There is a population swell in this country; a demographic coming of age so prevalent that businesses – including chiropractors – would be remiss to ignore them. No, I’m not talking about the Baby Boomers entering their golden years but Millenials. Defined as Americans 18-33 years old and sometimes also called Gen Y, Millenials will bring a massive influx of profits and loyal lifelong patients to any DC who caters to their needs. But for chiropractors to bring them into the fold, their marketing needs to adjust accordingly.
The attitudes, values, and behaviors of every generation reflect their shared experience and this has never been more true than for America’s Millennial Generation. Having survived the Great Recession, finishing school with record debt, and entering the working world amid challenges of globalization, Millenials are still somehow inordinately optimistic, ready to influence our economy en masse.
They can be financially cautious or even fickle, prefer to communicate via technology but still get information via word of mouth or single person perspectives, but one thing is for sure – to know Millenials is to love their business, and smart chiropractors are already focusing on winning them over as consumers for the long-term.
Millenials by the numbers:
Millenials are defined as a generation born between 1980 and before the early 2000s, now approximately 18-34 years old.
There are about 80 million Millenials in the U.S., compromising 24% of our population.
Right now, Millenials are the largest generation on the planet.
Every day, approximately 10,000 Millenials turn 21.
They are best-educated generation of any in American History, with 1 out of 3 of older Millenials having a four-year college degree or more and 63% of Millennials earning a Bachelor’s Degree.
Millenial buying power:
By 2030, Millenials will make up 50% of the U.S. workforce.
Together, they represent $200 billion in annual buying power.
By 2020, they will comprise the majority of the workforce, and it’s estimated that their annual spending will double by then.
By 2015, Millenials are expected to spend $2.45 trillion annually and by 2018, Millenials will spend $3.39 trillion, eclipsing Boomers with the most spending power of any generation.
Attract Millenial with traditional advertising? Think again:
Only 17% reported a TV ad prompted them to make a purchase, while 43% like more than 20 brands on Facebook.
Only 1% of Millennials surveyed report that a good traditional advertisement will make them trust a brand.
In fact, Millennials report viewing traditional ads as “inauthentic” and automatically tune them out, click away, or fast forward whenever possible. 68% are not swayed by celebrity or star endorsements.
43% of Millennials value authenticity highly when it comes to getting news, information, or recommendations over the content of traditional ads alone.
Winning Millenial loyalty:
While some have questioned their allegiance because of their dismissal of traditional advertising, 60% of Millenials are often or always loyal to brands that they currently purchase.
62% of Millennials are more likely to become a loyal customer if a brand or company engages with them via social networks.
Millenials use of social media:
63% currently stay updated on their favorite brands through social media.
50% of Millenials use multiple tech devices to research and make consumer decisions. In fact, 87% of Millennials use between two and three tech devices at least once on a daily basis and nearly 75% of Millenials research products or services they are considering purchasing online – including chiropractic care.
When doing research before making a purchase, 33% of Millennials rely heavily on blogs, often by individuals.
Millenials welcome interaction:
42% of millenials report that they’re interested in giving feedback and ideas to companies to develop products and services in the future.
Businesses who want to make a big splash with Millenials would be wise to offer loyalty and reward programs, as 77% of Millennials reported participating in those programs and 78% are more likely to purchase from a company who has them.
Once Millenials like and trust a brand and have a good experience with their products, they are eager to spread the word and share recommendations with their peers, often through social media.
Who do Millenials want to do business with?
Millenials expect their businesses to exert a positive impact on society. 75% of those surveyed report that it’s either fairly or very important that a company gives back to society instead of just making a profit.
The vast majority of Millenials report that they love brands that support their communities, and are also interested in local and smaller retailers, as well as organic and green products.