Millennials Shop DifferentlyA New Type Of Consumer
A New Type Of Consumer
One of the biggest consumer groups in history is making its way onto the big spending state — ready to empty wallets over the latest and greatest products. This wave of new consumers will fundamentally change the way modern businesses develop and market their products. “There are roughly 80 million Millennials in the United States alone, and each year they spend approximately $600 billion.” — Accenture . i.e — super important demographic.
So what should you know about these consumers? What makes them tick?
Millennials have very unique spending habits. They are willing to try new things and adapt quickly. They onboard to new experiences quickly but are also reluctant to get attached. Branding is important, because we millennials like to feel wanted.
But perhaps the most important thing with this group is the low low attention span.
Millennials seek immediate gratification.
This is an interesting for someone building a company — when catering towards this age demographic you must demonstrate value as quickly as possible. If an individual does not gain utility from using your product within the FIRST use, it may be dead.
Millennials like seeing value immediately.
I also want to predict what I think the biggest opportunities to engage this customer will be:
- Customer Service
- Augmented Reality
Well these are my predictions — let’s see how this goes.
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Exported from Medium on February 17, 2018.