The Influence Of The Millennial Generation In Regards To Reshaping American Values Analysis
The Influence of the Millennial Generation in Regards to Reshaping the American Values.
Review of Subject
Millennials are defined as people born between 1980 and 2000, with a population size of over 80 million and representing approximately 30% of the US population (King, 2016) which presents the largest growing consumer group since the Baby Boomers. Millennial’s are often looked at as the cash-cow of market segments due to this size and younger age (longer consuming future). However, many reports suggest that this group of consumers is often the hardest to reach. Within this large generational consumers are thousands and thousands of individual segmentations. This group, with its large market size and spending ability, …show more content…
They are not getting married as early (chart A) and possibly never in the traditional marriage of the previous generation. The Baby Boomer segment had a marriage rate of 91% (Murphy, 2015) yet the forecast for the Millenials may be closer to 70% (Murphy, 2015) the value of marriage has changed substantially which influences the values of the entire country. Living together and having children rather than the traditional view of marriage then children changes how you create a marketing message. The value change in marriage will also affect how my retail furniture business is going to view marketing and buying for the next twenty years. In retail furniture sales, we’re looking for a consumer we term a “nester.” This customer is buying for a living space that involves more than a futon and a milk crate table lamp, but rather a fully furnished home with multiple rooms. Marriage and adding children create the most organic “nesters” as the needs of the consumer develop with their household changes and require less marketing to create a desire or perceived need. If major living arrangements such as marriage and children are reduced our marketing team will have to focus on what changes are happening that will trigger this action. It will require more work to create the want for the consumer rather than a more natural …show more content…
The Millenials will be the generation with the highest percentage of college education (FRY, 2015) in the current marketplace. Higher education and a higher level of awareness have caused a shift in the values from the previous generations in the commitment of one 's self-involvement in the world. Millennials think about how their actions impact the world around them.
Millennials are very aware of the impact they play in the environment they live. In my furniture retail world, we have customer’s now asking about such things as the content of materials, recycling and recycle up (reuse of material that was once scrap) and even the green statements of our company as a whole. The attributes of green products help Millennials overcome factors that are not so directly associated with a product 's performance. Green purchases allow a Millennial customer to overcome emotional (Muposhi, 2016) and socially challenging reluctance to a decision. If we circle back to the analysis of marriage with the Millennials; even the way that weddings are celebrated have changed to address the value of making the world better. There are thousands of websites and personal pages dedicated to creating a wedding celebration using green or reusable materials. Millennials feel less guilty making purchases, celebrating and consuming