The millennial generation, which is defined as those born between 1981 and 1996, now constitutes almost three quarters of the US workforce and has as much buying power as all the other generations put together. In these turbulent times, it is imperative that American businesses understand how this generation ticks and taps into their needs and tastes, as without millennial clients, a business is never going to have anything more than niche appeal and success.
The wellness generation
One of the key reasons marketers segment generations in the way that they do is that each has its own specific priorities. In particular, there is usually one primary driving priority that exemplifies each generation.
For example, baby boomers were born in the shadow of post-war austerity and were driven by acquisition – to possess a big house and a nice car, for example. Gen-X have more of a focus on work/life balance, while for millennials, more than 50 percent place a high priority on health and wellness, placing it second only to family in their priority list.
From food to vapes – everyday wellness
The majority of millennials treat wellness as part of their daily routine. Preparing healthy meals from fresh ingredients is more likely to be a matter of habit and the fast food / ready meals market needs to prove its healthy credentials or be left behind.
Similarly, vaping is commonplace among millennials, who favor it to the less healthy habits of older generations. For example, Hamilton Devices is a CCELL Distributor and its online distribution channels are aligned specifically to millennial buying habits via ecommerce and dropshipping sellers.
Wellness applies to careers too
The concept of wellness is about more than eating and vaping habits. Career wellness is a phrase that businesses are bumping up against more than more. Business that want to retain the best staff and keep churn to a minimum need to both understand and embrace it as a philosophy.
Millennials have a reputation in some quarters for displaying less loyalty and a greater tendency for job-hopping than previous generations. That’s true to an extent, but it is most commonly seen in the longer established companies.
There is certainly an argument that newer businesses that have a more collaborative and flexible ethos see less turnover among millennial employees than more “traditional” businesses that are hierarchical and more focused on rules and clock-watching.
Tapping in to millennial values
A business cannot change its ethos overnight. However, companies that have been around for a long time and that tend to lose young talent sooner rather than later should put some thought into aligning better with millennial values.
Examples might include the following:
- Rewards based on achievements not hours worked.
- Flexible / hybrid working options.
- Casual dress code, at least for back of house.
- Wellness tools and benefits as part of remuneration package.
Ultimately millennials are verry different to other generations. Proctor & Gamble proved that this can present opportunities with a little sideways thinking, so there is more to be gained than damage mitigation.