Small Business Today Magazine JUL 2014 PHENOMENAL PRODUCTS | Page 32

EDITORIALFEATURE

The Millennials are Coming! 

The Millennials are Coming!
By N.D. Brown

T

Maybe you missed it because there
wasn’t a “one if by land” and “two if
by sea” warning.  The ‘Y’ generation got renamed Millennials and at light speed they
became the next big thing.

of your target audience!
 • Every year, almost 400,000 are turning
21.
 • This vibrant, better-educated, and
more socially aware group makes up
almost half of the workforce and that
means they are spenders.

And if you are not one of them, or even
if you qualify to be one, you need to start
understanding them and thinking like them.

More important than the immense size
of the Millennial Group is the shift in their
attitude toward work, life, and brands.

Who are they?

Are you sure your small business (your
brand) is positioned to answer what this
population segment wants?

oo late!  They’re already here.

Like the Baby Boomers who were defined
as those born in the late ‘40s and ‘50s, the
Millennials are defined by the decade in
which they were born - the ‘80s and ‘90s.
They are twenty to thirtysomethings.
The Boomers are often described as
the bulge in the population progression
but the Millennials are right behind with a
new, more powerful bulge.  As the “Greatest Generation” dies off, the Boomers are
close behind taxing the healthcare system
and frustrating the work force.  They are
too healthy to worry about an overburdened healthcare industry and tomorrow
is not as important as today.
Check out the obituary pages.  It used
to be unusual to see a nonagenarian
listed but now it is almost a daily occurrence.  We all know that Americans are
living longer and the Millennials are right
behind the Boomers, shoving them aside
to take their deserved place.

Here are a few facts to consider as you
look at your customer base:

• In the U.S., there are about 80 million Millennials versus 70 m [[ۈ