What do Millennials care about? It might not be what you think.
By Rieva Lesonsky
It’s a given if you’re selling anti-aging products that your target market should be boomers and seniors. However, new research from Mintel tells us that 57 percent of Millennials (or Gen Y) are afraid of getting older.
The report also shows that Millennials are meeting the aging challenge head on—62 percent are “doing all they can to fight the mental signs” of aging while 60 percent are fighting the physical signs. If you sell products or services aimed at the anti-aging market, you’re likely overlooking this demographic based on their relative youth—but it’s a good idea to add them to your marketing mix.
Millennials are also preparing for the financial side of aging. Sixty percent agree they’re right where they should be in life and 56 percent say they are already on the right track when it comes to saving for retirement. However, 66 percent feel that they should be doing more to prepare for the future, but don’t know how. That means there’s a lot of opportunity for financial advisers or other financial services to target this generation. Mintel’s Dana Macke, a Senior Lifestyles and Leisure Analyst, says there’s also an opportunity to help Millennials “jump-start the home-buying process.”
Millennials, says Mintel, like to be in the know: 50 percent like to keep up with trends, 53 percent stay on top of tech trends and 38 percent follow social media trends. Millennial parents are the trendiest of all: 57 percent of them stay current with tech trends.
The older Millennials are in their 30s; the youngest are still teens, so there’s plenty of time for them to earn—and spend—more money.