People are making a big deal about millennials. Why? Because they represent a group described as ‘one of the largest generations in history.’
Their combined numbers (estimated at around 92 million as compared to only 61 million from Generation X, even significantly bypassing the population of Baby Boomers at 77 million) make them a force to contend with especially as a consumer and labor group. Indeed, one Goldman Sachs report put it quite well: millennials are “poised to reshape the economy and how we do business.”
This age group comprise people born in the 80s and the 90s, and have peculiar characteristics that would pay well to understand, including the top 5 little known traits listed below:
1.They don’t feel like they “owe” anyone. Especially not loyalty.
According to one study, two thirds of millennials intend to leave their present jobs in four years while a fourth intend to do so in two years. While this seems to show an absolute absence of allegiance, they are however, moved by uncompromising values and intend to follow an organization or institution that stokes this sentiment.
2.They would be the biggest users of real-time ride sharing services.
This would be bad news for car makers but a pleasant surprise for ride sharing services like Uber. According to a Forbes story, instead of purchasing vehicles, millennials are spending their money on public transportation. This consumer force is around 80 million in the US alone.
3.There’s a big chance your real estate agent is a millennial.
A CNBC report says that this generation has a very strong entrepreneurial spirit – and this reflects in industries like real estate where people make money from sales and not from a fixed salary. The National Association of Realtors in the US has said that ” more (young) people entered the real estate profession this year than in past years, with 20 percent of members reporting one year or less of experience.” The story also says that more millennials are house sellers than house buyers.
4.They are very opinionated.
Chris Altchek, co-founder and CEO of Mic, says that “Millennials are a group of people who have a voice and wanna hear themselves talk.” This doesn’t sit well with “managers who expect their teams to fall in line” but good for companies that encourage open communication.
5.Companies pay big money to understand them.
According to a Fortune report people like Lisa McLeod, a 52-year-old millennial expert, charges $25,000 just to tell corporations how to reach out to millennials. She charges an extra $5,000 to show interactions with her 23-year-old millennial daughter Elizabeth. If you think this sounds like good business, you could look into “inter-generational consulting,” staffed by “millennial experts” that help others understand all about this age group.
Considering that companies like , Coca-Cola and Oracle have invested a lot to do exactly this, perhaps so should we.