Everyone knows about the Baby Boomer generation and how large it is (it has ‘Boomer’ right in the title). Much has also been made about how these Baby Boomers are about to enter the 65 and older age bracket. There are 75.4 million people that make up the baby boomer group, but Millennials, a group encompassing individuals ranging from the ages of 14 to 32, is made up of 83.1 million people.
Millennials currently spend $200 billion each year. If that isn’t a large enough reason for marketers to be paying attention to them, there’s more. The goods and services that Millennials buy are highly varied, as The Huffington Postreports. Cars, financial services, appliances, wedding planning, entertainment, and clothing items all fall within the scope of what a given Millennial might purchase in a given year.
But what about when Millennials find themselves in the position Baby Boomers are currently in? Will they still be as valued? The short answer, unless what is being marketed is a product for seniors, is no. As long as there is a new, younger generation that has not yet built brand loyalties to goods and services, there will always be other groups to focus on.
While Millennials might be having their day in the sun right now and feel like the prettiest girl at the dance, it is just a matter of time until they are replaced by the younger, higher spending Generation Z.