The Millennial generation is set to be the largest generation to have ever existed, and it has been said that by 2017 Millennials will be spending more than $200bn in total per year. "Today we need to acknowledge that the Millennials are growing up and are active in the workplace, and as they quickly move up the proverbial ladder it is becoming increasingly important to acknowledge that they are no longer a generation to be ignored," says DigitLab CEO, Mike Saunders.
"One of the key insights our research found was that this generation is more diverse than previous generations. In essence we cannot look at the entire generation and draw behavioural and value-based conclusions. We need to dive deeper into sub-archetypes of the generation to understand the diversity that exists within the Millennial Generation," Saunders explains.
In 2014 DigitLab presented five disruptive forces whose impact is reshaping the entire digital landscape. The impact of social connection, data systems, mobile tech, e-commerce, and connected objects has changed the way modern consumers understand, engage with and purchase products and services, and at the forefront of all this is the Millennial Generation.
It is important for brand managers and marketers to realise that as this youth market ages, the Millennials are going to start (and some already are) taking on business leadership positions. As they take on these roles we are going to start seeing more and more key decisions being informed by an unparalleled acceptance of mobile, social media and data-driven technology.
Millennials choose to affiliate themselves with brands that help to enrich and define their personality, brands that can be shared with pride, brands that are transparent in their practices, and brands that offer genuine value and experiences. Ultimately the Millennials are a generation of always-connected and informed consumers, whose relationship with brands and businesses is based around whether or not the latter offer true engagement.
However, it's not just about being active on social media, having a mobile presence, and being technologically literate. To fully capture the attention of these informed consumers brands and businesses need to be thinking around engaging Millennials through the creation of cross-device, cross-platform, multichannel experiences that acknowledge and speak to the individuals within this generation.
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