In fact, obsessive focus on any generation is business-limiting. I have nothing against Millennials, I have two as daughters but the current obsession over this Generation is madness.
This wonderful article from the New York Times discusses the utter nonsense of if all.
The article references a report from Forrester titled beautifully; “The Kids Are Overrated: Don’t Worry About The Millennials – Why eBusiness Pros Risk Missing A Bigger Prize” (US$499).
The report states what many of us know but marketers turn a blind eye to; that “consumers in their 20s were overwhelmed with educational debt and that those baby boomers were more affluent and bigger spenders, unhip though they may be”. Sad but true.
The Forrester report continues; “Even today, retailers are obsessed with young consumers and their interests, proclivities, and spending habits. Misleading media and hype lead eBusiness executives to believe that these changes are somehow different from anything that’s happened before, and that they must address these generational variances immediately or perish”.
What will it take for the marketing industry to wake up!?
We advocate marketing to lifestyles not age silos. Sure there are some uniquenesses but there are more similarities.
A ‘Millennial’ researcher said he focuses research efforts on “generational context, not generational silos.”