Cashing in on Millennials

Screen Shot 2016-08-15 at 4.44.07 PMIt’s the term that marketers hear in their sleep. Millennial. All anyone can really talk about capitalizing on lately is the Millennial market.  Bank of America Merill Lynch recently published 8 trends they found among Millennials and how they shape some great investment opportunities. The trends are listed below, but my take on these trends of course run back to the mobile aspect. There are trends, yes, but most of the trends and opportunities that lie ahead for marketers are in the ability to tap into each from a mobile perspective. We know that the Millennial generation has had the most exposure to the digital world and its now easier to reach them through mobile than any other channel.

  1.  Millennials love devices, e-commerce, online media, games and wearables. BofA thinks Facebook, King Digital, Netflix and Pandora are good ways to play the trend.
  2. Consumers- “Generation Me” loves to shop for clothes and spend on beauty and cosmetics. Play the trend with Asos, H&M, and Urban Outfitters.
  3. Drinking, dining and health & wellness- Millennials favor healthy eating, quick and casual restaurants plus online dining options. Oh, and they like working out. Play the trend with GrubHub, Adidas, Asics, and Chipotle.
  4. Households- Millennials have been delaying buying houses but that might soon change. BofA reckons home-ownership rates are bottoming. Bed Bath and Beyond, Lowe’s, and Williams-Sonoma are poised to benefit.
  5. Financials- Millennials are all about online banking and low-cost financial solutions such as the new crop of robo wealth-advisors. Play the trend with American Express, Discover Financial, eBay and Visa.
  6. Education – Millennials are the most educated generation in history and that’s likely to continue thanks to a tight labor market. Play the trend with Chegg, DeVry, Pearson, and Adobe.
  7. Women -Companies poised to benefit from the spending of millennial women include Children’s Place, Coach, Michael Kors and CoverGirl, according to BofA.
  8. Sharing Economy -Millennials favor sharing services for everything from car rentals to hotel rooms and self-storage. Play the trend with Airbnb, Lyft, Rent the Runway, and Kickstarter.

 

Whether considering drinking and dining, finance, or clothing, all of the trends above link strongly back to mobile activation and ensuring that brands connect with this generation through the mobile device. Without taking a mobile-first approach, these investment opportunities become meaningless and will fall by the wayside in just a few years time if they even last that long. The brands that truly capitalize on the Millennial generations desire to use mobile technology to facilitate their everyday tasks and leisures will be the ones that clearly separate themselves from the rest of the pack and dominate the new connected economy.