This modern generation is filled with enthusiasm and zeal. They are extremely determined to leave an impact on this world. Believe it or not, they ARE making a huge impact. Especially in the business world. The modern generation consists of millennials in their late 20s and early 30s, and Gen Z, who are teenagers reaching their early 20s. These two sectors have become extremely influential in recent times and are part of the demographics of major companies.
As per the stats, the millennial generation is the largest age group in the US today, and their spending power is increasing by the year. The millennial generation is currently the most influential demographic in the US. As per the stats, they have the largest spending power, and this is expected to reach $200 billion and more by 2021. Millennials hold immense power in the business market. This blog will look at some of the changes being made by young consumers on the business landscape and how the eCommerce world revolves around them.
It is undeniable that the youth of today have an immense impact on the current market. Millennials and teenagers entirely dominate social media. Companies must have these two sectors in their bag for success via social media marketing. For instance, Facebook Ads are extremely useful for companies and their growth. Reports state that the largest age group on Facebook are from ages 24-33, comprising 26.3% of the entirety of Facebook.
TikTok, which is becoming massively trendy in recent times, has become a definite source of marketing for companies. Several major businesses and sports teams are part of TikTok to promote their content. Who watches their content? There are 100 million and more monthly active users on TikTok. Out of this, 80% of them are between ages 18-34. This is almost the entirety of the demographics.
There is a clear dynamic shift in the current market, leading to the youngsters coming to the top of the consumer chain. Teenagers, especially, are major target groups for huge companies. Facebook was seeing millions of teenagers shift and leave Facebook. This led to multi-billion acquisitions of WhatsApp and Instagram by Facebook. That is how impactful teenagers were. The trends are decided by the teens, they are followed by the teens, and if your company is not up to date with them, you lose them. It is as simple as that.
Another reason for young consumers being so impactful is their tendency to be early adopters. They catch up on trends way quicker than the older people do, giving them the edge needed to leave a clear impact. Tech companies heavily rely on teenagers for views and clicks due to the youth being heavily invested in their own devices. More time spent on their phones translates to spending more time on their product for major companies.
As mentioned above, major tech companies like YouTube and Snapchat clearly have youngsters as their target audience. They rely on them for views and likes. But these tech giants are not the only companies that rely on young consumers. There are several other companies that target teenagers and millennials for their growth. Let us look into what companies choose young consumers as their market.
The fashion industry is a massive appeal to the youth. Meghan and her company Meghan Fabulous have captivated the youth with their dazzling collection of dresses and accessories. Today’s youth are heavily influenced by social media and want to feel confident in their own skin. Meghan’s company provides a myriad of collection that provides exactly the same.
Famous celebrities have honed Meghan Fabulous clothes and have shone remarkably in social media. Social media marketing is a major form of bringing in customers for Meghan Fabulous, and they have brilliantly made us of it to bring in customers organically. Most of Meghan Fabulous’s demographics include millennials that want to feel confident and beautiful.
Meghan has a huge social following, too, which comprises so many young consumers looking up to Meghan and staying inspired. Meghan has been truly inspirational as she truly, with her soul, believes in the line, “I just want to use my art to make women feel confident and beautiful.” Meghan has been doing truly remarkable stuff in her career.
Traveling is another rising market where young consumers have been extremely enthusiastic. One such company that has been an important part of the traveling culture is NxTSTOP Apparel. Founded by Brendan Kennedy in 2016, NxTSTOP provides a functional and eco-friendly way of traveling. NxTSTOP is made for the traveler by a traveler, says Brendan Kennedy.
The youth are heavily inspired by online influencers traveling around the world. The eagerness to travel has increased dramatically in recent years. Brendan paves the path for such youngsters to travel safely and provides an eco-friendly way to do so too. Brendan believes in adventures being the best form of meeting people and feeling amazing. But it is important to feel comfortable while doing it.
NxTSTOP provides an array of collection which follow a sustainable growth. This ensures the world that is to be traveled by the youth stays safe just like the travelers themselves. Brendan Kennedy’s thoughtful and caring nature is the core of NxTSTOP and has evolved into an amazing brand for young traveling enthusiasts.
We have already established that the fashion industry is a huge market that has young consumers as their majority. Pawz brilliantly captures the essence of it while combining it with dogs. Pets have always been loved by the youth and the old equally. Pawz has a clear mission in hand – to save dogs that are mercilessly killed in shelters. They do this by combining it with fashion and bringing the best out of both worlds.
Pawz stands for a noble cause, and the youth want to stay fashionable and leave an impact on the world. Pawz is the best place to do both. They love the youth show for pets is immense. Julian Quintaes is the CEO of Pawz and believes in doing the best for the people and their pets. Pawz has truly refined the social service/business and become one of the best in the fashion industry. They believe in keeping you stylish while you help them save the dogs in shelters. Remarkable cause being run beautifully by Pawz.
Technology is evolving rapidly, and the youth are adapting to it just as fast. There can be no argument when we say that the youth will always be the biggest market hereafter. Several companies have become obsolete because of staying to their traditional ways and not adapting to the modern world. More than 305 million startups are being started every year. This is the new generation. This is the modern era. The torch has been passed on to the youth, and they are adamant in holding the torch till the end.
To answer the question of whether this trend will continue, yes, it will continue for several more decades to come. It cannot be defined as a trend but rather a generational change that has been created due to technology. Embrace it, take it all in, and believe in the youth. They are the trendsetters and the future of businesses.
It is difficult to embrace technology and use it in your business. The power the youth hold is immense. To not use it to your advantage is a major sin. Therefore, we at Enalito can help you understand your audience better. We can help you understand your youth market and the mindset of young consumers. Help us help you in the best way possible.