If you want your brand or product to be a success, you should ask the millennials. Millennials are now taking over the market. According to a 2019 report, millennials have surpassed baby boomers as the largest living adult generation living today. That means they comprise a substantial percentage of the consumer market today, and they now have the biggest purchasing power.
Before you make any business move, you should consider this generation’s thoughts and preferences, especially if they are your target audience. To help you out, here are three facts you should know on how millennials are changing the market:
1. They prefer sustainability and recyclability
Millennials are also called the “green generation.” Having a green lifestyle is at the forefront of their choices, and they are said to be the generation most concerned about social and environmental issues.
According to one survey, 73 percent of millennials are willing to pay extra for sustainable products. With them becoming the generation with the most spending power, the consumer demand for sustainability also rises. If you want to take advantage of this opportunity, consider letting your products meet this growing need.
By 2025, the millennial generation will likely represent three-fourths of the workforce in the US. That means their spending habits will become more influential then. Matching their expectations for sustainability and recyclability can give your products a competitive advantage over others.
2. They prefer customization
Anything that validates their sense of self appeals to millennials. With customization and smart use of technology, companies and brands can provide more value and meaning to their consumers.
This generation knows when a company is paying attention to their needs, and because this generation grew up in a society more diverse than preceding generations, it affected the way they perceive consumer goods. They want diverse representation, and they desire customizable features that will give them access to exclusive perks or entertainment.
If you want to break into this market segment, you will need to prove that your product is not for their parents, but for them. They love having the power to control the process or the product or service itself.
3. They love the experience
The millennial generation appreciates the full customer experience. Let us take an Apple store, for example. It is not always that customers will just enter an Apple store, grab what they need, and leave. They want to experience the product, another reason why the store is designed with no traditional cash register in plain sight. Instead, the products are displayed for people to grab and explore.
Brands that can recreate this kind of experience leave a positive impression on this generation. It is one of the reasons they keep coming back for more.
Besides being the generation next in line, millennials are digital-savvy consumers. They love to tell their friends about the products and brands they enjoy and will even convince others to try their recommendations. These are the facts that you should not take for granted. Get to know your target audience well, and everything else will follow.
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