Millennials are a new demographic

If you are alive and breathing you have been affected in one way or another by the presidential election of 2016. The election seemed to define two of America’s major voting groups. On the one hand, hard-working middle class Americans. On the other, what may seem like a newly emerging demographic; a young, college educated, optimistic and energetic group called “millennials”. While the middle class Americans won the Electoral College vote and the election, millennials carried the day in terms of the popular vote. Because of the size of their numbers and their future unlimited earnings potential, it is critically important to look at the consumer preferences of millennials to see if there may be franchise business opportunities available to meet their consumer needs.

Millennials view themselves as global citizens rather than nationalists. They see the planet as in need of rescue and are willing to pay higher taxes to be environmentally responsible. Millennials are primarily concerned about minority rights, race relations, gender equality, and sexual equality. You’re more likely to see millennials reading the news on their smartphone and using social media platforms like Facebook, Twitter, Reddit, and the like, rather than reading a newspaper. They buy the majority of their products online rather than from brick and mortar stores. Services, like ordering food or getting a cab, are done via smartphone apps. Watching movies online has replaced going to the theater. Texting with friends and business associates has replaced telephone conversations. Millennials are working online making YouTube movies, self-publishing e-books, and traveling all over the world. They are untethered from the binds of being married, having children, or owning a home.

Smart entrepreneurs will make understanding the consumer needs and market franchise businesses to the tens of millions of millennials in the years to come a priority. The target market of millennials are a new and sophisticated demographic and it is critical you understand the new media that they pay attention to.