As I have been working on best ways to market The Book, I have been reading lots about the Millennials; you know, that “loves to spend money on electronic gadgetry” generation born between 1981 and 2000. There are 56,000,000 of them and they are the second largest demographic behind us aging Baby Boomers whose spending power is shifting into reducing, passing down, and preserving.
We Boomers used to get all the focus from companies marketing products and services because there were so many of us and we loved to spend money. And while we had tremendous buying power, they have $170 billion in buying power and that will grow as they continue to advance in their careers.
So, I’ve done a little digging and here’s what I’ve found. I think these statistics might also help you as you target your book and speaking topics and marketing strategies:
61% are white; 19% Hispanic; 14% African American; 5% Asian American
and the famous 1% of Others
62% of their household incomes are below $50,000
Only 19% have graduated from college; 44% plan to graduate; and an amazing 37% have no college plans.
Affluent Millennials (earning more than $100K) love the internet and spend almost 40 hours a week there, visiting an average of 15 sites per month. 81% access Facebook daily. 63% use social media to engage with brands and more than half say that FB, blogs, and brand videos on You Tube affect their product opinions.
Now, here are more jawdropping stats:
They say they only spend 14.6 hours a week spent watching TV!!!! What a change from the Baby Boomers!!
They read 10.2 magazines per month and listen to only 5.1 hours of radio.
42% watch TV shows on line and 27% watch movies online.
Only 21% of this group is married; only 36% own a home and 41% still live in their parent’s home. And since they don’t have a mortgage, they love to spend on fashion, home decor and luxuries. This group is still put off by marriage. For this group, career, networking, and personal fulfillment is #1. For the most part, they group up affluent and have high expectations about spending. Because of the internet, they have very informed buying decisions.
So, how do we reach this group? Doesn’t seem like our tried and true old marketing techniques will be very effective. I don’t own a Kindle (yet!) but they do and they own them in droves. This group has short attention spans and have a constant need for stimulation.
They don’t seem to me to be a generation ready to read Catherine the Great or War and Peace. But, we marketeers are a savvy group and we know they can be had through the wizardry of electronics.
Keeping these stats at the forefront of your mind as you write and bring materials to market might help move you towards success. As I think back over the CIPA meeting, I don’t believe there were any Millennials there and I chuckle as I remember so many of us Boomers trying to understand the nuances of social media! But, we’ll figure it out…we’re a clever generation, we aging Boomers!!
And so life goes…on and on.