Move over, Baby Boomers... Millennials consumers are influencing how companies go to market and operate. The millennium generation
promises to be a compelling force as its members come of age in the 21st century.
The number of children under 18, who constitute this up-and-coming group, is greater than the number of kids during the height of the baby boom. Millennials consumer legal agenda likely to include community and labour rights. Millennial Consumers focus on issues that represent the interests of the community as a whole over those of the individual. Individual rights issues will be in decline.
While millennials are activists, they will be culturally conversative and fiscally liberal, unlike their boomer parents. That means a reintroduction of class politics and a return to labour and collective bargaining issues.
Who are Millennial consumers?
Millennial consumers are the youths in the new generation born between 1978 or 1995 or between 1982 and
They are referred to as echo boomers and generation Y, but most call them millennials because they will come of age in the 21st century.
By the numbers alone, these kids promise to reshape the country in every aspect of life, including the law. They are the first generation since baby boomers that is socially conscious.
Millennial consumers are demanding a seamless, real-time payments experience. Retailers and their ecosystem partners must ask themselves if they meet the requirements of Millennials and in time, the wider population.
Millennial consumers are the only generation that has been environmentally indoctrinated since birth. They are on the forefront of sweatshop issues, union support, child labour and volunteerism.
This is a very activist-oriented, independent-minded generation. But, Millennials are also changing how we consume products and are a driving force behind m-commerce and the rapidly changing payments environment.
Evidence of the millennial consumers social consciousness exists on many issus around the country, such as:
- 37% millennial consumers are willing to engage in beneficial "tracking" by retailers.
- 41% millennial consumers have made a purchase from their smartphone.
- 52% millennial consumers have used the mobile phone as a payment device at the Point-of-sale (POS).
- 79% millennial consumers would switch payment device/type if incentivized correctly.
Dont't mistake the millennial consumers as a return to the 1960s, however.
Although the children of this millennial generation are known for actually liking their parents, they are by no means trying to follow in their footsteps.
In fact, they are more likely to mirror the actions of their grandparents or even great-grandparents.
Generations tend to fill the role of the generation that is dying. Right now the social role available is that being vacated by the GI generation.
The GI generation, those born between 1901 and 1925, is known for its idealism.
It is hard to say... what extent to which millennial consumers willuse the legal system as a means to achieve their goals remains to be seen.
While the baby boomers see the law as a means to right or correct the world's wrongs, Millennial consumers have a different view drawn from watching the Bill Clinton impeachment, O.J. Simpson and South African Olympic athlete Oscar Pistorius trails.
That is not something that brings reverence for fairness of law. The law needs to find a way it can be a force for societal achievement.
Ultimately, it may take the new generation - millennial consumers to change the legal profession.
History defines generations, but generations also define history. It may take the millennial consumers to change things. It could be a redefining opportunity for the law.
In any attempt to predict the future, the forecast usually depends on who is holding the glass ball.
There is no way to predict what kind of imapct the generation will have on the future, legal or even the payment buzzwords - Blockchain, Millennials, and Software-as-a-Service (SaaS) could have a significant impact on the payments industry in 2020.
In fact, if forced to guess, it could easily predict that these millennial consumer youths will be even less socially conscious as adults than they are now.
Millennial consumers are not interested in politics. They don't read the newspaper, may be online news.
It's a generation that seems very uninterested in social problems. There is no reason to think this generation will be socially aware. The evidence we have suggests the contrary.