Understanding Millennials
Who are Millennials and why is it important to connect with them? Known to some as “Generation Y”, these 18-34 year olds, are the next group of consumers coming of age in the marketplace. This unique and large demographic, estimated to be 80 million strong, are curious and forward thinking, with a need for instant gratification and a love for personalization and customization.
Purchasing Decisions
More than 80 percent of Millennials use their smart phones while shopping for price information, access reviews and check ratings from the palm of their hand. Take Note: a staggering 74 percent use social networks to recommend or rate products.
Here are some common traits shared by Millennials:
- Look to actively participate, co-create and partner with brands
- Expect companies to value their opinion
- Engage more in writing and reading online reviews
- Explore who authentically attempts to seek input and interact with them
- Expect brands to take action on their suggestions
- Will not buy without crowd sourcing . . . seeking advice from their peers on what to buy.
- Heavily consume news and information
“There is a way to do it better. Find it.”
– Thomas Edison
