Blog for restaurants and gastronomic entrepreneurs

6 characteristics of Millennials so that the offer of your products or services can conquer them.

6 characteristics of Millennials so that the offer of your products or services can conquer them.

Millennials are young people born between the eighties and early 2000s, today they are between 10 and 30 years old. They represent more than 30% of the Latin American population and they have become an important and potential market for brands. They are the consumers of today and tomorrow; a substantial market with new characteristics, needs and demands that must be attended, studied and analyzed to reach them effectively.

 Millennials, a new generation of consumers, do you know how to attract them?

1 Priorities

Millennials' priorities are determined by a level of importance from highest to lowest; health care, generate money, have time to enjoy with the family and work on something that generates satisfaction, according to information from the Nielsen Global Study.

2. Consumer - Prosumer

Millennials have a close relationship with technology, they use it to buy, expand their knowledge, communicate and establish relationships with others. This power of communication turns them into prosumers, capable of influencing the public that is part of their social networks and in a general way, causing changes in the supply and demand of the market.

3. Experience, a fundamental part of the purchase

Millennials prefer to consume experiences rather than goods. The satisfaction of feeling cuddled and special is one of the main characteristics of this generation. We recommend you transmit the added value of your product or service, in your sales messages, in order to persuade them. According to the magazine Forbes, Millennials are more critical, demanding, and volatile than other generations. 86% stated that they would stop doing business with a company due to a bad customer experience.

4. Personalization

Being different, expressing their ideas and opinions is a way of representing their identity, in this way the millennials manifest themselves. Companies that want to reach this market must forget about the standardization of their products and offer a renewed image of their brand. We recommend promoting strategies that activate identification processes in which this segment usually acts to achieve recognition of your brand. Personalizing the service and distinguishing the different generational markets will be decisive for the success of your marketing strategy. 

 

 

5 Finance

Millennials are not concerned with their long-term finances, they are concerned with their present. They think about entrepreneurship and investment alternatives. They manage their money well, and are demanding when it comes to consuming, for example: when choosing their food, they take care of knowing what the type of food is, what it is made of, where it is produced. Somehow, they are always analyzing how they can have access to higher quality to meet their needs, even if they have to pay a little more for the product or service. 

 

6. Food consumption habits

According to their financial characteristics, millennials are willing to pay for quality food, regardless of price. Staying healthy is one of their top priorities, they watch what they eat and seek to be fit. According to the study carried out by the firm Nielsen, Millennials have the habit of eating out at least once a week. The survey found that 6 out of 10 millennials (58%) eat out, twice as many as Baby Boomers, represented by 29%. 30% of millennials eat out three or more times a week and 73% are willing to pay more for a product, if it is environmentally sustainable, compared to 51% registered in older generations.


  

Now you know some of the characteristics of millennials, currently there are studies and research that go deeper into the subject, with this information you can make your products and services in this important market segment and thus increase your profitability.

IF this information was useful, do not forget to share it