Who are millennials really? Learn why the millennial demographic is not one to overlook when it comes to spending power and influence. Plus, learn about millennial buying behaviors and how millennials have taken control of brand's reputations.
- Millennials, they're all the same, right? Actually, no. Well, who are American millennials? Let's start at the very beginning. Millennials have officially outnumbered the Boomer generation and are currently the largest living generation on the planet. In the U.S. alone, there are 83 million millennials and by 2020, at least one in three adults will be of the millennial generation. We are also the most ethnically, racially, and liberally diverse generation.
Feeling like the word and conversation surrounding millennials and their spending power has been everywhere? That's because it has. Millennials are a consumer force to be reckoned with. With 200 billion in annual buying power, smart marketers know they need to use new methods to hook this generation. Millennials are the least frequent in-store shoppers, the most responsive to online shopping opportunities, and recommendations from friends and family, and are motivated by seamless shopping experiences.
This generation learns how to DIY everything from YouTube, decides where to eat based on Instagram posts, plans their wedding with Pinterest boards, and has their groceries delivered to their door, thanks to various mobile apps. Yeah, I think we can say times have changed. With so much emphasis on the new consumer mindset, it makes sense to take a minute to look back on the key events that helped shape the millennial values, behaviors, and motivators today. One of the most significant is the fact that millennials are the generation that truly grew up during the tech evolution, which took us from dial-up internet to smartphones for everyone, which has made us digital natives and has shaped us to become this tech-savvy, hyperconnected group that we are today.
The birth of social media truly revolutionized the world. Communications, marketing, advertising, the way we purchase and sell, truly a gigantic impact on the millennial consumer mindset. With the access and influence that social media provides, millennials are the first generation to witness a YouTube sensation, to use a platform to share a talent or opinion, to build a community, to gain authority without a degree or certification, and to monetize their efforts and influence unlike ever before.
Social media has changed the game. And then all of this hyperconnectivity and information overload has desensitized us to the barrage of traditional ads. And this means millennials have increased the demand for more original content and are forcing marketers to think outside the box. The economic recession and student loan debt crisis had a huge impact on the millennial generation. The average college student graduates with 10 to $30,000 in student loan debt.
The financial crisis has really hindered the ability to afford big ticket items, like a house, a car, or even getting married and having children. Studies show that debt, and the expense of cost of living in particular, had a major influence on the boom of the gig and sharing economy. There is nothing more important than understanding the pain points, needs, and values of this generation so that we can position our brand messaging, services, and products as the solution.
So what are the millennial consumer behaviors and expectations? Millennials are engaging, shopping, and being influenced differently. With these changes have also come different expectations. Millennials value authenticity. They really want to have that relatable experience with a product, brand, or service. They expect an experience versus being sold and that's why storytelling via content creation, influencers, and personalization in marketing is crucial for this generation.
Millennials go at their own pace with adult milestones. The biological clock is ticking mindset doesn't really work with us. We have and we will continue to deviate from traditional norms. When you've tapped the millennial mindset and they believe that your brand or service is valuable, cost will never be an issue. In all, millennials have created a demand for us to think digital, social, and mobile. They are seeking out authentic experiences from trusted voices.
This is why you're here. We're going to use this information to our advantage to attract the millennial consumer, because companies no longer control their brand reputation, consumers do.
- Debunking common millennial stereotypes
- What do millennials value?
- How to attract millennials to your next event
- Building a successful content marketing framework
- Crucial metrics you should be tracking
- Finding the right influencers for your brand
- Using influencers to grow your brand presence
- Creating a social media content calendar