Millennials: Now The Largest Generation. What it Means for Marketers.

Millennial name tag

In recent news from the Pew Research Center, population estimates suggest that 75.4 million Millennials, age 18-34, officially outnumber 74.9 million Baby Boomers, age 51-69. Boomers have consistently represented the largest generation presence compared to other generations-until now! Therefore, this is a big deal in the world of marketing!

To simplify the math, essentially the Boomers are aging so the Boomer population is declining. Meanwhile, younger Millennials have seen an increase in numbers, due in part to young immigration.

Now we marketers have a confirmed shift in a target audience, and one size does not fit all, what should we now consider?

1) Millennials have the numbers, so buying power potential is big. Certainly age and income may be a determining factor in buying. Segments as we know have changed!

2) Millennials and are open to brand engagement. What’s the best way to reach them, since there are so many types of media available?

3) Compared to Boomers, Millennials are viewed as a more diverse group, perhaps in part due to young immigration. How can 1:1 communication be most effective and how should the marketing strategy be adapted to reach the target?

4) How do Millennial motivations differ from Boomers? What motivates them to buy, engage, etc?

There are already several articles that are speculating on this population change, but with time, more research will be likely revealed. It’s an exciting time!

Do you need help with your product or service, if you think Millennials may represent a significant part of your consumer target? Please let me know how I can help kmonson@twochicago.com

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