Copywriter: Sam Jones, PR Assistant, YouCom Direct
‘Millennials’ say it’s OK to look different to others. By the end of 2016, they will outnumber baby boomers. Many marketing managers rely on the baby boomer consumer segment because they have higher spending power and equity. Millennials on the other hand are the opposite averaging just 3 years in a job before moving on versus the baby boomer average of 7 years and of course they have less to spend. By the end of 2016, the U.S. Census Bureau predicts that Millennials will “…number 75.3 million, surpassing the projected 74.9 million Boomers.”
Many Millennials are still unemployed, despite a growing job market. Fifty-three percent of HR managers stated it to be difficult finding and retaining millennial talent. One reason could be a more demanding attitude with a wish-list regularly including;
Flexible work schedules
More ‘me time’ on the job
Nearly non-stop feedback and career advice from managers.
They also want to be “No Collar Workers” and wear jeans to work
Open space without walled-in offices.
Regular pay rises regardless of merit
If baby boomers are soon outnumbered by the above millennials, what does this mean for brands? There are less Millennials in work than their baby boomer parents, with less disposable income on average. Millennials are up on technology which bodes well for brands adapting to ever changing developments as well as brands looking to sell online and tech items. But millennials aren’t very good team players and are not as loyal employees as Baby Boomers. All brands need to develop contingency plans now, ready for this shift in power as the baby boomers fall from grace and favour. Saviour may yet come from an unexpected source, a hybrid between a baby boomer and a millennial. The demographic referred to as generation X.
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Millennials – Also known as the Millennial Generation or Generation Y, are the demographic that follows Generation X. For more Info: Click Here.
Generation X – often abbreviated to Gen X, is the generation born after the baby boom following World War II. For more Info Click Here.
Baby Boomers – The Baby Boomers are the generation born following World War II. For more Info: Click Here
Required reference: YouCom Direct News Article, Jun 2016, London, ‘Dominant Millennials’.