The millennials generation, the Y generation or the generation born between 1980 and 2000 has some special characteristics. Approximately 25% of the global population is part of this generation, 1.8 billion people are considered to be millennials. However, what makes these people so different from the people from other generations?
Millennials represent the first generation to be born direcly into the digital world. It is a grown-up digital generation, and this fact is also reflected in the behavior of this group of people. Young millennials are connected online even when they are in a store shopping. This is a defining feature, they are connected all the time, wherever they are. From the point of view of consumer behavior, when millenials go shopping, they spend about $600 billion each year. And it is estimated that by 2020 the amount of money they spend it will increase to 1.5 trillion dollars. Here are a few things that you probably didn’t know about millenials:
1. Millennials’ purchasing power will soon exceed that of the other generations
This new generation of people is predisposed to consumption, and the brands have to keep a close eye on the millennials. Being a smart generation, who gets bored quickly, brands really need to understand how millennials behave, in order to capture their attention through the communication channels.
2. Millennial generation spends a lot of time online but also loves the offline experiences
Even though millennials are connected all the time through social media, they eager to go out and try new experiences. For the millennials, the exterior world represents a core in generating content for the online world. For example, they participate in social events. Through these events, they can express themselves in the online environment.
3. They are more open to branded content, but only if it’s relevant to them
Although there is a growing trend in the use of ad-block programs among millennials, they are more receptive when it comes to ads that are resonating with their own likes and interests. If the content has a real value for the millennials, they will come closer and listen to the brand.
4. TV consumption has diminished among millennials, but wasn’t totally abandoned
It is an important aspect that is worth remembering. TV has not completely lost its importance to the millennials. But now, most of the video content is now consumed on tablets, laptops, PCs or smartphones. Media consumption has doubled with the millennial generation. Also, this new generation consumes a lot of video content based on monthly subscriptions, such as Netflix or Amazon. The TV now adapts to the needs of the millennials, bringing television broadcasts online.
In conclusion, millennials represent a whole new and unique generation, but very demanding in terms of consuming information and content. Advertising agencies need to learn what millennials want if they want to be heard. Thus, advertisers and marketers must provide valuable content to truly capture millennials’ attention.