We spoke about the money aspect and the education aspect in our last article regarding the Millennials. We now know that a vast majority of Millennials have more concerns over money and debts than previous generations did. We know they are a highly educated generation though they remain mostly underemployed.
Some other statistics also worth knowing: there are some eighty million Millennials coming of age in the US alone. Some 200 million Millennials in China. Some 20% millennial population in the UK. Adding these numbers to the numbers of Millennials all over the world and we are up to, roughly, a 25% millennial workforce that makes up the world population. These numbers also make Generation Y the largest generation in the world now.
The generation that will, soon enough, give the world its future leaders. Why do the Millennials matter so much after all? Here it is:
Reason #1: How Millennials view the business industry impacts businesses
75% of Millennials believe that businesses are focused on their own agenda rather than societyIt’s true. More than any other generation before, the millennial generation believes that businesses should have a higher sense of purpose and should focus more on people’s necessities and well-being before personal gain and profit. The Deloitte Millennial Survey 2015 found that 75% of Millennials believe businesses are focused on their own agendas rather than helping to improve society.
According to the study, the Millennials’ view of the business industry is relevant to the businesses themselves. And in order to attract Millennials, business needs to reset its purpose. This isn’t relevant only in relation to attracting Millennials to the workforce but also to attracting Millennial clients.
Being highly skeptical of businesses and avid for technology, Millennials are best convinced with information. They will research everything so making information available to them is imperious.
Reason #2: This large generation has a substantial purchasing power
Despite financial difficulties and despite having grown in such an unstable economic environment, which led to Millennials being skeptical of the whole business industry, there are still plenty of opportunities to reach this always-connected generation. With more and more Millennials seeking out leadership positions in the future, thus expecting growth in incomes, the purchasing possibilities of the Gen Yers also increase, giving businesses a wide territory to explore and attract, which they should be doing starting this very moment.
But that’s not where all the possibilities lay. The Millennials, with their use of social media and need for connectedness, can influence the buying decisions of their peers as well as of other generations. They could thus have a huge positive impact on the marketplace if only businesses made use of all the technology that’s out there. It’s all about speaking to Millennials in their own language and most of the Millennials connect with brands digitally.
Reason #3: This is potential that lies ahead
There are various perceptions regarding the Millennials. Some say they are lazy and self-absorbed, not committed to work, and having little to no respect for authoritative figures. Other people believe the exact opposite: that they care about the world more than any other generation before. The truth is that Millennials present enormous potential and they can lead the business industry forward. They have the knowledge, the skills, and the willingness to do just that. The way entrepreneurship has evolved and the fact that young people under 30 years can put together a successful business demonstrate what the Millennials can bring to the world and how they can contribute to the industry.
No credit card required.