There are now more Millennials than Baby Boomers in the U.S. and understanding the unique proclivities of this population is critical for a successful marketing campaign. According to Forbes, there are an estimated 80 million U.S. Millennials -- or people between the ages of 16 and 34 years old. They outnumber the second-largest generation, the Baby Boomers, by one million.
The Boston Consulting Group in April released the results of its study on how the Millennial consumer differs from other consumers. Here’s a rundown of some of BCG’s most important findings:
*While some Millennials are still living at home, others are entering the peak of their spending years and are developing the buying habits that will sustain them for much of their lives. These buying habits will influence the habits of those in their social network.
*There are six types of Millennials: The hip-ennial (socially conscious), the Gadget Guru (tech lovers), the Millennial Mom (child-focused), the Clean and Green Millennial (environmentally friendly), the Anti-Millennial (locally minded and conservative), and the Old-School Millennial (older, prizes in-person interaction over virtual)
*Millennials check out brands and interact with them on social networks much more often than non-Millennials, so companies must monitor their social network presence
*They are highly social and prize cause marketing for the greater good. Their interest in social causes often influences their buying choices.
To access the whole study, click here.