Why Generation Y?
Millennials are 80 million strong, the largest generation in US history.
Research indicates that Millennials will be wealthier than the Boomers by the time they reach their full potential earning power. How? They will inherit a whopping 59 trillion dollars as the boomers pass on. While many people seem to love stereotyping millennials as a generation full of jobless, homeless, indebted couch surfers, a new millennial segment is fueling a different story. It is the affluent millennial. Who are they?
• 7-8% (6.2 million Millennials) earn more than $100K per year
• They believe in the American dream
• They are confident about their future
• They believe that sacrifice will pay off
• They believe they will make the world a better place
• 33% are convinced that we will become a cashless society (Using Google Wallet and Apple Pay)
• They want customized experiences
• They want to know your story
• They are the most ethnically and racially diverse cohort of youth in the nation’s history. Among those ages 13 to 29: 18.5% are Hispanic; 14.2% are black; 4.3% are Asian; 3.2% are mixed race or other; and 59.8%, a record low, are white.
The one thing that we know is that to reach them you must be involved with social media. They check their Smartphone 43 times day, they connect with companies that are on social, on any given day they will forward 5 emails and share on social media 6 times. They do all their research online. They take pride in knowing your product as well as you do. Social media is where they get their information. They understand how it works and want you to reach them there – yes on Facebook, LinkedIn, Instagram and yes, while they are playing their games. It is important to make your messaging and visuals in marketing speak to this diverse generation.