The millennial generation, born between 1981 and 1996, is one of the most populous and influential cohorts in history. They are entering their peak earning and spending years, and they are reshaping the economy with their distinctive preferences, values, and behaviors. Their consumption patterns will have a lasting impact on how businesses operate and compete, and how markets evolve and grow.
Millennials have grown up with the internet, social media, and mobile devices, and they are adept at using technology to access information, communicate, and shop. They are more likely than older generations to research products and services online, compare prices and reviews, and seek recommendations from peers and influencers. They are also more likely to shop online, use digital payment methods, and expect fast and convenient delivery options. According to a report by Accenture, millennials spend about $600 billion annually in the US, and they are expected to account for 30% of total retail sales by 2020.
Millennials are also more socially conscious and environmentally aware than older generations, and they seek to align their consumption choices with their personal and ethical values. They are more likely to support brands that have a positive social and environmental impact, and to avoid brands that have a negative or controversial reputation. They are also more likely to favor products and services that are organic, natural, sustainable, and ethical. According to a report by Nielsen, 73% of millennials are willing to pay more for products and services that are socially and environmentally responsible.
Millennials are also more experiential and adventurous than older generations, and they seek to enrich their lives with meaningful and memorable experiences. They are more likely to spend money on travel, entertainment, education, and personal development, and to share their experiences with others through social media. They are also more likely to try new and diverse products and services, and to customize and personalize their purchases. According to a report by Eventbrite, 78% of millennials prefer to spend money on experiences rather than things.
These are some of the ways that millennials are transforming the economy with their unique consumption habits. Businesses that want to succeed in the millennial market need to understand and adapt to their needs, wants, and expectations. They need to offer high-quality, innovative, and value-added products and services that cater to their digital, social, and experiential lifestyles. They also need to engage with them through authentic, transparent, and interactive communication channels, and to build trust and loyalty with them through social and environmental responsibility. By doing so, businesses can tap into the enormous potential and opportunity that the millennial generation offers.
Pres1 Research Team
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