The Millennials are Coming! Are you Ready?

According to the U.S. Census Bureau, Millennials will surpass the monolithic generation of Baby Boomers as the nation’s largest living generation. Millennials are persons that are 18 to 34 years of age, and this population is expected to number 75.3 million this year, surpassing the number of 51-69 year old Baby Boomers at 74.9 million.

What’s more, the Millennial generation is projected to grow as young immigrants expand this group. By 2036, the Millennial population is estimated to peak at 81.1 million.

Conversely, the Baby Boomer generation is older and shrinking in size; the number of deaths exceed the number of older immigrants arriving in the U.S. Baby Boomers have always had an outsized presence compared with other generations. They were the largest generation and peaked at 78.8 million in 1999. (This year, Millennials will overtake Baby Boomers, PewResearch.org).

The Millennial generation has been studied, researched, and assumed to be many things. Known to be burdened by their mountain of college loans, they are rightfully concerned about their future job prospects and whether or not they will ever be able to afford a car or a house on their own.

One thing is clear: this population has grown up with technology. The Millennial population is the first generation to come of age in a truly global, digital world.

So what are the implications of this population trend?

How will the Millennials shape our world?

When it comes to technology, the Millennial generation will continue to redesign our world. Their craving for new and better online experiences has changed the way the world does business; how the world communicates; and how the world makes sense of itself.
Millennials are experts in online experiences, and because of this technology is trying to stay ahead of the game by adapting and catering to them.

Millennials are very open to sharing their brand experiences and so companies want to engage them in the conversation and learn from them. No longer are businesses talking to consumers, but consumers are now talking to them, and the conversation is multifaceted, transparent, and occurring 24 hours a day, and seven days a week.

Research suggests that by 2017, the Millennial population will comprise “the largest online audience and will have more buying power than any other generation that has come before it, including the baby boomers” (How Millennials Require Us to Design the Technologies of Tomorrow, Wired.com). We can safely assume that the advent of social media has facilitated online buying and selling of products and services. A study conducted by the University of Massachusetts at Dartmouth has stated that “The driving force behind social commerce can be attributed to the Millennial generation’s penchant for social media” (Millennials Drive Social Commerce: Turning Their Likes, Follows or Pins Into a Sale, UMassd.edu).

Who invented Facebook? The Millennials

Who popularized Twitter? The Millennials

Who put YouTube on the map? The Millennials

Social networking is now the top online activity in the U.S., with the average American spending 37 minutes per day on this activity. In addition, 46% of web users look to social media when making a purchase. It’s a fact that more and more people are checking online for product and brand reviews. And businesses are looking to connect with these media influencers. (2014 Statistics and Trends for Businesses on Social Media, MarketingTechBlog.com).

For being so young, the Millennials have certainly changed our world in a very short time.

For instance, because of the incredible popularity of social media, brought about by the Millennial population, eight out of 10 small and medium businesses use social media for their business to drive growth. Three in five of these businesses say they’ve gained new customers by using social media. Clearly, it’s working. For business to business marketers, social media is being used to increase brand exposure, increase web traffic, and gain new market insights (2014 Statistics and Trends for Businesses on Social Media, MarketingTechBlog.com).

For the past decade, Millennials’ fascination, preoccupation, and unremitting need for connectivity has changed the world we live in. Research by Intel predicts that the market growth of the Internet of Things will continue to skyrocket; it’s estimated that this industry will reach $7.1 trillion by 2020 (Innovative Technology, Internet of Things, IQ.Intel.com). Our devices will become smarter, faster, lighter, and much easier to use and personalize. We’ll be seeing more wearables, and fewer wires.

Have you hugged a Millennial today?

Sources:

www.pewresearch.org/fact-tank/2-15/01/16/this-year-millennials-will-overtake-baby-boomers/
www.wired.com/2014/09/millennials-design-technologies/
http://www.umassd.edu/cmr/socialmediaresearch/socialcommerce/
https://www.marketingtechblog.com/2014-statistics-trends-businesses-social-media/
http://www.forbes.com/sites/danschawbel/2015/01/20/10-new-findings-about-the-millennial-consumer/2/
https://iq.intel.com/files/2014/12/2015_Era_of_integration.jpg
https://www.marketingtechblog.com/2014-statistics-trends-businesses-social-media/