Millennials have grown up. Generation “Y”, also called “millennials” are an active part of the world economy. In fact, it is estimated that by 2025 they will represent 75% of the world’s labor force. Precisely those born between 1982 and 1996 —some say from 1980 to 2000— are moving the economy and shopping within the digital landscape.
A few days ago a brief arrived at our agency to carry out a special campaign: the target was focused mainly on decision-makers millennials, who are already financially independent. People between 27 to 40 years approximately.
It is not the only brand: some more that we have in our agency, Los Magicians, are focusing their efforts on this specific target. And is not for less: [repito este dato que me parece fundamental para entender dónde estamos parados] it is estimated that by the year 2025, they will represent 75% of the workforce worldwide. 3/4 of the jobs on the globe will be taken by millennials.
Gone are the briefs from agencies and brands that were intended to speak to millennials because it was “the new fashion”, the “new target” trend. Now they are the ones who make the decisions on product issues: they are the decision makers and, in turn, they are the perfect buyers who drive e-commerce in the world.
And the numbers continue to grow. Only since 2020, according to AMVO data, e-commerce purchases have increased by more than 150% in this market segment. Even more: it is expected to continue in absolute growth in markets such as Mexico and the rest of Latam.
Nor was it for less: those born between the 80’s and 90’s are those who have grown up in a digital, hyperconnected world and have seen online commerce evolve. They are seeing the huge retail crisis pass and now they prefer to buy in just a few clicks, waiting for their product instead of going to the physical point of sale.
Generation Z, the youngest born around the year 2000, some are barely finishing university and are the ones who lead the global trend in terms of lifestyle: they are the first to be born without the digital bias: they were born immersed in the internet, social networks and streaming; but they still don’t have the purchasing power that millennials have accumulated. Not only that, the most influential social network that moves the world today, TikTok, belongs to generation Z, neither more nor less. However, they do not move the economy like their predecessors, the millennials.
It is these, who move the economy of the shows, concerts almost punctual. They were the first to subscribe to Netflix and the age group between 25-40 years represents approximately 80% of subscribers, according to data from the sigma2 portal. The same goes for Amazon Prime and HBO Max. Precisely, the highest percentage of subscribers on Spotify are between 25-34 years old, which represents 56%, according to Statista. Similarly, among that same age range, they are 34% of e-commerce buyers in the world, according to Statista. Then follows the range of 35-44 with 30%. And far is the age segment from 18 to 24 with only 11%.
The statistics do not lie: millennials are the generation most willing to make purchases online and, not only that, to move the economy. An example that is a clear example is the Mario Bros movie, whose income exceeds 1,000 million dollars. He’s basically a character who was born, raised, and matured alongside the world’s millennials. They are the ones who have appealed to the “revival”. They are the ones who consume products, subscribe to digital services, buy products or services online and a thousand other things.
In this sense, they leave the way ready for the next generation when it fully incorporates into the labor and economic world. But… I am left wondering if the hyperconnectivity of generation Z will not play the other way around for e-commerce (and they prefer to return to the physical store, perhaps). In the end, we won’t know for a few years.
Meanwhile, millennials continue to contribute and give people something to talk about.