5 Ways Millennials Will Impact Your Brand
Hovering at 92 million strong, the Millennial generation (born between 1980-2000) is THE largest generation in US history. As they come into age they are poised to reshape the economy and force brands to rethink the way they are doing business. Recently Goldman Sachs released a comprehensive infographic detailing the immediate ways Millennials are affecting the economy and laying out the roadmap for the continued trends based on their radically different lifestyles.
You can read see the full infographic on the Goldman Sachs website but we’ve chosen our Top 5 charts to explore.
#1: The First Digital Natives
For Millennials technology is a part of their everyday life. They grew up with the internet, computers in their homes, schools and smartphones of their own.
#2: Social and Connected
Millennials are sharing their purchase considerations and conversions not just with friends but publicly. Their immediate connections and feedback loop shapes their decision to buy.
#3: Access, Not Ownership
Millennials are giving birth to a “sharing economy” by utilizing services where they can have access to products without having to purchase them. From cars to music and luxury items, services are on the rise for a rented experience.
#4: The Power of Social
Millennials are less concerned about purchasing brand names or quality and more concerned with price point. The one redeeming factor for brands is their ability to create bonds with Millennials through social media. 34% of Millennials like a brand more that uses social media.
#5: Clicking to Buy
Millennials are spending more online than any other generation. They’re not afraid to make a purchase through their second screens either as mobile continues to be on the rise.