We know them as Millennials and the youngest of these are now adults ages 18 to 38.
“Millennials have come of age during a time of technological change, globalization, and economic disruption. That’s given them a different set of behaviors and experiences than their parents.”
As the largest generation in history, they are expected to have tremendous world impact. Economists talk of their spending power, environmentalists hope to harness their demand for eco-friendly products, and businesses plan for how to market to them. According to Waste360:
“Millennials tend to prioritize buying from companies they believe have environmentally sustainable practices, and they are doing their homework to determine which companies they most trust, according to new research findings.
Increasingly, brands are seizing on this consumer behavior, boosting messaging, and sometimes changing how business is done to attract this cohort.”
Communicating with Millennials can be tricky. This generation doesn’t shop or make big purchases like their parents did. They compare prices and reviews rather than trust brands and are choosing access over ownership in housing and transportation. They desire proof of ethical practices for products and services and are willing to pay more for it.
“Many retailers and manufacturers are posting sustainability practices online, where Millennials spend much of their time. These firms are securing third-party certifications to show authenticity. And some are sponsoring environmental projects to engage youth, as well as to impress on consumers that the firms exemplify the same values as this generation of consumers.”
“They have been slower to marry and move out on their own, and have shown different attitudes to ownership that have helped spawn what’s being called a ‘sharing economy.’”
Reality Changing Observations:
Q1. What other economic influences can we expect from a generation who value access, transparency, and sustainability?
Q2. What predictions do you have about other ways Millennials’ values might influence society?
Q3. What lasting impact could a 'sharing economy' have on the world?