To anyone who isn’t from the millennial generation, it can be difficult to understand just what makes these individuals tick and how they are impacting our world. However, any true business professional knows that a key component of successful marketing is knowing the market inside and out. Therefore, as a manager, it is important to look at just how these individuals are transforming our world, and how you can increase profits and create a new demographic interest.
The Auto Industry: “Driving” Us Forward
Although it may not be apparent, millennials have changed the auto industry in more ways than you might think. In fact, from the way they utilize their vehicles to the things they hope to see in a vehicle, the impact is nothing short of massive due to the auto industry’s need to remain competitive in a changing market. The primary way these young individuals have changed the industry, however, comes in the way they are choosing to use these vehicles. In the past, various other generations chose cars that were for town travel and light commutes whereas the millennial generation often focuses on choosing cheaper, older cars that are reliable when it comes to long-distance travel. The reason for this is simply the allure of the “Instagram travel lifestyle”, as I like to call it (using photos and videos on Instagram as a model for what you want your life to be like).
Nowadays, young individuals have a certain desire to “do more” in their lives. The average millennial longs to travel, make a difference in the world, and live a life that is more extraordinary than their parents’ lives before them. One of the main reasons this is the case is because of how the internet has connected our world. By connecting various countries and people to one another, it has made travel a much more highly discussed topic and made exotic locations far more enticing. When young individuals see others online enjoying their lives in ways past generations wouldn’t simply be able to, these people become antsy to do the same and feel that level of freedom. Therefore, a desire to travel has overpowered our world and our youth and, in turn, the RV, truck, and van industries have skyrocketed.
For instance, our culture refers to trucks as an American pastime nowadays as working on them and living within them is becoming so popular and transforming into a new American lifestyle. In fact, Ford, Chevy, and Ram trucks were the top three selling vehicles in America in 2016. These trucks are popular not just for their durability and stability, but also because they can carry travel trailers behind them, as well as be equipped with campers. With travelling across America becoming such a common thing in the younger generation, cars that match this lifestyle are essential and the auto industry has provided accordingly.
Similarly, with the rise in popularity of travel planners and similar software, and a decrease in the price for overseas flights, the auto industry has chosen to create efficient, eco-friendly vehicles to entice the younger generation into buying their vehicles — rather than using other various means of transportation, such as trains, buses, and planes. With these environmentally friendly alternatives and built-in travel guides, it is no surprise that the auto industry is greatly affected by yet another industry the millennials have transformed in more ways than one in the last few years as well.
The Tech Industry: The IT Crowd
Perhaps one of the most affected industries is the tech industry, where many millennials have chosen to work tirelessly in the name of advancement and greener solutions. With this change of focus, we have seen countless new inventions dedicated to making our world a better place, including the electric car, green energy solutions, and even food alternatives for poverty-stricken locations throughout our world.
More than ever, we as a world are coming together to fight against all of the things we once thought were harmless, but soon found were quite the opposite. In fact, currently, America is the leading nation in pollution with over 5.4 billion metric tonnes of CO2 emissions each year. The influence both millennials as well as the tech they create has on our development is astounding.
However, the largest way millennials have influenced the tech industry comes in the way they utilize technology as a whole. The two most important factors to the average millennial regarding tech are convenience and innovation. It simply isn’t good enough that technology stays at the same level as it was years ago; millennials understand that and strive to be a part of tech advancements every day.
Because of this, we have been able to not only create highly advanced medical equipment, helpful apps for people with disabilities, and even cars that drive themselves, but also have been able to make life far more convenient in the process. It is now easier than ever to know anything you could possibly want to know thanks to Google and, although the era of libraries is still not obsolete, this access to knowledge has actually made our world smarter and more connected in the process. However, with so many young influential minds making big impacts in our world, the job industry is by far the most affected industry and business has never been better.
The Job Industry: Working For The Man No More!
The job industry is the foundation with which innovation and success is built. However, in the past, the job industry has been somewhat close-minded and freedom was certainly not the name of the game. Despite this, countless millennials have chosen to stand up for freedom and respect in the workplace and the outcome has been a more successful and flourishing economy dedicated to the future of employee engagement and the future of mutual respect. For instance, not only have they created a workspace that encourages collaboration and innovative thinking but they have also created a workspace that is free from gender and racial bias likewise. In the past, it has been fairly hard not to see the absurd gender pay gap, but now women are finally being hired for administrative roles and getting the recognition they rightfully deserve.
Furthermore, companies are now embracing any and all races and controversial cultures including refugees, creating a diverse work space that embraces its differences as strengths, rather than weaknesses, as their predecessors did before them. Because of this, companies are finally able to make a difference in the world, free of borders and stereotypes. This is the primary reason these young individuals and their ideals in business are so vital. As a manager, we must understand that tradition is not always the best approach in business. Therefore, by hiring these young minds to transform your business, you can not only flourish as a company, but also have a fresh perspective on exactly what these young vibrant people hope to change and improve upon next.