Millennials have become one of the favorite subjects of companies and analytics firms, who launch themselves again and again to do analysis and studies on what they are like and what they want from brands, products and life in general.A very important part of why we are experiencing this wave of studies is in the fact that millennials are becoming the most important group of consumers that companies have to deal with. Another very important part that explains this growing interest in the study is the fact that companies are not at all clear about who these millennials are and how to reach them. Their scale of values is very different from that of consumers of previous generations and brands feel somewhat confused and disoriented about what they should and should not do.The latest analysis firm that has focused on what millennials are like and what they want has been Goldman Sachs, which used as an excuse for its analysis to study what find mobile number in saudi arabia parents are or will be. And, incidentally, it has allowed to add a few data to the study of this generation that brands find so complex.
What is a millennial?In the report they put into the same bag what other experts separate as millennials and one of the first sections of generation Z (which, as names are never enough, they have baptized as Generation Homeland). Millennials were born between 1980 and 2000, according to Goldman Sachs, and are therefore between 15 and 35 years old. They are more educated, more technological, more politically liberal and less religious than previous generations.
But, in addition, millennials are different from previous generations in other things. The crisis but also, according to their conclusions, the increasingly long life expectancy is making them leave for later the things that previous generations did earlier, such as getting married or having children. Nor are millennials jumping into living independently or owning their own home.
The brands that will win with the millennial consumption guidelinesMillennials are still one step away from entering their peak consumption ages, as noted in the report , especially since they are still about to enter parenthood (and children have always been a major driver of spending). What will millennials invest in? The truth is that the big winners will be modern brands, with values similar to those of the generation and that focus on healthy or gourmet products in the case of restaurants or toys with values and that break with gender stereotypes in the market. case of toys, to give two examples.
What will they look for?In children’s fashion, for example, they will be left with low prices and multifunctional clothing. In supermarkets and retail, they will value the shopping experience, but also the customer service and online presence. In ecommerce, they will focus on what they sell, prices and customer service. And in media and electronic services that the content is relevant for children and that parental control can be applied, but also that it is adapted to mobility.
Thus, Chipotle, Starbucks, Lego or Whole Foods will win in the future, while traditional firms such as McDonald’s, Kellogg or Toys’R’us will have to face a certain challenging situation.
And if the brands that will win at the beginning of the peak of consumption of De Phone Number show something, it is that the elements that will mark their consumption decisions will be slightly different from those of previous generations. As one of the Goldman Sachs analysts points out , in this consumption peak marked by the entry into parenthood, millennials will allow themselves to be marked by the usual consumption cycle associated with children (with spending on specific products for that niche) but also for seeking a consumption that is aligned with “the unique set of values of this generation.”
What will they take into account when making purchasing decisions? The values that have marked them as a generational group will be one of the pillars of their consumption habits. The other will be the great weight that technology has in your day to day. Smartphones, social networks and digital content are on the front line.
In the case of millennails, not only the elements that push them to make purchasing decisions and that are marked by their own generation are modified, the things they expect from brands and how they relate to them have also changed. For starters, millennials consume in a different way than previous generations and share content also in a way that distances themselves from their parents, grandparents, and older siblings.
But, in addition, millennials start from a series of fundamental principles about what they expect from a brand. These consumers value elements such as instant gratification, that moments worth sharing are produced or that brands innovate based on new technologies.Likewise, and unlike previous generations, they are increasingly receptive to small and less known brands and therefore consume a greater variety of brands.