BUSINESS Millennials Are Now in Power Adults With Serious Purchasing and Political Clout By Gwendolyn Plummer Sunday, February 4, 2024 12:55 AM RELATED CONTENT The Consumer Now What’s on Tap for 2024? The Silent Generation Values Loyalty and Relationships Baby Boomers Continue to Have a Significant Impact on the Economy Gen X, AKA the ‘Me Generation’ Gen(eration) Z, Growing Up as Digital Natives Generation Alpha, Able to Shape Buying Trends Who Are They… Few generations have gotten more attention from the wider public than Millennials. Born between 1981 and 1996, Millennials are now firmly adults with serious purchasing and political power—according to Brittanica they make up about 72 million individuals in the U.S. alone and became the largest group of adults in 2019. Millennials have experienced worldwide turmoil in their young lives so far, from The Great Recession to the rise of the internet and everything in between. This makes them a complex and varied generation. Millennials have serious buying power—Forbes reports that, “Millennials’ buying power currently eclipses that of other generations, and older members of this cohort are now poised to move into their prime earning and spending years.” What They Are Known For… • Britannica reports that Millennials are the most educated generation; in the U.S., 4 in 10 have a bachelor’s degree or higher, more than any generation before them. Thus, Millennials hold strong beliefs, and can think for themselves. Deloitte reports that Millennials are “more likely to buy for themselves than to impress others.” • In particular, video advertising is effective for Millennials. The American Marketing Association reports that Millennials watch more digital video than traditional video content, meaning YouTube, TikTok and videos on Instagram are some of the best ways to reach Millennial shoppers. • Like many generations, Millennials like to feel a connection with the companies they support. The American Marketing Association reports, “As privacy scandals make younger audiences more suspicious of large, faceless organizations, they simultaneously push them to reposition users’ trust into brands with whom they feel they can foster a more personal connection: namely, influencers. Millennials are 54 percent more likely than older generations to buy a product that was suggested or recommended by social media celebrities.” • Millennials are anything but one size fits all. As Forbes reports, “Brands can’t rely on simple generalizations or stereotypes for this demographic. Not only is it critical to acknowledge diversity within the Millennial cohort itself, but brands also need to understand that diversity, equity and inclusion are important to younger generations.”