This is an article “Understanding Millennials” by Marc Primo
In a classroom setting, teachers can very well see how today’s younger generation of students have a collective mind of their own when it comes to doing things differently. In the world of business, that also holds true when it comes to Millennial consumers. However, this doesn’t mean there is no way entrepreneurs can motivate the generation in making a purchase. All it takes is a little understanding and the right business plan to connect with today’s largest group of consumers.
Today’s generation of consumers is more serious about business than anyone would think. They look for quality products and good companies because they take pride in their choices and want to work with brands that have integrity and asocial conscience. And now that America’s consumer demographic is rapidly changing, with Millennials dictating what should be in demand as more ‘dual earners without children’ households are on the rise.
As Millennials today consist of the biggest percentage of consumers, let’s take a look at how companies can better understand their purchasing habits and give them what they want.
Wellness gets their money’s worth
Ever noticed how today’s generation of consumers would whip out their mobile phones and use it to magnify the nutritional labels printed on the back of the products? That’s because most Millennials are very wary about what they eat nowadays and are more conscious about health and wellness. Processed foods are taking the brunt of this commercial disruption with more preference placed towards healthy alternatives and low-sugar products. The fact is that they don’t mind how sat, fat, and sugar can taste great and would instead buy something that tastes flat than risk their health. They tend to spend more ethically and that means buying wholesome foods over breakfast cereals and microwaved meals.
They say pass on sit-down meals
If processed foods are taking a beating with how Millennials prefer healthier options on grocery shelves, then casual dining takes a close second in the hazing. Consumers within the age range will go anytime for convenience than spend money regularly on dining out. When the time came how most professionals transitioned to the “always on-the-go” lifestyle and prefer packed lunches instead of table dining, casual restaurants like Ruby Tuesdays or Applebees were simply set aside and reserved for special occasions. In 2017, casual dining locations across the country dwindled by 1.4% due to decreasing sales. Simply put, today’s consumers have shifted to another type of food vendors-- those who can offer them healthier options, serve fast products in portable packs, and give them food that can be consumed sustainably regardless of cost.
They love to spend
If you look at the rate Millennials are spending on apparel, you’d know how they have the dough and love to spend it. Almost 60% of consumers within the age range say they love to shop and 83% of the ladies that belong to the generation are really into shopping for clothes than their counterparts. Aside from these, millennials are also into social media brands, both in-store and online shopping, and generic brands over signatures. This only shows that today’s generation of consumers hunts out more unique experiential commerce from companies and value for their money. Brands still serve as status symbols but that status speaks largely about their personalities than just riding out fashion trends. The good thing about this is that when you are able to catch the Millennials’ interests, you get more marketing mileage out of it via social media and a collective loyalty that’s built to last.