Changing Consumer Behavior: Role of Millennials
Individuals born in between the year 1980 to 2000 are termed as “Millennials”. They are considered to be the largest baby boomers of all time. This research stands true for most of the countries around the world along with our own country India. As a population of 1.3 billion people, 90 percent of them are millennials. This is the reason why they are the most important group of the consumer category. They have a big involvement in the apparels, consumer staples, and household products. Over the coming years, their spending will increase by 15 percent by simply getting older and the new demands they make along with it.
Technology has impact on the growing trends and markets. Along with the impact it also changes the demands of the people. People tend to buy new products every year. This shows an important aspect of consumer behavior and tells us how people tend to change their mindset with the advancing technologies. People discuss all the new trends and fashion over social media. This brings a huge impact on the customers going for various brands of clothes, different types of clothes and what kind of fashion trend they want to follow. Not just apparels and electronics market, each and every field of market which involves consumer needs to keep track of the consumer behavior and the changes associated with it.
Social media review has become common these days. Organizations have separate departments to monitor social media influencers and work on the decisions of consumer behavior accordingly. Price comparisons are done by the millennials frequently. These price comparisons affect the business drastically. People always look for cheaper prices and discounts.
The approach to understand the consumer behavior plays a vital role. Organizations need to have a proactive approach and understand the requirements of the consumer and how it changes rapidly.
“If a person wants to know how to sell, they need to know what the consumer wants.”
Alisha, Good article. It would be great if you will share the sources of the stats mentioned in the blog and keep writing.