I had a great chat last week with an MD who has worked in the nursery trade for a number of years. He’s seen many trends and changes come and go and as the saying goes, probably forgotten more than I have yet learned.
A lot of the conversation was about the millennial generation as consumers (specifically regards their parenting decisions and behaviours) and he joked several times about ‘bloody millennials’ in reference to how different they are from previous generations.
It was a light-hearted comment, but it really brought home the point that many businesses may be fully aware of the changing landscape, but feel unprepared for, and in fact, overwhelmed or even intimidated by the sheer scale of the shift.
And yes it is true; the use of technology is increasing massively and the way parents are consuming information and making purchases is very different from previous generations
the principles haven’t changed; know your customer!
Approximately 3/4 of new parents are millennials.
The average age to enter parenthood is now 30.
They are more urban; over 90% of the UK population is expected to be living in cities by 2030, in fact.
They are poorer; salaries have increased only 23% in the last ten years compared to house prices rising an average of 160%. The rate of wage growth generally is still only about half what it was 10 years ago
They use online sources intensively, to educate themselves and inform their decision-making, but also to interact with their peers; more than half of parents, in fact, will use search engines for information about purchasing products and 60% will consult Facebook groups and Instagram daily
The information is available and ready to be used, so what does this mean for your business and your 2019 plans?
Millennials are still parents. They are still people!
We know this busy millennial generation appreciate innovative parenting options that are ‘hands-free’ and allow efficient multi-tasking and will become strong advocates of the brands that address these needs. They turn to devices to entertain their children when they are busy, and they refer to websites and forums for information, advice and reassurance about everything relating to parenting, children and family issues.
Knowing what is shaping their attitudes, behaviour and consumption has never been more critical, but by utilising research data, you are able to find not just where your audience is, but also what is influencing them. This, of course, helps to inform your future advertising and content strategies.
Don’t be intimidated by millennials (or Gen Z following closely behind), you just have to get to know them.