In our continuing series on generational marketing, we’re moving down the timeline from Gen Z to Gen Y. Among the media and marketing worlds, the two generations are often lumped together for their similarities. Both are associated with a prominent tendency to shop online and through social channels. That’s also where they get their news and entertainment.
Gen Y and Gen Z are also lumped together for their world view and politics. According to a report from the Centre for the Future of Democracy at the University of Cambridge, they are more disillusioned with democratic politics than Generation X or baby boomers were at the same stage of life. That comes as no surprise in the U.S. where the presidential and congressional seats are filled with Boomers. Time will tell if this election cycle changes any of that.
How Gen Y differs from generations before and after
They’re the biggest: Generation Y/Millennials, born between 1981 and 1996, are now the largest population group, inching out Boomers.
Source: ZIPPIA
They’re the baddest: According to Pew Research, they are better educated with more women earning a degree (43%) and more women working (72%) than previous generations.
BACHELOR’S DEGREE AMONG THOSE AGE AGES 25 TO 37
Source: Pew Research
They also differ from Gen X and Gen Z in that they grew up during the rise of the internet and social media, making them digital pioneers. Gen X grew up without it and Gen Z cannot remember a time before it, making them digital natives who were practically born with a mobile device in their hands. Millennials prioritize experiences, value collaboration, and seek purpose in their work. This is in contrast to Gen X and Gen Z who both tend to be more practical and skeptical.
How does this translate into marketing to Gen Y? Here are 5 tips:
- Respect the purchasing power of Millennial moms: According to Marketing-Interactive, they account for 85% of all consumer purchases, control over $31.8 trillion in worldwide spending and buy 50% of traditional male products. They’re well-educated, likely to be working, and time-starved, so the ease and quality of a shopping experience is key.
- Build loyalty by carefully aligning with their values: Millennials are known for their strong values and a preference for brands that align with their beliefs. They prioritize companies that demonstrate social responsibility, environmental sustainability, and ethical practices. Brands that can authentically convey a commitment to these causes often find loyal customers in Gen Y.
- Know their shopping habits: According to ecommerce platform provider Lengo, Millennials will spend more on health & beauty products than Gen Z (+50%), Gen X, and Baby Boomers (+42%). Gen Y will spend the most money on these online categories: luxury, apparel and footwear, and consumer electronics. If you’re not in one of these categories, perhaps you could create promotions and partnerships which align with them.
- Create campaigns centered around experiences: Unlike previous generations, Millennials prioritize experiences over material possessions. They value travel, dining out, entertainment, and personal development. Brands that can create or associate themselves with memorable experiences stand a better chance of capturing Millennial interest.
5. Leverage their influence and social connectivity: Millennials are highly influential, both online and off. They’re exceptionally active on social media, where they share opinions, reviews, and recommendations. This generation’s interconnectedness means that a single positive or negative experience can quickly spread across their networks, impacting your brand’s perception. It’s no wonder that influencer marketing, social proof, and user-generated content are all the rage.
Now that Millennials are between the ages of 27 and 42, they present an opportunity for marketers like never before. Their purchasing power, digital fluency, values-driven approach, and demand for innovative experiences make them an essential and unique target audience. Brands that resonate with Gen Y stand to gain not just in terms of sales but in building long-lasting relationships with our nation’s biggest and baddest generation.
