Millennials. Both the baby boomers and Gen Xers will one day be passing the reins to the Millennials (also called Generation Y or the echo boomers). Born between 1977 and 2000, these children of the baby boomers number 83 million, dwarfing the Gen Xers and larger even than the baby boomer segment. This group includes several age cohorts: tweens (aged 9–12), teens (13–18), and young adults (19–32). With total purchasing power of more than $733 billion, the Millennials make up a huge and attractive market.
-Millennials have fluency and comfort with digital technology.
-Millennials were the first generation to grow up in a world filled with computers, cellphones, satellite TV, iPods, and online social networks.
-91 percent of Millennials are on the Web, making up 32 percent of all U.S. Internet users.
-77 percent of Millennials frequent social networking sites and 71 percent use instant messaging.
It's true. The Millennials are the digital generation. Without technology busting at the seams entering the 2000s and the way of life it brings, the purchasing power wouldn't be that great in numbers. I agree with the ability to use social media has shifted marketing strategies to focus on multiple facets of the consumer's needs.
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