Millennial Market Analysis

Millennials 2 Introduction: Market Segmentation is done based on geographic, demographic, psychographic, and behavioral characteristics. This review of literature will be focusing on age (demographic), specifically the Millennial consumer group. It will focus on how to study the consumer group, and what aspects of consumers you must study. The Millennial generation has become the second largest age group, containing 75 million people in the U.S alone. They have become the newest independent consumer group. Millennial Marketing states that Millennials make up 25% of the population, and 21% of

Millennials pay in nontraditional ways such as PayPal and Affirm. The Cardinal Commerce states that, “this is because millennials prefer the ease of use, convenience, and mobile support which comes with these payment options”. Millennials are also impulse buyers. They depend on online shopping as well. They are also very social, and social media effects this very much. If a Millennial is not happy they will post it on four different social media sites, write reviews, and in no time, everyone knows about their unpleasant experience. “46% of millennials reported having 200+ Facebook friends” (Călin Gurău, (2012) "A life‐stage analysis of consumer loyalty profile: comparing Generation X and Millennial consumers", Journal of Consumer Marketing, Vol. 29 Issue: 2,

“Significant percentages of Millennials also said that status, luxury, consuming, adventure, excitement, and travel are increasingly important to them. Non-Millennials place much higher importance on such values as patriotism, spirituality, religion, and calm” (Ordun. G, (2015) Millennial (Gen Y) Consumer Behavior, Their Shopping Preferences and Perceptual Maps Associated with Brand Loyalty, Vol. 11, No. 4, pg.40). This quote is mentioning how Millennials focus more on themselves rather than others. Millennials are sometimes known for being very egocentric, and getting everything handed to them. While other times they are known for being the most excepting generation, and hard working. Millennials have been much slower to get married and start families. “With 75% of this generation are still single, demographers and scholars have noted that perhaps other goals and priorities have out-shined the focus of older generations on the family and home” (Ordun. G, (2015) Millennial (Gen Y) Consumer Behavior, Their Shopping Preferences and Perceptual Maps Associated with Brand Loyalty, Vol. 11, No. 4, pg.40). In order to study consumers, you must think of all of these different aspects. It is not just about getting the statistics and facts, you have to know the consumers and how they