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Definition of Millennials
Millennials, also known as Generation Y, encompass individuals born in the period leading up to the new millennium. Although there are many classifications, the clear boundaries of this generation remain vague. Some researchers believe that the first millennials were born in 1981, while others set the beginning at 1984 or even 1986. The upper limit also varies: some define millennials as those born before 1996, while others include those born before 2003. Generally, the category of millennials mainly includes those born in the late 1980s and throughout the 1990s.
It should be noted that this classification was developed in the USA. In Russia, however, technological and economic development has taken a longer path due to the collapse of the USSR in 1991. Russian millennials were shaped during the "wild nineties," while their Western counterparts grew up in a more stable environment. Therefore, for many millennials in the post-Soviet space, important values include owning property, family, career, and stable income, although it is often thought that this is not characteristic of this generation.
Characteristics of Millennials
Despite the differences between millennials from different countries, there are several common traits that most members of this generation share:
- Place a high value on education, which leads them to study longer and start their careers later;
- Marry later and often do not formalize their marriages;
- Take longer to find their calling and strive for jobs that bring pleasure, not just income;
- Value comfort and convenience more;
- Actively express their civic and social positions.
Currently, millennials make up the majority of the adult working population, with ages ranging from 25 to 40 years. In the next ten years, this generation will reach the peak of its purchasing power: younger millennials will complete their education, and older members will achieve career heights. During this time, their parents will begin to retire, making millennials an important target audience for marketers.
Brand Preferences
Millennials are interested in more than just price or brand recognition. They dig deeper: they care about the social stance of a company and how it interacts with customers and partners. These consumers are willing to pay more if they resonate with the brand's values. The most popular companies among millennials include:
- Mission-driven: Millennials support brands with "high" missions. For example, Boxed Water, which offers plain water, is popular among millennials due to its environmental mission, opting for paper cartons over plastic bottles;
- Transparent: Generation Y values companies that honestly communicate their results and demonstrate internal processes. For instance, Burger King held a contest for the best Whopper recipe, involving customers and showcasing transparency;
- Ethical: They choose companies that communicate with customers respectfully and do not support toxic initiatives. For example, the DNS electronics store faced criticism for aggressive advertising, which did not sit well with millennials;
- Convenient: Millennials seek to simplify their lives and value comfort. They prefer convenient and modern solutions, such as food delivery services;
- Original: Millennials love unique ideas and are willing to pay more for original brands that stand out from competitors.
Marketing Strategies for Millennials
To attract millennials' attention, it is important to adapt marketing strategies to their characteristics:
- Communications: The internet plays a key role in millennials' lives. They actively use social media and blogs for information and expressing their opinions. It's essential to have a presence in the online space to establish communication with this audience;
- Promotion: Millennials are keenly aware of advertising tricks and value honesty. Creative campaigns and charitable initiatives, as well as personalized offers, will be effective;
- Sales: They make more conscious purchases, preferring variety and the ability to compare offers. Millennials may be inclined to shop just in case, but overall they choose more thoughtful decisions;
- Service: It is important to provide a high level of customer service. If a company offers a comfortable interaction experience, millennials will be loyal and willing to support it even in times of rising prices.
These strategies will allow companies to effectively engage with millennials and meet their needs, which in turn will increase loyalty and sales.