Millennials are an interesting subculture, they are changing the way that companies are driving their businesses since they have a very different habits than other generations. Millennials’ demographic, geographic and psychographic cultures are interesting, they are expected to overtake Baby Boomers as the largest generation in America in the next years and that is why companies must be aware of how to deal with them. It is important that companies understand who they are, their purchasing habits, what they value, their motivations, and how they will affect businesses in the future.
The reason why Millennials are a subculture is because they share elements of an overall culture that is unique to their particular generation where their attitudes, values, and purchasing decisions are very similar. Millennials are people born between 1982 and 1996. They are expected to overtake Baby Boomers as the largest and crucial generation for businesses in America. Millennials currently are 71 million and Baby Boomers are 74 million, but Millennials are expected to be 73 million in 2019 and 76.2 million in 2036 while Baby Boomers decline to 72 million in 2019.
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The growth in Millennials are mainly due to young immigrants while the decline of Baby Boomers is because of the number of deaths (Fry).Millennials’ demographic in the United States is very young and they are connected to each other especially in social medias. They make up about 23% of the population and most of the them live in the largest areas. Those are New York, Los Angeles, Chicago, Dallas and Houston (Carmichael).
The way that millennials shop can be very tricky since it is expected that they do all of their shopping through their smartphones, tablets or laptops when in fact they rather make their purchases in a physical store. Only 16% of millennials make purchasing decisions through a mobile device. This can be logical because women tend to buy more fashion things and they prefer to see it in physical and try them while men tend to buy more hard goods which they also like to see it in physical, so they can evaluate the product quality. There is also a difference between old millennials, ranging from 32 to 35 years old, with young millennials, ranging from 20 to 23 years old, and that is that old millennials are actually more likely to make purchases through a mobile device and young millennials make them in physical stores (Kestenbaum).
There are some principles that any business must consider when targeting millennials and those are the following:
They are consumers based on an ethic of collaboration: that means that they enjoy the possibility of collaborating with businesses and brands.
They are hyper social: This means that they are a sociable generation and that is expressed in real life as well as online where they make feedbacks about customer service,
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