Millennials (people born between 1980 and the mid-90s) are vastly reshaping the marketing landscape. They’re considered the world’s largest generation in business terms— about 74.3 million reside in the U.S. alone with $170 billion worth of purchasing power. Still, marketers need to know how this generation of people thinks in order to fully utilize every business perk it has to offer.
Diversity– Compared to other generations, millennials are considered the most diverse social group (only 55% of them are white), mixed with people of various races and ethnicities. This diversity allows marketers more freedom in choosing their methods.
Their media engagement is very high– Millennials have been found to spend about 18 hours each day engaging in different types of media. In line with the world’s social media boom, millennials also occupy a huge slice of the pie; they check their smartphones about 43 times a day, and spend an average of 5.4 hours on social media sites.
Millennials are business-oriented and motivated by money– It isn’t strange to find young business owners everywhere because millennials are highly entrepreneurial. About 46% of these people have expressed great interest in owning a business in the future, and are also 19% more likely to measure success by way of financial capability.