5 Things You Should Know About Millennial Consumers

How to sell products that appeal to “millennials” has become the core focus for many marketing departments within the United States. When millennials reached adulthood, their income and spending has increased, resulting in businesses looking for ways capitalize on their product interests.

Who is a Millennial?

If you were born between the years 1981 and 1997 you are a Millennial. With this age classification stretching over a period of 16 years, businesses must still take into consideration a broad range of interests relating to 34 year old millennials and 18 year old millennials.

Generations Defined

Not Listed: Born between the years 1998 and the present, Generation Z are the first post-millennial generation who grew up with mobile technology and social media. Learn more about Gen Z on our blog.

Why are Millennials important?

Interest in the term “millennial” has seen a significant rise since 2004. We predict that as millennials grow into their 20s and 30s, they will become the driving force behind retail spending and interest in millennial consumers will continue to grow.

Millennials Google Trends

5 Things You Should Know About Millennial Consumers

1. Millennials have officially surpassed Gen Xers as the largest generation in the U.S. labor force

(PEW Research)

As the largest employed generation within the U.S. millennials hold a significant share of disposable income. They will also hold their place as the largest employed generation for many years to come.

Ignoring the needs of millennials would be akin to ignoring the largest demographic of potential consumers.

2. According to U.S. Census Bureau statistics, there are around 80 million millennials in the United States.

(U.S. Chamber of Commerce Foundation)

Currently there are 320 million people in the United States. This means that Millennials make up 25% of the population of the United States. This is a significant number that businesses should take into consideration when designing products.

Does your key consumer demographic include what 25% of the population would want to buy?

3. 62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer.

(Elite Daily)

While most businesses are aware of the importance of social media, many still need convincing of how online interaction with customers can benefit sales.

This statistic proves that being a responsive brand on Twitter, Facebook, and social media sites like them, makes customers feel more trusting of the business.

Millennial consumers are paving the communication methods that brands need to use if they have any chance of surviving as a business.

4. Only 1% of millennials surveyed said that a compelling advertisement would make them trust a brand more.

(Forbes)

Millennial consumers have grown adept at ignoring advertisements that pop up on their favorite websites, and in their social media feeds. They know that the list of links on the side bar are advertisements so they don’t even pay attention to them.

Businesses need to do more to if they want to influence Millennials to buy their products.

In conjunction with advertising, brands need to be on social media engaging with their customers, whether it be responding to their tweets, or involving them in marketing campaigns.

5. Millennial consumers spend $600 billion every year in the United States

(Accenture)

By 2020, their projected spending in the United States will grow to $1.4 trillion annually and represent 30 percent of total retail sales.

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