This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/06/21/why-businesses-must-grasp-millennial-thinking-or-face-economic-calamity/
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by Gui Costin, author of “Millennials Are Not Aliens: …but they are 80 Million Americans Who Are Changing How We Buy, Sell, Vacation, Invest, and Just About Everything Else“
When it comes to shopping and buying, the Millennial generation appears to play by its own rules.
And businesses that fail to understand the Millennial mindset are destined to fall behind their competition – and perhaps plummet into irrelevancy.
Millennials are changing how we buy, how we sell, how we vacation, how we invest, and just about everything else. If you’re running a business, you have to pay attention to how they think and act.
Millennials are the generation born roughly from 1981 to 1995, meaning that the older millennials aren’t that far from 40. There are about 80 million Millennials, or nearly one-third of the adult population in the U.S. – and that’s a lot of buying power.
Millennials grew up under very different circumstances than Baby Boomers and Generation X, though, and the way in which they came of age greatly influenced them.
One example is their relationship with technology.
All of us, regardless of which generation we belong to, have been impacted by technology. But the generation most affected by the digital, connected world are the Millennials. You could think of it this way: If technology were a geyser, Baby Boomers and Generation Xers have been sprayed by its impact, but Millennials got drenched.
And their natural use of technology transformed the way they act as consumers.
Bargaining is a part of their process. Because they are facile with technology, they rely heavily on their cell phones to price shop and hunt the best deals.
There’s plenty that businesses need to understand about Millen… Read More
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