During the first quarter of 2015, millennials overtook Generation X to become the largest generation in the U.S. workforce with over 53 million workers, according to PewResearch Center. This should perk the ears of any company who is attempting to capture and keep a healthy market share of this generation. Brands need to understand how to reach millennials to capitalize on their purchasing power.
Who Are They?
Millennials, also known as the “boomerang generation” because 3 out of 10 have returned to live with their parents after being on their own, according to PewResearch Center, were born between 1982 and 2000. They are the least overtly religious generation, the most racially diverse and the most educated. This generation is closer to their parents and values their input more than generations in the past.
The U.S. Chamber of Commerce Foundation estimates that millennials have $200 billion of direct purchasing power and $500 billion of indirect spending, which accounts for their influence on their baby boomer parents. Even though they are a decade away from reaching their peak spending power, their influence can’t be discounted. To reach this tech-savvy generation, brands need to engage them online, personalize experiences and products, and keep their engagement authentic.