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Millenials

In: Business and Management

Submitted By aniket1907
Words 1385
Pages 6
Marketing to Millennials
Millennials – sometimes referred to as Generation Y and defined broadly by demographers as the people of the age group 18-37 - form the largest population segment of the world. In USA, the population comes up to be around 86 million, that is a significant 7% more than the people from baby boom generation, and according to experts this segment will grow even further by 2020. The economic impact of the millennials is such that they are expected to help the GDP grow by more than 3%.

Figure 1 Demographics of US,source: US Census 2013 The millennials already constitute $1.3 trillion of spending by the consumers annually as estimated by the Boston Consulting Group. The economy is finally coming out of the slow growth phase; a part of the success is attributed to the millennials. And due to this annual growth in consumer spending, the growth rate is likely to reclaim its average rate of 3.5-4 % from the 2% now. One of the fileds where the millennials have already made a huge impact is education field. The number of students enrolled in colleges was 30% more in 2001 than 2000. The housing industry is expected to be the next industry benefitting from the millennials. A lot of things are unique in millenials which separates them from the previous generations. They are the biggest segment of population; hence the companies love to target them. To start with, this age group displays a high level of confidence, which may be attributed to the attention given by the parents and their high expectations from the millennials – and also the impact of the cell phone, internet and other electronic media.This is the first generation to completely grow online, and as a result the marketing mix which is used to target them needs to evolve. For example, this group is technically more tech savvy than the previous generation. So for selling products to them

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