Around the world there are 1.7 billion people who can be called Millenials. They were born in the 15 years between 1980 and 1995, meaning they now span the 15-30 year old age group. Some call them Gen Y. But in the marketing world, this is the demographic to watch. They are said to be the largest, most diverse, well-educated and sophisticated shoppers on the planet. While they may or may not have a job and they may or may not have moved back in with parents after college, it is thought that marketers need to pay attention to them because they are the ones influencing purchases, even for their parents. Millenial women are said to control $54 billion in consumer goods spending – and that figure is growing.
From China to Brazil to India, Germany and of course North America, Millenials are of the digital age. They are the social networkers, ready to friend and share at the drop of – a mouse. A survey by Edelman/StrategyOne showed that Millenials stand ready to share positive and negative experiences about brands. They are loyal to their beloved brands and tend to tell their hundreds of known and unknown, online friends about it. Millenials are almost always connected and more than 80 percent of them have joined a brand-sponsored online community. And if their friends don’t approve, they probably will not engage with a brand. Rather than being passive consumers, Millenials are thought to prefer co-creation and self-expression. They also seem to prefer environmentally friendly and local products. Edelman says it’s gaining insights to Gen Y through weekly online converations.
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