How much of the population are millennials
Millennial is the name for the generation born around the turn of the millennium. It is also referred to as Generation Y, as well as the generation of digital natives. In terms of time, millennials are the generation between the baby boomers and generation Z. However, the exact dates for classifying millennials differ between the various sources.
The starting point of belonging to the Millennial generation fluctuates between 1976 and 1980, while the exclusion year is usually dated to 2000.
Importance for the job market
Millennials are attributed different traits that are not always agreed on. However, there are certain characteristics ascribed to millennials that appear as descriptions in most of the sources.
This includes the fact that millennials are tech-savvy and that they place greater emphasis on self-actualization than other generations. The meaningfulness of work is therefore questioned more strongly and an appropriate work-life balance is a goal of this generation. In addition, they give themselves more time to find themselves. It is therefore no coincidence that it is also called Generation Y, because the letter Y is pronounced Why, which indicates this questioning.
Despite the demands for more free time and meaning, a high performance orientation of the generation can be seen. A large number of millennials study and invest a lot of money in training. Due to their good education and the changed outlook on life described above, the demands on employers are also increasing. The workplace is expected to have free time, to be fun, to include nice colleagues, and to make sense. In addition, greater flexibility is expected, which enables a work-life balance. Furthermore, the employer should make it possible to promote and further develop the qualifications of employees, as millennials have grown up in a time of uncertainty, rapid change and constant adjustment.
Changes relevant to the labor market result in the form of a very high educational standard, due to high investments in studies and training of millennials in order to stand out from the crowd. Millennials are said to be less eager to take on leadership positions as family time has come to the fore.
Importance for marketing
Millennials already represent between 15% and 20% of private households, depending on the definition of the period, and are therefore a lucrative target group for companies. Building on this, it makes sense to use strategies to target this generation.
Hard sales don't work to the usual extent and an influencer marketing strategy in which specially selected role models present the products is usually more effective with millennials.
In addition, the heterogeneity of the generation must be taken into account, which makes it difficult to generally address them according to age structure and requires segmentation. It's about personalizing, but also about building a relationship with customers. It is important to maintain constant communication with millennials and to always be available, as the mere brand name is no longer necessarily sufficient to attract millennials. One way of building such relationships is, for example, customer co-creations, in which consumers can actively participate in the design of products.
Ultimately, however, the effort will be worth it, because millennials who are won as satisfied customers are considered to be particularly loyal.
Important channels and media
As a company, millennials can be reached much more often via social media portals than the average population. For this reason, a well-groomed appearance on all channels is particularly important.
Another special feature is that millennials surf on mobile devices significantly more often than other generations. For this reason, an optimization of the mobile versions of the pages is necessary, because the shopping and shopping experience as such is an essential factor for customer satisfaction and loyalty.
Targeted addressing of millennials can also be worthwhile when it comes to technical products, as they are 2.5 times more willing to try out new technologies than the rest of the population.
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