2016 will be a year where the millennial generation will be a large part of the target demographic for lots of companies, both in the U.S. and worldwide. We have seen in the latest years that companies which learned to cater to the needs and wants of the new generation known great success, while those who failed to adapt couldn’t attract the attention of the largest generation in history.
The consumer profile of a member of the millennial generation is very different than anything these companies have experienced so far. We concluded vast amounts of researched and have some conclusions we want to share with you:
Millennials are not influenced by advertisements
They read blogs, reviews and listen to influencer’s opinions when they want to make a purchase, as big as a house or as small as a low-cost gadget. Advertising just doesn’t convince them anymore, with less than 1% claiming that an advertisement made them buy a product.
They favor access over ownership
Millennials are not rushing to become home owners or buy a car – they love concepts like car sharing, working remotely or buying used products from brands and people they trust. Avoiding big purchases means they have money to buy other things – it’s up to companies to find out what.
They do have their must-have lists
A smartphone and good data plan is essential to any millennial, as is a laptop and other tech gadgets. They need to feel close to information and have choices at the tip of their fingertips, both things crucial for the millennial lifestyle. Anything that simplifies their life is worthy of millennial attention.
Key words for millennials : Engagement and mission
They want to be able to connect with their favorite brands on social media and influence their future campaigns. They expect to be asked for feedback and see this feedback implemented. They want their favorite company to have a mission, to give back to the community and to have original advertising campaigns. A lot to swallow? Might be true, but traditional marketing is not going to work.
All these are things you have to consider if you want a part of the spending power of the millennial generation. It is the largest generation of U.S. history, the current largest generation worldwide, and the first generation of almost 100% digital natives in first and second world countries. All this data brings new challenges, new solutions and new ways to connect which will surely re-shape the way the world economy works.
For more on Millennials Trends for 2016, check out these external links: