Millennials are no longer the young, unemployed and underpaid generation. In fact, many millennials are well into their 30s and purchasing their first homes and starting families. Greater financial security and desires to settle down with roots have made millennials the key target audience for businesses across multiple industries. As an entrepreneur on the hunt for a new business, one should definitely consider the purchasing power in the hands of this generation.
For one, consider buying a business with a service or product that caters to the needs of millennials. You might ask yourself, why millennials? Here are five reasons why millennials will dominate the market.
1. Millennials are the longest living generation
On top of accounting for ¼ of the entire US population at 83 million, millennials have a longer life expectancy than any previous generation. In fact, experts are thinking that millennials will live past 100 years. Because of this, creating products that are more long-term will be more appealing to these consumers.
2. Millennials are eco-conscious
Millennials are very concerned about investing in businesses that are striving toward greater sustainable practices. If you want to be relevant to this generation, be sure to market your green initiatives and other environmental corporate social responsibility (CSR) projects.
3. Millennials are earning more; spending more
Beyond graduation and entry-level positions, millennials are beginning to move up in the steadying job market. Although many have student loans, projections show that as they pay off loans and earn higher salaries, their purchasing power could reach $1.4 trillion.
4. Millennials are well-educated
Millennials have had greater access to education - with increased Internet courses and more women and minorities enrolling in universities. Marketing to an educated demographic means offering high-quality content that can educate can be far more appealing and more likely to sell.
5. Millennials are filled with wanderlust
Finally, millennials love to travel. If your company can offer an experience or product with a global focus, it will be attractive to this generation. On top of wanting to travel, millennials are more aware of different cultures and have a curiosity beyond their four walls. This generation will invest in products or services that make them feel cultured.
At the end of the day, millennials are a generation to watch. With increased salaries and spending power, definitely invest a good portion of your marketing budget on them. If you are on the hunt to buy a new business, make sure it is one with products or services that are sustainable, have a global focus and proven longevity.
Transworld Business Advisors Houston has a network of businesses that might be perfect for you. Contact your Transworld Houston team to begin the process of finding your next millennial-friendly business!