Ten things you should know about Millennials, the life blood of future retail growth
The definition of a Millennial is some born between 1981and 1996 and therefore is between 18 and 36. Marketers have been defining Millennials as the following: Narcissists, self absorbed, anti social and entitled. An article is this past’s Sunday New York Times Life Style section pants a very different picture based upon a recent Pew Research study.
1. They are confident
3. Open to change
4. Complex and introspective
5. Digitally wired
6. Skeptical of institutions ( Political and Religious)
7. Indifferent to prestige brands ( prefer social conscious brands)
8. Health conscious
10. Price is not the prime motivator for purchase decisions
Successful retailers will adapt some of their marketing strategies, product mix and technology to match this demographic. Research provides some valuable insight into market segments. The more you know about the audience you need to attract enhances your ability to reach that market.