Rewriting the book of life – Millennials are the single greatest force in the world today.
The millennial generation (also known as Gen-Y) is already making their mark on the world. This is the generation that has started movements, revolutions and has embraced change as the norm. This generation only know change, technology and social media. They don’t fear change, they embrace it. They are the early adopters and the disruptors who are fuelling change across the globe and they will continue to have a major impact across every industry in the years ahead.
We define this market group as the generation that is re-writing the book of life. The millennial generation is made up of people aged between 18 and 35 and there are 2 billion millennials living in the world today. They are smart and technological savvy and are the largest, most educated generation in history as well as being confident, self-expressive, liberal, upbeat and receptive to new ideas and ways of living.
They are seen to be more supportive of peoples equal rights and don’t see the need to own things. Hence the explosion of the sharing/co-operative economy with Uber, AirBNB and other sharing brands that are utilising spare capacity in the economy. This generation is the first true global generation. They have already made a major impact on the world we live in and will continue to rewrite the book of life.
Aimee Song – Fashion Blogger
SOURCE: Rich Kids of Beverley Hills TV Show
TV shows such as #RICHKIDSOFBEVERLYHILLS have contributed to making being a successful millennial a household phenomenon. Being rich and successful is not a goal, its a ‘way of life’. Luxury brands will need to connected to this demographic on an individual basis and engage with them on a personal one-to-one level.
- The biggest group of spenders to hit the luxury market since the babyboomers.
- Not interested in the label but interested in the product its features and benefits.
- Enjoy finer things in life and shop exclyusively via phone or computer
- Evey brand now has more competition than any other period of human history, and the millennial generation are preprared to shop the globe for the product they are wanting.
- This is the “i-want-it-now” generation. They really havent needed to waite for anything and with phones, the internet and technological advancements they have grown up in a world that gives instant access, instaznt gratification though online entertainment and purchasing.
- This generation sees change as the norm, they are a generation of early adopters, willing to try anything new.
- Brands need to understand that the days of mass advertsing using the shotgun approach are over
- Its all about one-on-one marketing
- Its about locating your customer, inviting engagement and then selling the product.
- You are dealing with a generation that is far move savvy, far more educated and far more technologically adaptable.