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