Everyday, we come across the term “Millenials” or “Generation Y”. Companies/Startups are overusing this term to define their customer base. From just the sound of it, image portrayed in mind of a Millenial is a teenager who is snap chatting on his new iPhone with music played on his flashy expensive branded headphones.
However, it’s not quite right.
Any person born between 1980 – 2000 counts towards Millennial. As of today, it’s the generation aged between 15-35. That’s a difference of two decades.
I am personally unable to identify anything that is equally appealing to people between 15-35. This is the most exciting age bracket & statistics show that people have already experienced 70% of their AHA moments before the age of 35. Once you cross 35, it gets difficult to change your personality, habits or behaviours.This is the reason why it is lucrative to attract this age bracket while one is learning new things and adapting to new habits.Few of the interesting characteristics are
- Early adopters – They are OK with being the guinea pig
- Social – They share their lives publically and not much of a private person
- Adventure – They take more risk and are not in rush to settle down
- Informed – They are probably the most informed generation based on the content they consume
These all characteristics make them ideal customers for a new product that might or might not work, however, remember, they range from a high school kid to a mid-level manager, so it’s a broad market size. In US alone, there are expected to be 80 million millennials. If brands are able to capture their minds before 35, chances of upselling them for rest of their life becomes bright.