The impact of the millennial generation With the so called millennial generation now being the largest consumer group in the world, customer service practices and FXVWRPHUHSHULHQFHGHVLJQKDYHEHFRPHPRUHLPSRUWDQWWKDQ ever. But who is this very interesting and powerful consumer group, and what is it that they want? Insight asked Micah Solomon, a bestselling author and consultant, as well as an HSHUWRQPLOOHQQLDOFXVWRPHUVIRUDQHSODQDWLRQ Micah Solomon For a company in the food industry, the millennial generation (customers born 1980–2000) provides opportunities and particular perils. This is a generation of customers who have strong and various passions about what they put in their bodies. They care not only about taste but about the ethical sourcing of your product – including your environmental, labor and vendor practices – as well as the “experience” aspect of enjoying your product (particularly to the extent that the experience is shareable via social media), and the “ter- URLU´RI\RXUSURGXFWZKHWKHULW¿WVWKHLULGHDOVRIDXWKHQWLFLW\ and localization. Millennials will spread the word about your brand enthusiastically if you get these elements right, and they’ll skewer you quickly and publicly if you don’t. 10 Millennials are the largest generational cohort in history. They are the offspring of the previously record-setting Baby Boomer generation, who, in turn, were born to the famously-fruitful men and women of the World War II era. The millennial generation, presently 16 to 37 years of age, have a purchasing power that’s growing quickly and will soon exceed that of their parents’ generation. It’s estimated they’ll spend USD 200 billion this year alone and USD 10 trillion over their lifetimes. Meanwhile, advancing age and decrepitude are bringing baby boomers ever-closer to the time when they’ll slowly fade in importance as consumers. Thus, millennials will soon become the most important of your customers. Three principles What follow are three principles to help you unpack the expectations and desires of millennial consumers. These precepts will help you understand and relate to this generation as it rises to prominence as consumers, both directly and in newly-won positions of power as B2B buyers.
AAK Insight no 4 2017
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