The question has always been there “Are Millennials the answer for brand’s rising business appetite? Let’s explore this further.
How does it feel to be of 18-35 years old and someone’s favorite?
If you are 18-35 years old and feel that no one likes you, you are wrong. There are lots and lots of people who would love to seek your attention, they are called ‘Marketers’. They would not let any stone unturned when it comes to reaching you.
Close to 45% of Asia Pacific’s population is Millennials. It is believed that by 2020 about 60% of world’s Millennials will live in Asia and will account to $ 6 trillion in spending.
What Makes them Important?
Millennials are the only audience who has seen the rise of digital from the very first step and are still in the age group which is most comfortable with social media. Most of the content is consumed over mobile rather than TV or any other medium. They are always on the move and hold the big pockets with surplus money. According to a survey by Neilsen, Millennials spend more than 380 minutes per week online. Social media remains on top of the consumption meter.
Looking at the information above, digital marketers across all products and services cannot avoid this age group.
What are the Challenges?
People between 18-35 years, age is always multitasking so the biggest challenge is attention span. Lots of them have just returned student loans or have taken home loans which (in) directly hits on the spending power.
Attention span is something which can be controlled if the ads are shown at the right time, right place at right device.
There is an old saying “if you can touch it, if you can smell it, you will most probably buy it too” and that’s what Millennials believe in. Though they are very much dependent on the information available online about products reviews and information!
What’s Triggering Demand?
Well, the Millennials are the lucky charm, for the brands and businesses spending big bucks on hugely targeted online advertising avenues. There are several factors that are influencing their purchase decisions. Being the largest demographic group in India, Millennials are characterized by a high level of disposable income which is definitely the biggest driver of rise in consumerism. Being the chief wage earners, Millennials are driving rapid growth across various consumer segments.
They are the quintessential ‘Affluent Lifestyle’ strivers who are ‘Well Travelled’… ‘Well Connected’
Living in nuclear family structure, intrusive and exclusive both types of advertising works for them in a way to simply shove them towards what they are already seeking out there.
Amplify Your Marketing Strategy with a Potent Media Mix?
To tap the bigger market share and touch the chord with the Millennials an integrated digital plan has to be in place. While creating really great and engaging content-driven campaigns is the way to go! But, what’s even more critical is understand and capitalize upon the Fast Moving Consumer Trends. Sounds like another jargon but it is indeed busting many myths of modern day advertising and helping amplify any campaign with a potent combination of digital media planning, execution, and analytics.
Which All Segments are Showing Thrust?
Incremental income patterns are suggesting that the Millennials are more inclined towards recreational spending, luxurious indulgences and lifestyle enhancing products and services. Primarily Entertainment and Eating Out (32.7%), Apparel and Accessories (21.4%) and Electronics (11.2%) Globally, Millennials account for 27% of the world’s 7.4 billion population, according to the report. In India, Millennials are 34% (at 440 million) of the country’s total population.
Segments Like Home, Automobile, Insurance is Seeing Growth?
Absolutely, this is the most changing of times when even the youngest of the lot with hugely oversized disposable incomes are prudently shifting their mindset to start investing, saving and spending across untouched segments like Real Estate, Insurance, Automobile, in which earlier they may have given a skip.
It’s definitely a positive road ahead for the advertisers and marketers to stay future driven and upbeat to match with the equally rising demand across segments with rising business appetite!
Authored by Sahil Chopra, Founder & CEO, iCubesWire,a leading Digital Marketing Solution and concept provider in India, providing a 360-degree environment to leading brands for their digital marketing needs.