Commentary

How To Win The Respect Of Affluent Millennials

by Alexis DeVilling , Op-Ed Contributor, September 30, 2015

Move over, Boomers. You may have more money (for now), but Millennials have more people. According to the U.S. Census Bureau, Millennials now represent more than one-quarter of the nation’s population with 83.1 million people, compared to 75.4 million Boomers. And in a short time, Millennials will be the generation with the most financial pull.

Source: Money Matters: How Affluent Millennials Are Living the Millennial Dream, The FutureCast

That being said, how do brands attract this ever-so-illusive generation? Easy. Understand their wants and needs, and make their lives easier by solving an everyday problem. Some people say Millennials feel entitled, but there’s definitely more than what meets the eye. For example, Millennials…

have strong brand loyalty.

desire quick, but accurate results.

have high expectations.

are passionate about civic causes.

are plugged in and highly engaged on social media.

Here are a couple of brands that are doing it right:

Starbucks Mobile Order & Pay

Who doesn’t love a pumpkin spice latte on a cool fall day? Okay, maybe that’s just me. But what happens when you’re in a hurry to make it to work on time and can’t afford to sit in the drive-through for 20 minutes? You order ahead, obviously. And with Starbucks’ mobile app, you can have your favorite beverage or snack waiting for you. With no added cost, it’s a no-brainer.

Blue Apron

Now that we’re living on our own, we’re faced with a new challenge. Cooking. We grew up loving mom’s home-cooked favorites, but we don't have the time (or, frankly, skills) to whip up pan-seared scallops with mushroom risotto from scratch. That’s where Blue Apron hit a home run. They deliver original recipes weekly, with pre-portioned fresh ingredients, straight to your door. So easy, my husband could do it.

If you’re hung up on where to start, there are three marketing objectives you should focus on right away to attract this demographic:

Be authentic and genuine
Keep it simple and effective
Solve a problem

Let me know: What other consumer-facing brands do you engage with because of their ability to accomplish these three goals?

2 comments about "How To Win The Respect Of Affluent Millennials".

Check to receive email when comments are posted.

Ronald Kurtz from American Affluence Research Center, September 30, 2015 at 3:17 p.m.
The author makes some statements about millennials that conflict with what other market observers have said and some that do not seem to be documented by research. I wonder if there is any reliable research that would help to better understand whether (and when) millennials will ever be an important market for luxury products.

It seems that a luxury marketer would want to focus on market segments that are good sources of current sales if their company's financial results (and their personal performance) are evaluated on a quarterly and annual basis. Why would they want to give a lot of focus to a market segment that may be large in numbers but 10 or 15 years away from being able to afford true luxury, if at all, given their slow start on a career due to the recession.
Reply

Alexis DeVilling from CTP, September 30, 2015 at 5:53 p.m.

Thanks for the feedback! The article was written more for brands that are hoping to appeal to the affluent millennial audience. Could be any brand, but not necessarily luxury brands. Affluence is considered having a HHI of $150k+ I believe, so they really can't afford much luxury at that amount. Also, it's an opinionated article since I fall within this category. It's a large age range in this generation, and the market is up. In 10-15 years I'll be in a prime spot to spend money, so why not build brand affinity now?