Millennials: a powerful buyer pool
Generation Y, also known as Millennials, were born between 1980 and 1995, and already outnumber Baby Boomers and out power their parents in spending power, so marketers are salivating over how to reach this generation who values the opinions of strangers online equally to the opinions of their friends and family.
While marketers try to attract these buyers, the most important first step is understanding the generation and how very different they are from previous generations, yet how similar they are in many ways. Human nature still reigns, no matter the generation, and Millennials used to be a mystery, but they are now a group that has demonstrated buyer behaviors that may surprise some.
7 insightful guides to understanding Millennials
- Marketing to Millennials: demystifying a generation
- Technology has made Millennials impatient, yet more complex thinkers
- Why Millennials will not buy these 8 products in the future
- Millennials outnumber baby boomers, behavior patterns emerging
- Why Millennials rely on friends’ and online strangers’ advice equally
- Millennials spend more on books than any other age group
- Gillennials: where Gen X and Gen Y overlap
Most notably, technology has played a role in Millennials’ lives since they were basically born with an iPhone in their hand, and many accuse the generation of having the shortest attention spans in history, but scientists are proving that while this is true, their brains are being wired to be more complex and are actually capable of handling multiple tasks better than other generations.
Because of this, marketers must take note and approach the generation differently, given that they are able to process a lot of marketing messages simultaneously, but are considerably more skeptical and difficult to reach, often preferring a straightforward and minimalist approach, a la Apple. It is one of the most generous generations when it comes to philanthropy, yet are quite particular with consumer spending, for example, having a car isn’t the dream anymore, nor is a white picket fence.
The above guides will set you on your way to better understanding a young generation that has more spending power than other generations – a good place to bet on.