Millennials are coming of age – the youngest are exploiting technology in ways we never anticipated. Meanwhile, the oldest of them are hitting the peak of their greatest purchasing power.
Millennials; the first digitally native generation now ranges in age from 19 to 39. Their buying power is undeniable; many of Millennials might be homeowners, students, and parents – stages of life with a financial burden, and a crowd of brands clamoring for attention.
Moreover, Millennials present a huge market opportunity, but they have high expectations of brands and low regard for advertising, meaning brands must use different tactics to reach them.
Keep reading to better understand this generation of trendsetters—who they are and how they make their purchases—and leverage the potential offered by millennials.
The United States alone holds roughly 80 million Millennials, and each year they spend approximately $600 billion. 42% of Millennials rate family as the most important thing in their lives, though 21% are less sentimental; they care the most about saving money.
Millennials making up 28% of the MENA region’s population, being the largest number of young people to transition to adulthood in the region’s history.
57% of Millennials are fascinated with other cultures and enjoy learning about them, 58% of them believe that it’s important to pass down traditions, and 62% of them are never afraid to express their opinions even if it’s against societal norms.
After reading all these stats and following up on sources, the question now is “How to Focus Your Marketing Strategies for Millennials“.
Put in your mind that Millennials don’t respond to the hard sell; they intend to make up their own minds. So, advertising pitches that worked for Boomers and Gen X-ers are not generally effective with Millennials.
Remember, you need to help Millennials to believe in your company and its messages and they will invest in your product.