Millennials have grown up with the internet and smartphones in an always-on digital world. The online world – and social media in particular – have given the Millennials a platform to reach the world. Lower employment levels and smaller incomes have left younger Millennials with less money than previous generations. With less to spend, they’re putting off commitments like marriage and home ownerships. Millennials have been putting off significant milestones like marriage and children. It’s not just homes: Millennials have been reluctant to buy items such as cars, music and luxury goods. Instead, they’re turning to a new set of services that provide access to products without the burdens of ownership, giving rise to what’s being called a “sharing economy.” The must-haves for previous generations aren’t as important for Millennials. They’re putting off major purchases—or avoiding them entirely.
Millennials’ affinity for technology is reshaping the retail space. With product information, reviews and price comparisons at their fingertips, Millennials are turning to brands that can offer maximum convenience at the lowest cost. When marketing to Millennials, a strong brand isn’t enough to lock in a sale. Millennials are turning to their online networks when making purchasing decisions. Quality is still key for Millennials, but the price is a more important factor than it is for other generations.
For Millennials, wellness is a daily, active pursuit. They’re exercising more, eating smarter and smoking less than previous generations. They’re using apps to track training data, and online information to find the healthiest foods.
If you are a Millennial, take some time to reflect if that is a good description of you, or if you are in close contact with Millennials, you may have some observations of your own!
Source: Goldman Sachs Data Story Millennials
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