2016 Is The Year Of The Millennial Customer: Forbes
As per Forbes Magazine, year 2016 is the year of the Millennial Customers and they have recomm
ended the startups to be ready for the millennial customer experience. Millennial customers are clearly an enormous commercial force to be reckoned with, commanding both trendsetting power and tremendous spending power as well. And this millennial spending power encompasses both their own personal spending (it’s estimated they’ll be spending $200 billion annually by 2017 and $10 trillion over their lifetimes as consumers, in the U.S. alone) and the purse strings that millennials, are beginning to control at the companies where they work, as millennials move into positions in industry with significant spending power.
What, exactly, is the Millennial generation?
The term Millennials
is usually considered to apply to individuals who reached adulthood around the turn of the 21st century. The precise delineation varies from one source to another, however. Neil Howe and William Strauss, authors of the 1991 book Generations: The History of America's Future, 1584 to 2069,
are often credited with coining the term. Howe and Strauss define the Millennial cohort as consisting of individuals born between 1982 and 2004.
Other proposed dates for Millennials:
- According to Iconoclast, a consumer research firm, the first Millennials were born in 1978.
- Newsweek magazine reported that the Millennial generation was born between 1977 and 1994.
- In separate articles, the New York Times pegged the Millennials at 1976-1990 and 1978-1998.
- A Time magazine article placed the Millennials at 1980-2000.
Overall, the earliest proposed birthdate for Millennials is 1976 and the latest 2004. Given that a familial generation in developed nations lies somewhere between 25 and 30 years, we might reasonably consider those the start and end points.
There is a great deal of variation from one individual to another within any generational cohort. Nevertheless, the particular environment for any generation affects those individuals in ways that are observable as broad tendencies. This definition of the term discusses those reported tendencies for Millennials in the workplace, Millennials and technology, Millennials and culture.
There are about 80 million millennials (born 1980-2000) in the U.S. alone; to put it another way, they make up some 25% of the U.S. population–and thanks to immigration, they’re a generation that is actually increasing in size. And they’re a highly influential population that influences the buying decisions of other demographic cohorts. Which means it’s time to put away any residual snark and learn to understand these youthful customers if you’re going to be able to create a millennial-friendly sales, customer experience and customer service approach.