Ok that may be an overstatement, but the reality that one of, if not the biggest, generations our world has ever known are about to take over. We’re talking about those born between 1980 and 2000, who are referred to as ‘Millennials’, are set to dominate our economy for the next 25 years.
This group is now entering their ‘spending years’ and they will change the way the world works as we know it. This is the generation that grew up with a device in their hands and the power to know everything about anything in milliseconds. The game has changed and brands are no longer in charge. It’s this shift in the power paradigm that will impact how companies and brands market to, influence, and ultimately sell to the new consumer.
This group has grown up in a time that has seen technological change happen at pace that can only be described as light speed. They’ve seen a world that’s become bigger and smaller at the same time. They know of global events as they happen and bring a new meaning to real time. They’ve had a front row seat, literally on their devices, as economies have exploded and been disrupted.
They don’t buy into the ‘old world’ values of school, job, house, kids, retire. They want experiences, they want freedom, they want equality, they believe in sharing, helping and giving back. They view everything in a different light, they don’t want extremes and they are focused on their well being like no other generation has ever been.
They will force change, but not through force. They will make it happen because they have the power and they know it. Goldman Sachs put together a great infograph that highlights some of the quantitative impacts that Millennials will have.
You can see it here: Millennial infograph.