As the millennial generation continues to make an impact, the business world is starting to see bigger changes brought on by this generation. As a result, there is a major shift in the landscape of today’s workplace. While few are still getting used to the idea of the new millennial-friendly branding, many major corporations are making some big changes in their marketing strategies to accommodate the lifestyle and the needs of this revolutionary generation.
Millennials have already passed by Generation X and the Baby Boomers to become the largest presence in the workforce today. This means that businesses must adopt new ways of marketing and selling to this generation of consumers. Here are the millennial trends that could impact businesses:
Millennials are now settling down
People who have not yet started a family may choose to spend most of their money on themselves. But according to a 2014 study by Eventbrite and Harris Poll, 78% of millennials will spend money on an experience or event on top of something desirable. If a company that this trend is real in its target market today, should consider the type of experience they can add to the products. Many subscription companies, such as IPSY or FabFitFun, provide unboxing information and surprises to find out what will be in the box. Retailers can promote food or beverage products with different strategies.
Also Read: Brands Need to Rethink About Personalization
Millennials are using technology differently
Nearly 100% of millennials use the, Internet, according to Pew Research Center data for 2019, and 19% are internet users who only use smartphones. Those are “smartphone-only” people more than the other three generations tested. This has many consequences for traders.
Providing smooth mobile information is no longer just a good thing to have; is important for businesses. In addition, some industries that did not need to have an online presence earlier, should now have one. For example, the alcoholic beverage industry. Prior to Covid-19, a few sales in the US were made online. However, the pandemic has changed consumer buying habits, and consumers became more inclined to online companies.
Millennials are becoming environment conscious
A 2017 Nielsen / Conference Board study found that 85% of millennials said that it was “extremely important” for companies to make plans to make a positive impact on the environment. That was a higher percentage than any other age group. In 2018, Nielsen and the Conference Board also found that 38% of consumers were willing to pay a premium for environmental friendly or sustainable products.
For advertisers, this means that it is important to advertise products sharing values and ethics. If companies live up to their standards, it can help create great product relationships.
Millennials could soon be ruling the luxury market
According to Statista, millennials are expected to account for half of the global luxury goods market by 2025. Moreover, 25% of luxury sales could occur through online stores by 2025, according to a 2016 Bain & Company estimate.
Also Read: Three Customer Experience Aspects CXOs Should Know
Marketers need to take notes. Providing a superior online experience is important, so is having a strong social media presence. Luxury brands should also plan how they can provide their customers with social media moments and make marketing strategies according to social media trends.
If brands are planning to stay ahead of the curve in today’s fast-paced marketing world, then it is time to pay attention to the way that millennials are shaping the market. Changing to fit the needs and lifestyle of this generation has been the key for many businesses who are looking to stay relevant in this ever-changing market.
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