There are 93 million millennials – otherwise known as Generation Y – in the US. That group now represents the largest segment of the American workforce. With the oldest members being in their mid-30’s, they will be a dominant force for a long time. But right behind them is Gen Z – with 70 million members in the college and high school scene – which will soon be a factor for any company looking to promote and sell to that market as well.
As with any customer demographic, there is a unique dynamic to these young buyers. Marketing through emails and videos; giving youthful products that appeal to this tech- savvy group; and keeping the retail styles in mind when picking out headwear and apparel are all solid guidelines for appealing to the under-40 crowd. It’s a matter of giving something that is “cool enough”- the latest and greatest – and not something that they have received multiple times in the past (swap the white cotton tee for a bella+canvas black heather tee).
The stats – courtesy of Pew Research Center – that support the theory:
- By 2020 40% of all consumers will be from Gen Z
- About 40% of Gen Zers say corporate offices are their preferred workplace
- The average GenZer has the attention span of about 8 seconds
- By 2025 millennials will account for 75% of the global workforce
- 90% of millennials check their emails, texts and social media accounts before getting out of bed
- More than 60% of millennials stay updated on brands through social media
- 77% of millennials participate in loyalty reward programs
- Millennials consistently spend more than other generations on fitness-related products
Young buyers are the future – prepare to understand what they want, and avoid what they don’t – if you don’t, someone else will!