The more logical and realistic generation- the Millennial, are the talk of the town in the marketing and re-commerce industry. They have grown up in a time of rapid change, giving them a set of priorities and expectations sharply different from other generations. How can one satisfy the needs of the Millennials? To answer this question, the marketing industry has come up with youth marketing. Youth marketing describes activities to communicate to their target audience ranging from 13 to 35 years age group.
According to the United Nations, the Millennial generation accounts to 700 million in India, with its rising population to become the most populous country till 2022. It is also one of the largest Millennial population in the world. They’re the best-educated generation in independent India and most likely to drive the country to long-term prosperity.
Here are some characteristic differences of the Millennials which are the driving factors for today’s market.
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1. Digital World
The Millennials have grown up with internet and smartphones around them resulting in the use of screens more than ever. From playing video games to watching TV online, Gen Y uses the digital world to literally live their lives. Social media is extensively used to communicate and to make their views known to the world. Shopping has also taken to the online platform. The Millennials shop the most online accounting to 61% as compared to other age groups. With the rise in the re-commerce industry now the Millennials not just buy but also sell stuff online.
2. Best in everything
The Millennials want the best of technology in their hands. They want to have the latest phone in the market and if there’s another phone launched which is better and cooler than theirs, they want that. They move with trends. This generation doesn’t think too much about spending money. They spend 82% of their income. With the flow of more and more new goods into their homes, the raw material for re-commerce industry keeps increasing. The Millennials, therefore, is becoming a good supplier of old goods for the re-commerce industry.
3. There are exceptions
Even though they like to spend on gadgets and other improving technologies, when it comes to accommodation options they prefer renting a house to buying one. Statistics show, 29.9% of Millennials in 2010 lived with their parents as compared to 26.7% in 2001. But they plan to buy a house sometime in future. The importance of luxury has also minimized with the Millennials. They don’t always look out for expensive goods but they are satisfied even with second hand goods if it matches their quality standards. This provides a good market for re-commerce industry.
4. Authenticity over content
It’s important for the Millennials to gain trust on a company or brand before they decide to purchase anything. With everything online, the first thing they do is check for reviews. The best places where they find reviews are blogs. 33% of the Millennials rely on blogs before they make a purchase. Once they gain trust, they are loyal customers. 60% of the Millennials are often or always loyal to brands that they currently purchase. The sooner the brand builds a relationship and a deeper connection with the Millennials, the better because they will continue to purchase from there as an adult. Also, the second hand products of known brands remain to have a good number of customers too.
The Millennials have proved to be the smart generation. Their ideas and lifestyle is sure to change the marketing industry. Also, the re-commerce industry is only to benefit from this generation. With the increase in old goods flowing into the re-commerce industry and buying second hand goods, the Millennials are bringing a change in the static society of the Gen X.
Note: This post was originally published in December 2015 and has been completely revamped and updated for accuracy and comprehensiveness.