When it comes to marketing, businesses need to be very aware of the increasing spending power of Millennials. This group, born between 1980 and 2000, are now all considered adults. Many them have graduated from college and many are beginning their families. In fact, the oldest Millennials are older than 35 and getting closer to 40 every day.
With my work in social psychology and marketing, I have learned about the behaviors that separate Millennials from the older generations. If businesses embrace the qualities and behaviors of Millennials, they can build long-lasting relationships with a group that is just getting into their prime.
Skeptical appreciation for experiences
Something that separates Millennials from the other generations is how much they appreciate experiences over possessions. This does not mean that Millennials don’t want stuff, but they want stuff that gives them experiences. It also means that Millennials will eschew unnecessary material possessions, so they can do what they love. If marketers can figure out how to make their products deliver experiences, then Millennials will bite.