From Delta T Solutions: Civic-minded, cause-oriented, solution-focused, entrepreneurial, ambitious, idealistic do’ers. These are all words commonly used to describe your new customer, the Millennial generation, adults ages 18 to 34, who are also called Generation Y and “Echo Boomers.”
The children of Baby Boomers and Gen Xers, Millennials are the last generation born in the 20th century. They’ve grown up digital and they’re fully plugged in. They have close relationships with their parents and many still live at home after completing their educations, searching for jobs and returning for advanced degrees and consequently, even deeper student loan debt. The recession has hit this generation hard, teaching them some real-life lessons that they’re not going to make 60K out of the gate.
But from a lack of economic security has sprung creativity and entrepreneurial jobs. More members of Generation Y are starting businesses than earlier generations. A recent report states there are 80,000 bartenders in America with bachelor’s degrees, a job that provides decent money while allowing young adults to further their education and pursue creative interests. Meanwhile, a 2012 report by the Kauffman Foundation, reported that 29.4% of entrepreneurs were 20 to 34 years old, and roughly 160,000 start-ups a month were led by Millennials in 2011.
MONEY + CONSCIENCE = PERFECT CUSTOMER
The school of hard knocks has taught Millennials the benefits of hands-on work and as a result, this generation has become less elitist than their parents about any distinction between white and blue collar jobs. Instead, this generation feels a general sense of distrust for large organizations and government, with their mantra focusing more on the Triple Bottom Line: people, plant, profits.
Millennials like getting their hands dirty and working outside. They are concerned about the environment, and they value local business and enjoy cooking and experimenting with new foods. And despite their high student loan debts and disproportionate earnings, their values make Millennials more likely to spend more money on food (read: produce) that has been grown locally and sustainably by a small grower or community farm than from traditional grocery chains. Or, they’ll be creative and use the space they have to grow their own. Long story short, they’re your ideal customer.
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