Also known as Generation Y, millennials are all those born approximately between 1982 and 2000.
Businesses must get acquainted with this specific profile of young people, which will help them define the formula to connect with this specific type of consumer.
Currently, young consumers between 18 and 35 years old have a completely different consumption pattern than that of previous generations.
The Millennials are characterized by their low purchasing power and their prominent preference for new technologies. This has had an important impact on traditional retail, which has been forced to adapt to this type of consumer with new communication strategies.
This generation defines success as working on something they are truly passionate about, either as freelancers, in a corporate environment, or as entrepreneurs.
Most millennials have a great social conscience and are concerned about issues such as caring for the environment or inequality.
They are responsible for changing previous consumption models, in which retail was king. Today, Millennials prefer to bet on a more specialized and segmented consumption aimed at specific brands.
Even though retail outlets continue to be important, Millennials rely on technology to find the best offers on their favorite products.