Lately, marketers, the media, political strategists and pretty much everyone with an opinion has been obsessing over and courting the proverbial new kid on the block: Millennials.
In advertising, workforce, and even in popular culture, Millennials are the focus of many conversations. Everyone is tracking how they think, their opinions, how and where they shop and everything related to their lifestyles and politics. So who exactly are Millennials in 2016, why are we so obsessive about them and what do they like?
THE MILLENNIAL GENERATION: Not kids anymore.
There are many definitions of the term “Millennial” (up to 5 years overlap with Generation X) but the majority of market research companies, such as Nielsen, Gallup, and Eventbrite’s research arm, define a Millennial as an individual born between the years 1976/77 and 1995/96. This means that as of today, the 83.1 million Millennials (24% of the U.S. population), are between 20 and 40 years old.
The fear of missing out is real.
Millennials are not satisfied with the traditional “American Dream” of a family, house and a car. They also want to go places, enjoy sports and culture, and be a part of something big. This desire to gather as many experiences and memories as possible, or The “Fear Of Missing Out”, experienced by 69% of Millennials, is the driving force behind their buying habits. Their money is spent on “experiences”, rather than “things”.
Millennials want to experience it all – at a discount
Millennials want to experience it all; however, at a price they can afford. More than half of the Millennial generation are willing to follow or like a company on social media, and share information with them, just to score a coupon or a discount, or catch the flash sale. Males, especially, who are 30% of the Millennial population, are more likely to take an advantage of a last-minute sale.
A 2016 Millennial: The elevator pitch
So who is this Millennial in 2016? To summarize, the Millennials are career people in their 20’s and 30’s, with dreams of traveling, starting a family and being part of something big – but only if they can buy it on a cell phone, customize it, and at a discount.
Sources:
U.S. Census Bureau
Nielsen – State of the African-American Consumer (2015)
Nielsen – State of the African-American Consumer (2015)
http://thegbrief.com/articles/customization-the-key-word-in-millennial-buying-habits-621
Pew Research Center (http://www.pewresearch.org/fact-tank/2016/03/31/10-demographic-trends-that-are-shaping-the-u-s-and-the-world/)
EventBrite (https://eventbrite-s3.s3.amazonaws.com/marketing/Millennials_Research/Gen_PR_Final.pdf)
Pew Research (http://www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/#racial-diversity)
