September 12, 2016
Across the world, hundreds of media planners and creative publicists are wondering the same question: Would it be possible to identify Millennials? To conquer and get millennials’ loyalty, as it happened with the older audience and target, are the goals for strategists and agencies. Today, 32,8 percent of the world population belongs to Generation Y, according to the Pew Research Center. The statistic includes Latin America, where millennials are the largest workforce.
This generation, born between 1981 and 2000, is also the strongest group of customers at the moment. And it will continue to be like that for the next 60 years. Their unique experiences and characteristics will change the way brands advertise and sell. Millennials have been called narcissists and clear minded. Because they don’t want to retired in the same company after 40 years like their parents did, they have been accused of being uncompromising. Above everything, they are proactive and more critical than other generations.
The trend hunter Ivan Sierra prefers to call Generation Y as a macro segmentation of the market with inner variables. “Most of them live in the cities, have high and middle incomes, some of them are vanguards, singles without compromise or delay parenthood”.
If there is one key that unifies millennials is technology: “The internet connection and how they got related to it are the causes for other characteristics and habits.” They are the first digital natives and because of that, they investigate about their brands and ask peers in Social Media before shopping or buying.
Here are some retail and brand insights about millennials:
- They have environmental awareness and buy products that follow that philosophy.
- Prefer natural and ancient ingredients or food, less processed products and low in sugar or salt.
- Support entrepreneurship and start their own business if want to.
- Love sports and practice them with passion, and purchase gadgets to improve their discipline.
- Travel a lot and some of them fly around the world just to assist to a concert.