Millennial Purchasing Power

In order for any type of business to sell a product or service, you must first understand who your audience is. That means, digging deep and discovering how the audience members act, feel, think, and what their ultimate decision is regarding purchasing. However, your research is not done yet. This is the first phase into discovering vast new areas and opportunities that will help you to capture attention with them.

Introducing the Millennial generation. For many small businesses, the Millennial generation marks the new target audience for their business and brand. As the Millennials continue to grow, so does their purchasing power, which inevitably increases much of the consumer demand. With this information in hand, small businesses need to reevaluate and focus on this growing market and develop working methods for attracting them.

In society, every generation will have some influence on it. This influence can create pathways, opportunities or even obstacles that can ultimately affect certain cultural and economic benefits. Their influence can be defined or characterized in how they are recognized. This above anything else helps small businesses, organizations, and corporate entities to evaluate and understand better their attitudes and how best to grab their attention.

According to the General Foundation (2014) roughly 25 percent of the United States population is from the millennial generation, which is over 80 million people living, working and purchasing products or services today. That is a large audience for any small business or organization to ignore. On top of that, the millennial generation happens to be the most studied group of individuals to date. That means there is more data available on this generation, which happens to be a good strategy for small businesses. Much of the combined data shows spending behaviors which allows businesses to pinpoint their marketing efforts.

As we move forward into the New Year, small businesses should expand their efforts in marketing to include much of what the millennial generation has to offer. For one thing, based on the market size (over 80 million) and another being their overall purchasing power.

 

 

General Foundation. (2014). The Millennial Generation Research Review. U.S. Chamber of Commerce. Retrieved from http://www.uschamberfoundation.org/millennial-generation-research-review