The next big thing is already here: Millennials.
Millennials, those born between 1980 and 2000, are America’s largest living generation. Currently, there are more than 80 million Millennials in the U.S., spending upwards of $600 billion each year. By 2020, it is projected that Millennials’ spending in the U.S. will rise to a whopping $1.4 trillion annually and represent 30 percent of total retail sales.
These young adults possess immense buying power, leaving many small business owners wondering how to tap into such a lucrative revenue stream.
Don’t forget that Millennials are humans, too. The best way to market to them is to understand their unique values and buying preferences. Oftentimes, companies forget that each generation has its differences. The future of our businesses and economy depends upon the behaviors and decisions of Millennials. So no matter how big or small your company is, be sure to take Millennials into consideration when marketing your business.