Millennials are educated, technologically savvy, civic oriented, conscious, global citizens and very entrepreneurial. With such good qualities, why did they change the outlook of marriage, doorbells and even napkins? There is only one reason for this major change, it’s the fact that convenience and time saving is more important to this generation of people.
According to research changes in 2018 thanks to the Millennials include-
- Slow demise of restaurants due to rises in deliveries. This is mainly because of the rise in mobile applications which encourage quicker deliveries.
- Changes in what constitutes a luxury good. Millennials would rather spend on weekend trips, wine tours and relaxing spa days. Millennials find buying diamond rings and expensive cars a mere waste of money.
- Changes in the concepts of gyms. Gyms with just plain old working out equipment will not do, Millennials are seen to need extra facilities such as juice bars and childcare facilities along with places of hanging out with friends.
With such changes in lifestyle and trends, it is important for people to adopt accordingly. It is not very easy for a business to survive if they don’t take into consideration innovation and a change in policies. Businesses are slowly dying as they are not looking at the wants and needs of the highest population of the world which is the Millennials.
Companies such as Chime has worked on Millennials growing need of a mobile only bank and has thus been successful in its initial years in gaining 750,000 Millennials.
Millennials have some great characteristics such as being more financially savvy than others like Gen Xers and Baby Boomers. This is according to a survey of Bank of America. This shows that they are not as careless as the world makes them seem to be.