2017 was the year of the Millennial – Millennial purchasing power that is.
With annual spend estimates of $200 billion, the Millennial market is flexing its influence in all industries – from automotive to food to healthcare to technology.
Millennial consumers’ demands and preferences continue to shape how we live, work, and play; and they are using their digital presence to influence how other generations spend as well.
The Millennial market isn’t going away – as the largest generation in American history, they’re here to stay; in fact, due to immigration, their demographic will continue to grow (and wield influence). Economic forecasts indicate Millennial consumers will be accountable for over $10 trillion spend over the course of their lifetimes in the United States alone.
Millennials want customized experiences, organizational accountability, digital relationships, and innovative technology. To remain relevant in this quickly changing market, today’s organizations must prioritize a millennial-friendly shopping experience.
“I don’t think anyone saw coming what [Snapchat is] building. At worst, they are the next-generation MTV . At best, they are the next-generation Viacom,” stated Chamath Palihapitiya, a former Facebook executive.
Snapchat is one of the fastest-growing social platforms, with over 100 million daily active users and 400 million snaps per day. It’s made a huge splash with the Millennial crowd, as over 70% of U.S. users falling between the 18 – 34 age range.
Snapchat’s content is pretty unique – users produce “stories” to engage follower, with created content lasting only 24 hours and consisting of a string of snaps to create a video narrative. Users can incorporate a variety of features with their Snapchat stories: image filters, geofilters, text, emojis, music, and much more.
Millennial marketing is all the buzz in today’s business world.
Questions like “What do millennials like?”, “What will they spend money on?” and “How can I get them to buy my product?” dominate communication conference topics and headline advertising publications.
With millennials responsible for over $200 billion in annual spend, the under-30 crowd is quite the target market for today’s marketing professional.
So what are millennial consumers looking for in brands they patronize, and how can established organizations modify their messaging and operations to appeal to the 80+ million millennials living in the US?
Millennials – those born between the early 1980s and 2000s - are changing our culture both as consumers and employees.
With more than fifty percent of the world’s population currently made up of people 30 years old or younger, millennials are now the largest generation on the planet (US Census Bureau).
As millennials continue to influence our culture, it’s important for today’s professionals to become acquainted with the profile of Generation Y.
Becker Digital is a full-service Marketing and Public Relations Agency dedicated to empowering mission-driven organizations to reach their goals. We apply our expertise in community development, social media strategy, and public relations to connect organizational clients with today’s always-scrolling online users.