The Rise of the Millennials: What Do the New Generation of Consumers Want?

Millennials are not the children that you thought they would be. The generation born in the 80s and 90s has now all grown up and entered the workforce. While they have not reached their full buying power yet, they are an important group to marketers. If you want your business to grow and prosper, you have to pay attention to Millennials. Their full buying power is estimated to be over a trillion dollars per year — far eclipsing other generations, including the Boomers who hold the majority of the wealth in the United States. Aside from hiring a financial SEO company and a social media manager, you need to adopt strategies that will appeal to Millennials. But, first, you need to understand what do they want?

Convenience

Millennials grew up just when the internet started becoming more prevalent. They are, therefore, more comfortable navigating the digital than in the real world. That is why they do a lot of their shopping online. It is convenient to go on a website, click buy, and then wait for their purchase to be delivered right at their doorsteps. Millennials are the only generation that buys online and in-store. Other generations like to go to brick-and-mortar shops to acquire an item or a service. More and more businesses are expanding their online services to cater to Millennials who love the convenience of using the internet to shop.

Technology

They also know their way around the latest technology in the market unlike Boomers and Gen Xers. About nine in 10 Millennials have a smartphone, according to Pew Research. They are not shy about using technology and they are attracted to businesses to take advantage of technology to sell.

Experiences

Previous generations used their money to buy material products. Millennials, however, are not spending their income on electronic appliances, cars, and houses. They rather would go backpacking across Southeast Asia or hiking Machu Pichu rather than buy a Rolex. That means you need to figure out how to offer a unique experience if you want to sell your products to Millennials. No, you do not have to send them abroad. Take Apple, for example. The brand co-founded by Steve Jobs creates memorable experiences for customers and it keeps them coming back over and over again. The electronics brand utilizes the art of storytelling to make shopping not feel like just buying a product. From their clean, minimalist stores to ads that play like a movie, Apple offers something unique to its customers.

Sense of Belonging

Millennials crave to become a part of a community. They want to fit in above all else and connect with people who are like them. Many popular brands know this and have integrated it into their marketing. They make buying their product feel like becoming a part of a group. You should strive to create a community around your business. You should also look into membership and loyalty cards to create an air of exclusivity. Millennials can be quite tricky to sell to. They are not always loyal to just one brand; they tend to switch brands because they are born in a world where they are offered multiple choices at once. They are different from the generations before them but, once you understand what they want, marketing to them would be a breeze.