Meet a typical generation Y offspring: born 1980-2000, digital technologies admirer, smartphone fan and social networks addict. He is well accustomed to fast changing environment, informational overflow and a huge variety of communication channels. He has a thing for internet technologies — not only using them, but also making them really change his life. And more. But how about buying things?
People fed up with traditional marketing have a strong immunity to adverts. For them, there is no buying before a thorough research on the brand is conducted including official sources, unofficial comments and opinions on Facebook. Basically, the millennials are changing consumer market: it is service they are purchasing, not product. Let's take something sound as an example.
WHERE DO they reside?
They never linger around for long. Why limit oneself with one district, city and even country? They would rather pay rent or live with their parents than buy an apartment of their own. No marriage and kids before 30 either. In terms of residence, they apply functional approach. Time is their greatest value, so they would prefer to live next to their work, unless they work from home. The choice between renting or buying is less important than proximity to work, grocery shops with good quality products for reasonable price, eco markets, and, of course, recreational facilities — parks, cycle lanes, bars and cafes. Convenience is the key word here.
They have a particular craving for technologically advanced environment: Wi-Fi, remote controls and ergonomic devices. They seek for comfort, affordability and trend — all combined. New houses, open plan, lots of space, fully equipped kitchen, large bedrooms, pet friendly laminated floors for easy cleaning, cosy and soft ambiance to relax after a working day.
The millennials would spend hours googling for useful information and even conduct their own mini-research to find a good deal for the product they like. They are slow decision makers and never succumb to rush, before making sure their choice is correct and totally corresponds their desires.
As a rule, the millennials are less well-off than elder generations and are more prone to take loans or resort to parents' support.
WHAT DO THEY THINK ABOUT PRIVATE CARS?
According to a vast study conducted by car manufacturers, generation Y is not that keen on driving. About 30% of them are not willing to buy a car, 25% find it unnecessary, another 25% would buy a car in case of need, 5% never thought about it, and only 15% find cars indispensable. First of all, there is no need buying, when there is always an alternative: public transport, taxi, car sharing, bicycles and scooters are quite enough. Second, modest income puts forward other important expenditures: the millennials would rather prefer new gadgets or travelling. In addition, private car always implicates additional responsibility and needless obligations.
But the car manufacturers are not giving up. "General motors" has introduced consultants for youth brands. "Subaru" has switched to eco policy. "Ford" is exploring social media advertising, targeting at the most trustworthy source of the millennials' opinion.
HOW DO THEY BUY?
The millennials can arguably be called the trendsetters of the market. They are impossible to surprise by high technologies — you need to invent something more: for instance, remote car management from smartphone, voice commands, auto breaks or driverless cars.
The millennials are kings of social media and blogs: they read and write reviews, thus producing a lot of consumer content. They also beat records in online shopping. They give major priority to reasonable price and healthy food and lifestyle. A company's public presence in social media can buy their trust.
Keeping in mind the millennials like conducting profound online researches, the companies should better make sure their product description strictly corresponds to the real stuff. The images must be real ones. This is of crucial importance: no authenticity — no trust.
A millennial is never satisfied with a simple newspaper or billboard ad. To sell to a millennial, you really need to be outstanding. It is for this purpose that the USA has launched drone cameras for shooting rental houses interior and surrounding environment. Any editing or touch up is out of the question. All the details must be conveyed ever so real: lighting, furniture, maintenance.
Oh, yes — be ready for tricky questions, when selling to a millennial — they are going to be many.
- Never trust advertising.
- Live online.
- Prefer shared ownership to personal one.
- Trust customer reviews.
- Buy emotions rather than products.
- Can spend hours and hours searching for a good deal.
- Prefer functional convenience to luxury.
- Value real life stories rather than celebrity gossip.
- Care about their health.
- Respect individuality and informal style.