There is a profound transformation in the way marketers think, act and respond to the millennials since the advent of marketing era. Those who are 18 to 35 years old are considered as millennials. It is not just age group, millennials is a state of mind that affects the consumer behavior. The millennials (also called GENERATION Y) are very different from the generation before them and after them. Let’s take a look how they perceive and behave to marketing mix of companies: –
Millennials at large is categorized in two different life stages – the carefree college youth (up to 24 years) and the responsible job-seeker with a new family (25-35 years), both reflecting different traits.
Born in the era of “want” not “need”, Millennials lead the life of extremes – if they work hard, they party harder. They binge watch and binge drink.
Marketers need to be innovative to grab their attention in the world where millennials have multiple entertainment sources. The competition of attention for marketers is not within the same industry but across different sectors.
The value-seeker millennials are sage, inclined to co-creation experiences and influenced by digital influencers.
This generation believes in comfort. For them, everything is “online”. If it’s not, it is not worth considering.
The impatient millennials are hard to get as your customers. They throw tantrums, look for value addition by the product. If you connect with them, they will be your fans and not customers.
