Trends come and go in marketing, and it’s not always easy to connect with your target audience unless you really understand what motivates them.
Who Are Millennials?
Generation Y, also commonly referred to as Millennials, are people born roughly between 1982 and the mid-1990s, reaching the age of 18 between 2000 and 2008. There are about 75 million of them, equal or slightly higher than the number of baby boomers (those born between 1946 and 1964).
Millennials are typically tech-savvier than previous generations, though not as adept as Gen Z, their younger counterparts. They are the last generation to grow up as non-natives to technology such as the internet and smartphones – as compared with Gen Z, who can’t imagine a world without them.
Millennials have been raised with TV and internet marketing, so they are going to be more skeptical of what they see and will not usually respond to many of the traditional marketing and sales pitches.
Millennials are much more racially and ethnically diverse than previous generations, though that can lead to some opinionated pushback and bias compared with Gen Z, who are generally not as prejudiced and want everyone to get along.
Millennials enjoy TV, including cable, satellite radio, the internet, e-zines, and some social media, usually Facebook and Twitter. They have a less material possessions accumulated and many are not married and have no children. This trend is most likely because of going to college and then having the burden of paying back a large amount of student loans.
It has been tough economically for Millennials who came of age in the middle of the huge recession of 2008. This made them cautious about getting into debt. If they do want to buy something, they will comparison shop and demand good value.
Employment, and Accumulated Wealth
As a result of the economic downturn just at the point where they were coming of age or graduating from college, Millennials have found it hard to enter the workplace. Some still live with their parents out of economic necessity or just plain comfort. They don’t have nearly the amount of spending power that boomers do.
As a result of not being married and often living in a shared household, Millennials are often interested in travel and experiences like going to spas. They do want a house, car and family one day, but not until they can afford it.
Millennials are not brand loyal in many cases. They will change depending on price, style and trends if the marketing messages they see resonate with them.