In order to serve the millennial- generation customers, companies need to acquire the right business intelligence on them. Studies have confirmed that millennials are not a unified generation themselves, but can be segmented further in to seven sub- groups. These groups may be classified on the basis of value, quality and image. The first of the groups are the Economizers. For them, the brand value does not matter, but economic deals do. The next are the Risk- avoiders. They are amongst the youngest within the group, part of the lower income group, and rely heavily on referrals. Then there are the Diligent Loyalists who ensure control over many aspects, while remaining well- informed on the latest of products. The Premium Enthusiasts are among the most educated within this group. They are highly brand conscious. YOLO- ers want to enjoy each day of life, more than anything else. Showcasers are among the wealthiest. They love flaunting their new purchases on social media, so they are the dream for digital marketing pros. Explorers are the first movers. They shop at specialty stores, do not mind paying a premium, and love experimenting on newer brands or products.

Source:https://www.mckinsey.com/industries/retail/our-insights/cracking-the-code-on-millennial-consumers

Uploaded Date:17 July 2020