Millennials, also referred to as Gen Y, were born in 80’s and 90’s. And they spend a lot. A lot! Millennials spend more than half a trillion annually. And in just the next few years that spending is expected to double. Millennials account for a third of U.S. sales, making this generation a prize for retailers.
Millennials own, on average, half a dozen electronic devices. This allows them access entertainment media, the Internet, and social networking around the clock; a huge opportunity for brand engagement. Want to try and tap into appealing to Millennials? Here are some tips on what to offer.
- A superb product – Quality and service are the main considerations of millennials in their product selection. They will not hesitate to spend more on a product that they believe is of better quality.
- Opinions of friends – Peer recommendation has a lot of bearing on a millennial’s decision for product choice.
- Political awareness – Millennials will support brands that make statements about social issues, including discrimination, equality, and diversity.
- Social responsibility – Even if a brand’s quality is excellent and the company provides first-rate customer service, millennials will shy away from brands that do not improve the world. Instead, they will gravitate to companies that support social causes.