Every self-respecting consultancy has published a massive analysis about millennials (born 1980-2000) during the recent years. In the end, they are already the biggest generation in the US, and their spending power is significant ($600 billion per year in USA). To understand their spending patterns and motivations, we need to look back – what are their reasons to behave as they do?
- Digitally native. Millennials grew up with internet. The whole world is always been literally on their fingertips. News, fashion, music, ideas, everything spread globally instantly. You can share even your experiences with people who are not present. The world seems to be overwhelmingly full of opportunities.
- Environmentally conscious. Recycling. Climate warming. Melting ice at the north pole, increasing sea levels. Heat waves, hurricanes. Animal farms. Millennials heard about environmental catastrophy at school, and it stuck to our minds.
- Globally conscious. In theory, Millennials know, how Primark, Zara, Uniqlo and a whole bunch of other high street brands get their inexpensive price tags. This results to conscious denying of facts, guilt or can’t see don’t care -attitude.
- Global recession. Millennials might have tried to enter job market around 2008 and found out, that a Master’s Degree guarantees as much as nothing when it comes to a getting a job that pays your rent, food and bills. At the same time, they might have seen their parents, who were dedicated to their careers, to lose their jobs as soon as you could day ‘globalization’.
- Terrorism, 9/11. World does not feel as safe as it is. A certain – this might be your last day – attitude is stuck to many.