Did you know that in order for an individual to be classified as a millennial, they must be born after 1980? I am not sure about you guys, but I feel like I am far different than most 35 year-olds with a steady job and kids. Our generation of late millennials is substantially different from those born in the 1980’s partially due to the rapid advancement of technology. Late members of Generation Y were born in technology. Whereas early members had to learn how to navigate the interfaces of modern products.
A possible cause to this divide between early and late millennials could be Moore’s Law which tells us that the processing power of a device will double every two years. Since our generation of millennials was born into a period of advanced technology, we have a high understanding on the topic. When you look at the graph, millennials born in the 1980’s grew up with technology which has a substantially lower processing power than where we are at currently. This group had to immigrate to advanced products after what they were used to became obsolete.
As a market, late millennials tend to differ from prior generations. With the strive to conformity during the baby boomer era, the market was easier to appeal to through televised advertisements. However, late millennials do not like being labeled as a statistic. Additionally, a Pew research poll stated that most members of Generation Y despise the label of millennial. So how do you market to a demographic which despises their own label? Companies have introduced relationship marketing to develop good attitudes between the customer and the vendor. Personalized marketing is also seen on digital media to address cultural diversity among millennials. However, neither of these are as effective as word of mouth. As a diverse and large generation, we tend to trust our peers more than any advertisement. Word of mouth can either make or break a business.
As consumers, our generation is quite unique from early millennials as well as prior generations. We have the fear of becoming obsolete and falling behind in the realm of technology. For instance, every time apple releases a new product, young Americans race to wait in line for the latest iPhone. This is the first time in American consumer culture where the turnover rate of purchasing has been so frequent.
So what attracts us to these products? Innovative companies successfully appeal to both subsections of the millennial generation. Older millennials need something that is user friendly and easy to learn. While we tend to be attracted to items which have a sleek design and high processing power. Companies which attempt to appeal to both parts of our generation have shown success.
As a late millennial myself, I am really excited to see what possible innovations our future has in store for us. Introducing our segment of the millennial generation into the workforce can create a better relationship between the producer and the consumer. The millennial generation as a whole can combine to create an innovative future. One which has a high knowledge on the topic as well as a group which went through the process of adapting to technology. Combining these two sets of skills gives us the opportunity to lead to an innovative future.