I’m in my 30s. I work for a technology company in the Midwest. I’m intrigued by all the research that is being done on my generation.
Why is it so important to understand our buying habits, what makes us tick and the reasons behind our quest for work-life balance?
It seems as if every other generation thinks Millennials are aliens whose every move should be studied. What’s the big deal? Aren’t we just another generation coming of age?
What’s The Buzz
Dear What’s The Buzz:
In short, the answer to your questions is “buying power.” According to a January 2017 Nielsen study, multicultural Millennials spend more than $65 billion each year and influence upward of $1 trillion in total consumer spending.
In 2016, Millennials outnumbered Boomers in the workforce. As many of you reach your mid-thirties, your generation is setting trends and standards for culture, food, technology and commerce.
The largest generation in US history – even bigger than the Baby Boom – Millennials represent 92 million potential buyers. Poised to reshape the economy, your values and purchasing preferences are forcing companies to examine how they do business.
Statistics show the following behaviors set you aside from other generations.
- You were raised during a time of technological change, globalization and economic disruption.
- Your new attitudes toward ownership have spawned the “sharing economy.”
- The first generation of digital natives, your affinity for technology shapes how you shop.
- You have instant access to price comparisons, product information and peer reviews.
- Your dedication to wellness and an active lifestyle influences trends from food and drink to fashion.
So you can see, studies on the Millennial generation are important and the findings crucial to understand. You aren’t simply another generation.
Here’s to celebrating new trends set by Millennials,