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For all the publicity that Baby Boomers have received in recent years, did you know that they are not the largest generation? In fact, Millennials (also called Generation Y) not only outnumber them, but actually comprise about 25 percent of the U.S. population. Depending on which beginning years you use (1977 to 1982) and which ending years (1995 to 2000), there are between 80 million and 86 million people in this cohort, with about $200 billion worth of annual purchasing power.*
The Millennials are still relatively young, but they’ll soon be reaching their peak earning and spending years � purchasing houses, cars, supplies for their young households, and of course, lots of electronics. In order to take advantage of this huge market, it’s important for businesses to know how they think so they can effectively market to them. Here are a few research-based suggestions:1. Remember the basics. Although there are many differences between Millennials and consumers of other generations, the same elementary marketing rules apply: sell a product or service that gives them value for their money, and find ways to differentiate your company and/or its products from competitors. No secret formula for selling to Millennials will override these basic principles.
Millennials constantly communicate with each other online, whether by tweeting, instant messaging, or using Facebook. This can be good news or bad news for businesses selling to them. If they have a great experience, they’re likely to let everyone in their social media circle know about it, but the same thing applies if they don’t get good service or they’re dissatisfied with a product.For more information on Millennials, including survey results, see these two research studies: