The media (and its audience) love a demographic, and it’s really interesting to see how traditional media refers to millennials vs baby boomers. I am a millennial (just) and to be honest I am over reading about avocados and millennial pink (although, full disclosure, I do love both).
There was a really interesting article in The Financial Times today looking at how, far from being a small part of the economy, millennials are now becoming the driving force. “We don’t think of them as special or different any more. They are the core of our business,” Alan Jope, from Unilever is quoted as saying.
The article explores how millennials are transforming the economy, from consumer products (turning away from bland mas market major FMCG brands to smaller more independent products) to how products are marketed (with the obvious rise of social media to advertise, promote and start conversations).
I was also interested to read this morning about £190m investment in Workspace, a major co-working space, to support its growth and expansion as demand for flexible working space continues to increase. We’re certainly seeing a rise in co-working spaces and members clubs in terms of where we as a team, and our clients work and hang out.
The FT article discusses the demand for shared experiences across every area of life, from working in spaces like Workspace or going to events like festivals together. I definitely think this move towards experiences over objects is something that will continue to shake up the economy and approach towards spending.
As millennials continue to grow up and acquire greater spending power and influence, the ways we work, play and live will continue to evolve. No longer relegated as a niche group, the millennial mind-set is influencing everything, and with technology and investment to support new innovations, things are going to continue to change, disrupt, and hopefully get better.