciting and different. Now in their late teens and early 30s, they are becoming economically active and are holding more power than ever before. They are making and influencing the buying decisions and they are not scared to splurge on the brands they love – becoming a strategic priority for brands, employers and governments across the world.

For brands, this has led to a complete turnaround for business-to-consumer communication. Millennials choose to connect with companies via social media, almost demanding brands to have both a social and digital footprint. However, these interactions need to be genuine, as this audience expects to see their feedback reflected in a company’s products and services.

Employers are also being forced to come to grips with millennials, considering that these consumers will constitute 50% of the workforce by 2020 and 75% by 2030. 

So, as a whole, what are some of the millennial traits shaping our economy? 
  • Millennials have been slower to marry, have children and become home or even car owners, showing different kind of attitudes to ownership. For millennials, access has become more important than ownership and this has helped spawn what’s being called a “sharing economy
  • With lower employment levels to previous generations, smaller income and less money to spend than other generations, they are amongst the hardest hit by the economic downturn. Millennials are encumbered with debt, with student loan payments and education taking a growing chunk of post-graduate income – along with credit card payments
  • They’re digitally savvy and a mobile-first generation. Having the Internet at their fingertips and an affinity for technology helps shape how they shop. They are used to instant access to price comparisons, product information and peer reviews that all help influence their purchasing power
  • They value simplicity, ease and efficiency. They are also turning to brands that can offer maximum convenience at the lowest cost in all transactions and that can evolve to meet the demands of their lifestyle. Unsurprisingly, this generation that lives online also buys online
  • They are optimistic about the future, value cause-related marketing and want to be good to the planet, believing that collaborative action and strength in numbers can make a difference
  • They are social creatures both on and offline, with their lives being lifestyle-centred
  • Millennials prioritise happiness and passion and are more open-minded to somewhat controversial topics
  • For fun, they seem to enjoy playing video games, downloading music, using social media, chatting on instant messaging platforms and watching TV online, and
  • Finally, they are dedicated to fitness and wellness, devoting time and money to exercising and eating right, and are using apps and technology to guide this. Their active lifestyle influences trends in everything, from food and drink to fashion.
More than ever before, young people across the world are consuming the same media, through the same devices, interacting with the same brands and even chasing very similar dreams.

However, this perception shouldn’t fool marketers, employers or brands into thinking that all millennials are the same and can be all be spoken to in one homogenous voice.

Use the generational cohorts as a guideline and then further dissect your exact target market but have a solid understanding of who your ideal consumer is. Do so by identifying their unique demographics, life stage, attitudes, lifestyle, education and earning potential, hobbies, interests and how best to reach them. This will ensure a no-one-size-fits-all approach to your marketing campaigns.

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