Move over, Baby Boomers. A new generation of consumers is shaking up the marketplace. The new market segment, millennials, represents Americans ages 18-33. Millennials have some distinctive characteristics that are unlike any other age bracket.
A Boston Consulting Group study focused on how Millennials are changing consumer marketing. As marketers, it’s key to understand their values, motivations, communication styles and preferences.
Pew Research Center just released a report that examines millennials. Here’s an overview from the research that highlights the unique characteristics of this up-and-coming generation, and how businesses can meet their needs:
1. Millennials are disconnected with traditional institutions.
Traditional institutions like political or religious groups are not relevant to this age group. Half of millennials are likely to consider themselves politically independent, and about one-third have no religious affiliation.