Millennials
The generational group known as millennials, often referred to as Generation Y or Gen Y, is the one that follows Generation X and comes before Generation Z. The generation is often characterized as persons born between 1981 and 1996, with the early 1980s being used as starting birth years and the mid-1990s to early 2000s as ending birth years. The majority of millennials are the offspring of baby boomers, and early Gen X millennials frequently serve as Generation Alpha’s parents.
Millenials in South Africa
The South African Millennial is in the rare position of having the outlook and aspirations of Millennials in the first world while also being aware of the constraints and socioeconomic considerations associated with living in a developing country.
“Millennials from South Africa are a unique breed. The South African Millennial is a target population that reacts to increasingly inventive forms of advertising since they live in a9 developing third-world country yet have the hyper-connectivity of their first-world counterparts, according to Michelle Storey, founder and CEO of Tradeway.
Facts about Millenials in South Africa
A poll of millennials in South Africa was conducted by Cosmopolitan in 2017. The results of this survey were as follows:
- 195 million Millennials live in the country.
- 78% of the population are economically active because they have jobs.
- 96% of people are bank account holders.
- 62% of people have made purchases outside of their means.
- 62% of people are saving money for something.
These figures aim to demonstrate that Millennials are not only active customers but also strive to advance in society. Millennials will make up 50% of the workforce by 2020.
They have a lot of purchasing power because Millennials make up a sizable portion of the current workforce. This indicates that they are a key industry to target, according to Greg Martin.
Millenials and globalisation and internet
The internet and globalization, however, have created a world where Millennials are extremely linked. Trends change faster than even the biggest corporations can keep up with them. A new type of experimental marketing is necessary because of this culture of high-speed enthusiasm followed by obsolescence. The new TV or billboard is branding via social media and other digital marketing channels.
They have a lot of purchasing power because Millennials make up a sizable portion of the current workforce. This indicates that they are a key industry to target, according to Greg Martin.
Conclusion
Despite being called narcissists and hedonists, they are very conscious of how their brand choices affect other people. They will think about how brands affect the environment and other people, and they will pay close attention to regional expressions. They are searching for less complicated answers to their complex life’s challenges, and their quest for authenticity necessitates that businesses be open, truthful, and consistent in the narratives they present. They expect a brand to provide them with much more than function and that included in the benefit package is a memorable experience that they can post, tweet, and tell because in their opinion, “if it isn’t on social, it didn’t happen.” With 65% agreeing that experiences are more important than possessions (compared to the 50% norm for South America), they expect that a brand gives them much more than function.
