Six Types of Millennials You Should Know: Part 1
We know what you’re thinking. You’re thinking: Not another post about Millennials and their potential purchasing power that will outpace that of baby-boomers and that any business with a brain would do right to invest in getting to know the fastest growing consumer demographic in order to place a safe bet with regards to their company’s longevity, so on and so forth.
It’s true that this may be the gist of any article regarding Millennials for a while, but in this post we look into the interest-piquing findings of a study conducted by the Boston Consulting Group that outlines the characteristics of Millennials as a whole and further categorizes them into six sub-groups that strike us as staggeringly accurate.
One defining trait of Millennials is that they are generally tech-savvy and have a global viewpoint. Born in a time when PC’s and Internet connection became prevalent, they are “digital natives” to whom the entire world is connected and therefore smaller than it used to seem for previous generations.
Millennials are more egocentric than their forbearers even though they believe in a greater purpose and want to make the world a better place. They are therefore more receptive to cause marketing and reward companies that partner with the right causes.
Even though they are united by some key characteristics, the study also showed that Millennials are by no means homogenous by identifying six distinct subgroups within the demographic, respectively named, “Hip-ennial, Millennial Mom, Anti-Millennial, Gadget Guru, Clean and Green Millennial, and Old-School Millennial.”
The Hip-ennial, who takes up twenty-nine percent of the Millennial population, believes “I can make the world a better place.” The group is female dominated of below-average employment. They are cautious consumers and charitable. And although they are information hungry and greatest users of social media, they rarely push or contribute content.
The second largest group is the Millennial Mom who “loves to work out, travel, and pamper her baby.” These women are wealthy, family oriented, confident, and digitally savvy. They are older and possess the highest income, but can feel isolated from others by her daily routine.
Check back for the second installment of “Six Types of Millennials You Should Know” to find out what Millennials look like and what that entails specifically for your online business.
