The Baby Boomers have been the consumers to care about for a while now. But the Millennials are nearly as large a generation as the baby Boomers, and they are becoming a purchasing force to be reckoned with.
Millennials (Generation Y), or the generation of people now 18 to 34 years old, represent the consumer market of the future. U.S. Millennials already account for an estimated $1.3 trillion in direct annual spending.
By 2025, approximately 75% of the world’s workforce will consist of millennials (Gen Y), according to a study from the BPW Foundation. Companies that survive past 2025 will be those that develop the trust of the millennial workforce.
If your small business is conducting social media marketing, it is among the 80 percent of U.S. small businesses that do. But did you know that more than half of small businesses (54 percent) say their greatest need for help is with social media marketing?
We are close to a major generational shift. While Baby Boomers have dominated spending for decades, Millennials will soon be taking the top spot. This shift is not just interesting in terms of demographics, however; it will require businesses to change the way they market, sell, and serve their customers.
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