Millennials is a term that is used to describe a whole generation (also known as Generation Y). Although the different sources say different things, generally millennials are considered to be people who were born between the late 1970s and 2000. But even though there is no agreement about the exact years, it is a fact that there are more than 80 million millennials living in the United States. As a matter of fact, Generation Y is so big that is makes up 25% of the total population of the United States of America.
This fact alone makes marketers want to learn how to properly target millennials. In order to do that, these same marketers spend days and nights conducting researches and learning all about millennials that they possibly can. We will take a look at the results of those researches and what every marketer should know about marketing to millennials.
Contrary to popular belief, millennials are not narcissistic, despite being the generation responsible for the word “selfie”. In fact, millennials care very deeply about social justice and the global community and are also very conscious about the environment. Millennials will also gladly reward those brands who care for more than just their bottom line. Such people love creating personal deep connections with their favorite brands.
A recent research shows that approximately 37% of the millennials who took part of the survey are much more likely to purchase a service or product when they know that their purchase supports a certain cause. It is also important to mention that 45% of millennials believe that it would be easier for them to contribute to a certain cause that they care about through such programs than to try to do it on their own.
- Smart shopping
The Recession without a doubt affected many millennials throughout 2008 and 2009 and as a result they became smarter shoppers. This, of course, doesn’t mean they are cheap, but means that they want to know what a certain brand can do for them personally. This shows that they are being smart in regards to where they are spending their hard earned money. Just because millennials spend more money on brands that offer customers more than just a simple product, doesn’t mean that they are looking to pay the lowest price. It means that they are trying to get as many benefits as possible at a fair price.
- Big purchases
People who want to successfully market to millennials should realize that they are not afraid of big purchases. Many marketers think that the auto and real estate industry are going to suffer as a result of millennials who are not willing to make big purchases. Contrary to that belief, studies show that 42% of surveyed millennials are actually thinking of buying a new car within a year. It is good to know that millennials often decide what they should purchase and what they shouldn’t base on their current needs. For this reason, a millennial who lives alone in a big city might not buy a car or a house because there is no urgent need to do so.
Millennials are definitely people who marketers should try to understand better as they have an enormous buying power and are great customers when targeted the right way. You can read more millennial marketing must haves on Forbes.