According to data from the U.S. Census Bureau and the Pew Research Center, a major event took place in 2016 in the U.S.: Millennials surpassed baby boomers as the most populous generational demographic. The millennial generation, which includes young adults born between 1980 and 2000, has a diverse ethnic and economic background, but they are similar in many ways. Small-business owners are attracted to the millennial consumer’s buying habits because they share many similarities.
Consumer habits of the millennial generation
Understanding your audience is essential in industries such as finance, on-line retail and construction. It is important for businesses who want to reach out to young adults or cater to a large segment of the population to understand some of the characteristics that millennials share.
* Comparison of prices: Goldman Sachs research shows that more than half the millennial shoppers are deal-hunters who use every resource to compare prices.
* Brand Loyalty: For millennials, the brand of a company is less important than for older generations. Young adults are more interested in price and what other people share on social media.
* Health, social and environmental focus: Millennials are more aware of their own health than previous generations. They also care about the health of others, and of the planet in general. They place a higher value on products and service that benefit their lives, as well as the health of the community and the environment.
Small business owners: Action Steps
Data on consumer purchasing habits is constantly being collected by academics and public policy groups, but can be extremely valuable for business owners and entrepreneurs.
Encourage the use of reviews and suggestions
Personal recommendations from existing clients play a huge role in many businesses. This is especially true in home remodeling and construction. This dynamic is heightened for millennials, who look to their friends and family members before making major purchases. Small businesses can increase their chances of attracting this demographic by maintaining a social media and web presence. They should also monitor the customer reviews to gain deeper insights and improve.
Highlight hidden benefits
While younger buyers may be more motivated by price, they still place a high value on quality. Businesses can use this to their advantage by focusing on how the products or services they offer benefit consumers’ health or the environment. These are the things you should highlight in your marketing material to make a deal more appealing to young buyers.
It takes money, time and effort to adapt to new trends. QuickBridge is a specialist in lending for small businesses, helping them to grow by all means. QuickBridge can assist your business in a number of ways.
