Week 3 EOC: My Demographics

My demographic group is the Millennials. Millennials are the generation born between 1977 and 2000. As a group we are larger than the Baby Boomers. We will account for one third of all retail spending in 5 years, and soon Millennials will be 50 percent of the workforce. Goldman Sachs recently published a report called, “Millennials: Coming of Age in Retail.” Some of their findings were, that we were hit hard by the recession, we are less likely to get married and start households, more health conscience, must more tech savvy/ love social media, and we are willing to share opinions and experiences.  “Millennials are Early Adopters, because we are so digitally engaged, and have shared so much knowledge with our peers, we are early adopters of new ideas, concepts and products. This will drive the speed of change even faster that what we’ve known. Leveraging early adopters will build brand equity.” 

 http://www.forbes.com/sites/mattpowell/2014/08/06/sneakernomics-marketing-with-millennials/

“Millenials have been called a lot of names, narcissistic, lazy, and indecisive. They have been labeled the boomerang generation for the many unable or unwilling to leave their parent’s hoe, or even more negatively, the Peter Pan generation because we won’t grow up.”  http://www.nytimes.com/2014/08/22/business/marketers-are-sizing-up-the-millennials-as-the-new-consumer-model.html?_r=0

There will be no way retailers and marketers will be able to dismiss us as a group. They can see the Millenials are likely to directly affect their bottom line, and we will be a driving force for the economy in the many years to come.

Millennials are obsessed with technology. We live on our phones. Some of us can barely remember a time when we had a cord that held us captive next to the phone that was connected to the kitchen wall. With technology and the craze to always be connected to the world through social media and the internet companies needed to adapt to a new way of marketing and connecting to their customers. “Convenience is important to a Millennial. Brands need to be timely with information and consistent with messages coming through different spectrums. In some respects, a small company has it easier than a large one, because it inherently more agile, and can respond quickly to what’s going on in the world.”

http://www.businessnewsdaily.com/6602-selling-to-generation-y.html