Not long before our lives revolved around digital devices, the economy, and its development were supported by the more mature group of working adults.
Thanks to their contribution to advancing society, we are able to live in comfort and enjoy the fruits of their labor, today.
Dynamics of a new generation on society and economy
In just a blink of an eye, a decade or more has passed, and it was time to make room for the newcomers.
Having to graduate from dorm days and moving into adulthood, these newcomers and their spending habits are affecting the economy in large measures, especially in areas of marketing, finance, and technology.
For many, they are known to be characterized in many ways. Mainstream media has drawn a picture of this generation as lazy, narcissistic, and prone to jump from job to job.
But of course, they are also applauded for their positive traits that are sometimes an inspiration in modern culture.
Many would agree that they are generally regarded as being more open-minded and supportive of equal rights.
To refresh your memory, here’s a quick recap of who exactly fits into this most talked-about group of people.
Who are the Millennials?
This game-changing generation is comprised of those born between 1980 and 2000 and it does not take much to guess the moniker of this generation – The Millennials.
As the demographics make a shift around the world, they are becoming the largest generation today.
From creating waves of change to breaking ‘traditional ways’ with their ideologies, no other generation in contemporary living owns the crown of redefining industry standards and thinking.
Needless to say, Millennials’ influence is felt in every presence today and they are now considered the biggest trendsetters of the world.
This perfectly explains why Millennials’ spending habits are becoming the centre of every business’s decision-making; in the form of business nightmare or business opportunity.
What are millennial spending habits?
1. Keep it real or go home
Millennials are the kings and queens of keeping it real, and they expect brands to do the same.
Anything that falls short of sincerity and authenticity doesn’t stand a place in their minds, and unfortunately for advertisers, this group of buyers don’t trust a brand’s message easily.
When deciding on what to purchase, this demographic seeks opinions from the people they trust.
2. Authentic and trust
Being the generation of social, it drives them to shop in groups and find out what others think of the product before making the purchase.
What’s more, their sharing habits and reviews on social media platforms make them a far more reliable source compared to advertisements.
In other means, they see right through fake, over-the-top marketing – so keep it authentic before you throw your buck into the advertising pool.
Instead, rebuild your trust with your targeted audience by creating relevant and user-generated content.
3. All about convenience and comfort
Believe it or not, there is a better chance of spotting a Millennial at a Starbucks than being stuck in the traffic.
Call them spoilt or fortunate, but the integration between technology and essentials has cultivated a culture of convenience and experience-seeking.
While others may assume Millennials splurge more as compared to older generations, this is merely just because they place value on vastly different things.
When it comes to food, it’s not just any kind of restaurant they are searching for, but mostly the atmosphere and quality that they can get in return.
Their interest in health-conscious and environmentally-conscious items and trends should not come off as a surprise as well.
Besides devouring a flavourful lifestyle, they also have an appetite for wellness where health is always on the top of their minds.
In fact, a generation that is tech-savvy, they are more likely to invest their time in researching healthy foods and products to improve their lifestyle.
And even to the extent of purchasing fitness wear and downloading training apps to drive their goals.
4. Socially conscious and sensitive towards causes
Here’s another thing that sets Millennials apart from the rest – their advocacy for social causes.
Today, 50% of Millennial shoppers say they enjoy purchasing products from brands that support charities or causes.
Being regarded as the most opportune generation, they are layered with an optimistic mindset, thinking they could make a difference by giving their all to whatever that may be.
By nature, Millennials are inherently cosmopolitan. Growing up in the period of globalisation and the boom of technology, they are more attuned and interested in global issues.
Thus, they also love to view their purchases through a global lens. The rising concern about plastic usage and its impact on the environment is the perfect example of how more Millennials are making an effort to overcome this ongoing problem.
The sight of boycotting plastic straws and replacing them with reusable ones is becoming more common in restaurants and cafes.
But of course, these could not have been attainable without the drive of awareness campaigns, and brands that go the extra mile definitely earn a greater reputation in the market.
Therefore, to win the hearts of these consumers, brands have to give back something to society.
Businesses that serve the interests of all major stakeholders, especially the community and environment, gives these conscious capitalist more reasons to invest in brands that practice corporate social responsibility.
5. The builders of tomorrow
Through their unique but progressive ways, Millennials are preparing the world for the future.
Everyone has their own opinions about this generation – but one thing is for sure: they are calling the shots now and the world will just have to listen.
Conclusion
We hope that the article above was able to serve as an inspiration to your business plans and ideas.
iPay88 is always on the go with the current trends and we aim to educate business operators with the right information from time to time.
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