If you were born between the years 1977 and 2000, you have super marketing powers. You are a millennial. Making up 25 percent of the U.S. population and responsible for 21 percent of all discretionary consumer purchases, millennials hold over $1 trillion in direct buying power, according to a survey done by Millennialmarketing.com, a website aimed at providing insight and commentary on the latest millennial consumer and marketing trends.
As millennials, we hold a great responsibility. A survey of 1,300 millennials was conducted in January 2015 proving the power of millennials in the consumer market. “Our findings confirmed that millennials are highly educated, career-driven, politically progressive and–despite popular belief–do indeed develop strong brand loyalty when presented with quality products and are actively engaged by brands,” said David Arabov, former CEO and co-founder of Elite Daily.
Technology is changing every day and no other generation is adapting faster than millennials. We have a lot influence over older generations, we’re trendsetters, and to the marketing world we are the new social bridge between company and consumer. According to the millennial survey done by Elite Daily and Forbes over 87 percent of millennials use two to three tech devices at least once on a daily basis. So you can imagine why 62 percent of millennials are only loyal to brands that are social engaged.
Bridging the social gap between consumers and companies is not the only power we hold. Millennials are trying to co-create the products they purchase. Forty-two percent of millennials say that they are interested in helping companies develop future products and services, according to the survey. If companies want to be successful they’re going to have to start taking the opinions of millennials seriously.