Millennials, those born between 1980 and 2000, are increasing their economic presence and power. Companies are investing in research to understand this group, which makes up 25 percent of the U.S. population. There might be a lot we still don't know about this significant segment of society, but according to our experts, here's what we do know:
1. Millennials are one of the closest generations to their parents
Christie Garton, Co-Author of the book Marketing to Millennials, and founder and CEO of UChic Media says that a common misconception is that Millennials are disconnected from their parents. She claims that proximity is a major factor, as 80 percent of college graduates are moving back home to live with their parents. Culturally, this generation is finding more in common with their parents generation —even in music taste. While the peer group is vital to this consumer community, young people are turning to their parents more for big buying decisions like a new car or home.
2. Millennials are buying and are giving
Derrick Feldmann, CEO of Achieve, works with non-profit organizations to help them market their causes to the Millennial generation. What he's found is the Millennial generation is using their $200 billion in direct economic impact, and they are finding causes to get involved with and give to.
3. It's not all about brands, anymore
Advertisers are seeing more and more "brand switching," or rather, that the Millennial consumer doesn't necessarily feel a loyalty to any specific brand. While this generation is very quality-conscious, if they can get good quality for a better price than an over-priced brand, they won't necessarily buy the brand. The Millennial generation is much more about the experience of a product, actually using it and then sharing it with their friends.
- Derrick Feldmann, CEO of Achieve
- Christie Garton, Co-Author of "Marketing to Millennials," and founder and CEO of UChic Media