How the Millennial Generation is Reshaping the Economy
One of the largest generations in history is about to move into its prime spending years. They are poised to reshape the economy; forcing companies to examine how they will do business for decades to come.
In todays modern, western society, fraught with impossibly fast and ever changing technology, a business large or small, cannot thrive without some kind of online presence.
Millennials, born between 1980-2000, are the largest generation since the baby boomers exceeding them in population by 15 million, while centennials, born after the turn of the century, already make up about 23% of the total US population.
The only difference in these generations and generations past, is the Internet. Endless social media has made every facet of life, interesting or not, an opportunity to reach across the planet with just a few clicks. Ordinary people are participating in global conversations like never before.
Facebook, YouTube, Twitter, Uber, Amazon, and Ebay have become the news outlets, taxis and malls of todays marketplace.
Studies have shown that eighty five percent of teens have their own cell phone. And that by age four, about seventy five percent of American children will have their own mobile device, while a staggering ninety seven percent regularly use some kind of “smart” device, regardless of household income.
The studies also found that about twenty percent of one-year-olds have their own tablet computer, while around twenty eight percent of two-year-olds can navigate a mobile device without any help at all.
Their affinity for technology is rapidly reshaping the retail space. Almost no purchasing decisions are made without consulting the internet of things.
With product information, peer reviews and price comparisons at their fingertips, if these younger generations can’t find a decent amount of information on your product with just a few swipes on their iphones, as far as they’re concerned, your business might as well not even exist.