The Millennial Myth and Why it Matters
Millennials, you know those young, lazy, selfish twenty somethings posting pics of the banh mi they ate for dinner last night. Often referred to as GEN Y, millennials are people who were born between the years 1981 and 1996. Which means those millennials aren’t so young anymore. Wake up america, your millennials are now between the ages of 25 and 40. This, amongst other misconceptions, barely touches the surface of the millennial identity. As millennials start to get older and the baby boomers are dwindling down, millennials make up the largest segment of our population in American history. So its extremely important for businesses to know who they are, what they want, and how to market to them. We’ve uncovered the truth behind 4 of the most common misconceptions people have about the millennial generation in the year 2021:
Question 1-TRUE or FALSE: Millennials are young.
Answer- FALSE! Millennials are born between the years 1981 and 1996. After doing the math you will realize that millennials are between the ages of 25 and 40 years old. This might seem young to you depending on how old you are, but the reality is that millennials are much older than people realize. Which means they are buying houses, having children, paying taxes, investing in 401(k)s, running businesses and buying health insurance.
Question 2: TRUE or FALSE: Millennials Don’t Want to Work.
Answer :FALSE! Millennials have become the driving force in our market and economy and represent 35% of our labor force today. By 2030 that number is expected to more than double.
Question 3: TRUE or FALSE: Millennials are Lazy.
Answer: FALSE! Millennials are now more than ever putting those super savvy digital skills to work for them. It is common for millennials to be making money off of multiple revenue streams. In addition, now that they are in their thirties and forties, many millennials are starting to have children and build their own families. Unlike previous generations, millennials aren’t quitting their day jobs to do so. Juggling multiple responsibilities, millennials demand convenience and choose brands that help them be more productive.
Question 4: TRUE or FALSE. Millennials are selfish.
Answer: FALSE! Millennials are labeled ‘self-centered’ because they look out for their own wants and needs, but millennials are also socially conscious. They demand eco-friendly, sustainable products and back brands with social responsibility. They know how to voice their opinions and use platforms on social media to promote change.
As millennials become the largest generation in history to contribute to our economy, businesses are already experiencing huge shifts in product development, marketing strategy and messaging. Businesses who will be successful are those who help millennials be more productive, more kind to our planet and our people, and more purposeful.