The Affluent Millennial Market Segment
Millennials take a lot of shit. The media often stereotypes them as a lazy, entitled generation of jobless freeloaders who borrowed their way through college and created an endless glut of student loan debt. What they don’t report on is the growing segment of creative, successful, and affluent millennials who are plowing their own course.
Millennials: a person reaching young adulthood around the year 2000. Birth years range from the early 1980s to the early 2000s
Let’s look at some demographics of this growing market segment:
1. 65% of affluent millennials are female
2. 44% of affluent millennials did not graduate from college and few have attended graduate school
3. 59% of affluent millennials are likely to participate in online ratings and review sites and more than 33% of affluent millennials regularly post on brand and product sites
4. Affluent millennials follow buying trends such as choosing organic goods. They typically choose higher quality and better buying experiences over price
5. Affluent millennials are more likely to seek traditional home ownership and having children. They’re savvy shoppers, but, their savvy-ness is both segment-dependent and quality-driven. When it comes to travel, affluent millennials are more likely to pick a new destination each time instead of returning again and again to the same place
6. One-third of U.S. adults making more than $500,000 annually are now millennials so they have the capital to support new markets trends they are influencing. This group of young adults has a significant impact on the luxury, financial services and travel brands
7. There are 4 distinct segments that divide the affluent millennial market and each segment behaves differently:
A. “Active Influencers,” who are more likely to still be at their first job and are most likely to be the first among their friends to try a new trend.
B. “Big City Bachelors,” who are the only male-dominated affluent millennial segment and are more likely to buy a product they saw in a movie, TV show or video game.
C. “Calculated Go-Getters,” who are established in their careers and families and are less likely to pay more for perks.
D. “Family Forward,” who want to spend time at home with their family and most likely segment to indulge their children in “little extras.”*
If you target the affluent millennials make sure you create and awesome buying experience and give them the highest quality products and customer service that you can find (or create) in your chosen niche.
Do this, and you will be well rewarded with loyal customers who will refer you to others again and again.
*Source = millennialmarketing.com