What is a Millennial, you ask? Well, we’re not talking about flowers here. While there is no universally agreed upon time frame, the Millennials (also known as Generation Y) is a term that generally includes people born in the 1980’s and early 1990’s, sometimes including those born as late as the year 2000. There are an estimated 8 million or more Millennials in the Malaysia alone.
That makes this group slightly larger than the Baby Boomers, born between 1946 and 1964. The Millennials are three times the size of Generation X and more than one-third of the Malaysian population!
Quiz: What stopped the Baby Boom? Answer: The advent of the birth control pill!
The Millennial generation is a major contributor to the economy.
In the US alone, Millennial spending has increased from $270 billion in 2009 to over $306 billion last year. Yes…that’s a BILLION!
In contrast to older wealthy consumers, high-net worth Millennials define luxury brands much more in terms of: (1) Loyalty programs, (2) Experiential factors, (3) Unique offers. They think differently, they act differently, they are well-networked and are highly computer/technology literate.
So if you need help programming your DVR or setting up Facebook or Twitter account…call a Millennial!