Does Your Business Appeal to Younger Generations?

It’s September and we’ve all seen children and young people returning to their studies. What do you think when you see young people these days? How do you think those young minds relate to your business?

Ignore the young at your peril. Why? Because the Millennials (born roughly between 1977 and 2000) and Gen Z (born roughly between 2001 and the present day) are your future buyers, employees and, in some cases, your employers. 

Why is this important? For two main reasons, The Millennial generation is the biggest generation in history, over taking the UK Baby Boomers in 2015. This also makes them the biggest BUYING generation in history.

They are also the first generation to have been born into and brought up in a digitally connected world. With Gen Z following behind, their world is even more connected and digital so the trends set out below will only continue and deepen.

Here are five reasons why you need to make your business appealing to the younger generations:

1. Convenience – these generations are predicted to put ‘ease’ above price in many cases. They will, for example, often take a taxi to get to their destination rather than a bus or walking. They are used to getting what they want 24/7. 

2. Experiences & choices – this generation value ‘memories’ and ‘experiences’ of life because they can record their lives in a way never before known – and it’s often instant. They will invest in experiences to share with each other, good or bad!

3. Belonging – this generation wants to feel ‘part’ of something. They are used to online communities with shared interests and that can translate into the real world. They tend to be more enthusiastic about brands and employers which care about community and charity. They are often called Generation Give.

4. Recognition – they are far more exposed to – and feel closer to – celebrities in every walk of life and in every interest area. They decide who is a celebrity and that could be a v-logger most of us have never heard of. Personal service is important to this generation – sometimes called Generation Me. 

5. Budget friendly – this generation will make different choices around money based on the above four points. However due to when they were born, student loans and the way in which salaries have mostly not kept pace with house prices, this is a generation which is much more financially insecure and often has debt. Offering options for payment, packages to help cashflow will appeal. They are often called Generation Rent. 

For anyone who is reading this and thinking ‘what’s the world coming to?” remember we and our parents put in place the environment which brought up these generations. We must recognise that and act accordingly.