This New York Times article by Hilary Stout discusses the degree of urgency with which marketers are studying, analyzing, and pursuing millennials, a generation born between 1980 and 2000.
This generation is larger than any other demographic group at 80 million consumers. They will spend $1.4 trillion annually by 2020 according to Accenture, and their current life stage involves entry into the workforce, marriage, parenthood, and related major purchases.
However, Stout article also points out that there are downsides to solely pursuing the youth market. Millennials have less wealth and more debt than other generations did at the same age. Baby boomers are more affluent and spend more heavily. Also, millennials are not the only digital natives. Older generations have become frequent users of digital devices and respond to campaigns via digital channels.
Non-millennial consumers who feel that companies and brands are “neglecting” them may respond in kind.
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