“Everyone hates a millennial until they have to connect to bluetooth.”
Wait wait if the term “millennial” turns you off, remember if you were born between 1980-2000 we’re talking to you. Gen-Z is the new group creating confusion for the masses. Don’t get it twisted.
We grew up knowing what life was like with a T-Mobile sidekick, researching with Encyclopedias and AskJeeves, watching Nick at Nite, downing Dunkaroos… oh and if you didn’t know let us be the ones to inform you they. are. back. When Hilary was Lizzie and Bob was Danny and Jennifer was Rachel. Before all of the reboots. I guess you could say we knew the boots.
But we were also the first to use iPhones, Google, voice recognition, and experience cookie tracking. It’s tough to trick a Millennial because of the lack of trust in a product or service without a face. Hence the beginning of influencer marketing and YouTube stars. Word of mouth has always been a thing, now people are just getting paid (a lot) for it.
Millennials are the largest living generation. Holding that amount of purchasing power and brand influence lends itself to authority over industry standards.
That being said, Millennials have taken this opportunity to shape the way the retail industry delivers. This generation is taking a better look at sustainable practices, brand values, and a company’s clear stance on societal issues because
purchasing power affords you a seat at the table.
So if wealth is defined as an abundance of value, and Millennials bring the highest purchasing power to brands, the new meaning of wealth is whatever Millennials choose to spend money on.
So what are Millennials spending money on?
According to Eventbrite, 3 out of 4 Millennials prefer an experience over purchasing something desirable.
We’re not trying to keep up with the Jones’ anymore because odds are, the Jones’ are in credit card debt and probably don’t even recycle (The Millionaire Next Door has our back on this one.)
The new meaning of wealth is experience. And yes, there are hostels and busses and campsites and bicycles. But there is also the ability to use credit card points for flights, live in a place conducive to entertaining, visit an elephant sanctuary in Thailand, support an initiative you believe in, and spend your last 30 years in a beach house your family and friends want to come visit.