Sunday, 11 January 2015

The Millennial Population Controversy (Part 1 of Millennial Population and Fashion)

Perhaps no other generation in the United States is as misunderstood as its "Millennial" population (born between 1980-2000). This is the population that was most affected by the depression that hit in 2007 and was the first generation to grow up with technology such as home computers and laptops, mobile phones, and high-speed internet. They are also more diverse than previous generations, with almost one-half identifying as non-white Hispanic; one-fourth speaking a language other than English at home; and more than one out of seven being foreign-born. Millennials also recognize and believe in the importance of online relationships, also referred to as "elationships" more than previous generations.

Millennials are sometimes seen as self-centered, disloyal to companies, underemployed, and immature. Some companies even prefer not to hire them while others may only hire only millennials when attempting to reach this generation. Finger pointing does go both ways, with millennials blaming the baby boomer generation. Others simply blame the current time in history and the rise of increased technology. Ironically, according to one study, it seems that the overwhelming majority of the baby boomer generation does believe millennials have new skills and ideas to offer the workplace.

When it comes to finances, millennials have more college debt than any generation before them, but they are also the most highly educated. After graduating from college, many end up underemployed or unemployed with a lot of financial debt. This leads millennials to seek creative ways to save money, make money, and invest money for their future. A high amount of millennials moved back home with their parents after college or had roommates in an effort to save on rent. Many millennials are putting off buying a home and getting married due to financial and economic concerns. They are careful with how they budget expenses, care about being involved in their community, believe it is important to invest for retirement and more than half dream of becoming entrepreneurs.  They are also more likely to buy healthy, cheaper foods than more expensive, processed alternatives and do not trust credit cards. Millennials that seek to invest or are looking for someone to invest in their idea may seek non-traditional routes of funding and advice such as social media.

While writing this article, I came across what I believe to be an insulting view on stereotypical psychographics of various generations published by Target. You may view it here. I highly recommend contacting Target to let them know how you feel about their "marketing guide". While you are at it, I strongly encourage you to review this article written (in 2013) about their "inclusion and diversity" pamphlets that come across as exclusive and racist- the very things the documents are supposed to help their business avoid.

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