Companies are intensely competing for millennial consumers, those that were born between 1981-1997, and it’s only the tip of the iceberg. There are eighty million millennials in America alone and they represent about a fourth of the entire population, with $200 billion in annual buying power. They have a lot of influence over older generations and are trendsetters across all industries. Companies have been struggling to connect with this generation. Many of the traditional methods of selling and advertising have proven ineffective at capturing the millennial consumers attention. Furthermore, many companies believe in certain myths about millennials that are just not accurate, including that they aren’t brand loyal. Read More – B2B: Understanding the Millennial Consumer
Here’s some interesting facts in understanding the millennial consumer, including an infographic:
- There are eighty million Millennials in the US, outnumbering 78 million Boomers, and 65 million Gen X.
- Millennials will make up as much as 75% of the U.S. workforce by 2025.
- These eighty million or more millennials will become the generation with the greatest spending power by 2017.
- Millennial shoppers spend more time (approximately 1,200 hours annually) and money (nearly $2,000 annually) online than other generations.
- Millennials are more connected to technology than any other generation, according to research from the White House Council of Economic Advisers. These tech-savvy buyers use their laptops, tablets and smartphones to stay connected in real time to the listings in their desired area.
- These consumers retain 95 percent of a message when they watch it in a video compared with 10 percent when reading it in text, so savvy companies should share video content to showcase their products.
“One in three American adults will be a Millennial by 2020, with $200 billion in annual buying power.”
Millennials are highly social, hugely optimistic and relentlessly determined to change the world for the better. As Millennials become CEOs, or determine the fate of those who are, they will change the purpose and priorities of companies in order to bring their strategies into alignment with the generation’s values and beliefs.
Regardless of what you are selling, or to what generation understanding your target consumer and their unique needs will keep you ahead of the curve. Along with the marketing support provided in our Sales Acceleration Solution®, AMMEX also offers a wide range of sales training support. Learn more about becoming an AMMEX partner.