As millennials are now reaching their forties, they are reaching the highest earning years of their working lives. Naturally, this makes this demographic of interest for anyone in marketing or sales. But how are millennials spending and investing their money, and what are the best ways to track their consumption trends?
Millennials Love Technology
More than any previous generation, millennials, being born after 1981, have grown up with technology at their fingertips. You will rarely see anyone from this generation or Gen Z without a mobile device in their hand. This provides a unique opportunity to track consumer trends; millennials love apps, and if your business has a useful one, they will download it and use it to buy your products, giving you an excellent opportunity to track their spending.
Over 90% of millennials are on social media on at least one platform. Although Gen Z is now largely ignoring Facebook, millennials still use it, as well as Twitter, Instagram, TikTok and, to a lesser extent, LinkedIn. Facebook and Instagram, in particular, harvest vast amounts of data about the likes and dislikes of their users, which can be accessed (although not on a personal level) by marketers, allowing them to analyze consumer trends by demographic.
Millennials love blogs. More than any other generation, they consume blog posts, comment on them and are influenced by them. This, too, can provide valuable data. By researching which blogs in your sector are popular with millennials and analyzing their comments and reactions, it's possible to learn the current market trends. Some websites, such as Forbes, carry many blogs on different subjects and are an excellent general predictor of consumer trends.