For older generations – advancements in information technology especially in the way that we now communicate with each other can seem to be evolving at a dizzying and sometimes bewildering speed. However, millennials – those who started on their journey towards adulthood in the year 2000 are much more comfortable with the rate of change in IT.
These people have also embraced technology in a way that may seem alien to many, from Generation X who were born into a very different world in the early 1960’s through to the mid 70’s.
For one thing the ever increasing rate of social media evolution comforts Millennials rather than challenges them. A recent survey of U.S. Millennials showed that nearly 40% of them were felt like they were ‘missing something’ if they did not check their Facebook page or Twitter at least once a day (www.bcgperspectives.com).
But it’s not the use of current technology that makes Millennials so important to companies that are launching new technologies. The ‘Boston Consulting Group (BCG)’, one of the world’s leading research companies found that the majority of Millennials viewed themselves as ‘tech savvy’ and they had the buying habits to prove that.
Millennials are extremely quick to adapt new technologies, including new gaming devices and the latest smartphone releases. They are also adept at multitasking when it comes to using the digital devices that they purchase, which in itself drives them to seek out the latest technology that they can use to multitask.
Another report by the Acuity Group on www.pcworld.com found that new technology draws Millennials like a moth to a flame. For instance Millennials are extremely interested in wearable tech with 36% of them saying that they would be investing in this type of technology in the next five years.
The Internet of Things (IoT), with its promise (and one could say emerging reality) of having interconnectedness among devices becoming a central part of people’s lives is also being driven by Millennials. More than half of all Millennials for instance say that they plan on buying devices that leverage IoT in the home within the near future.
The Biggest Spenders
According to Forbes Magazine, Millennials are not only the largest generation in the world – they’re also the biggest spenders. An article in the online issue of the magazine states that by 2017 Millennials will be spending $200 billion annually in the U.S. alone – and a lot of that spending is going to be on technology.
Marketers and manufacturers need to remember one thing about Millennials – they love tech advancement, but they also expect that the tech will work perfectly when it is released. With the abundance of choices that these consumers have to select from, any company that wants to take advantage of Millennials spending power better has to get it right first time.