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Millennials and Their Spending Habits: How It’s Shaping the World

Millennials and Their Spending Habits: How It’s Shaping the World

Millennials, also known as Generation Y, the 80’s and 90’s kid or those born between 1980 and 2000 are slowly changing the world economy as we see it today. By far the largest generation comprising of more than 70 million individuals in the United States, overtaking the population of baby boomers, Millennials are the most influential and promising group in shaping the modern world.

Their influence felt in areas such as science, math, and arts is redefining various industries, creating waves of change, and breaking ‘traditional ways’ to cater their new way of thinking and ideologies.

Having been raised during the time of rapid technological growth, Millennials have the most influence over old generations and are considered the biggest trendsetters of our world today. Despite being career-driven, skilled, and highly educated, Millennials are often considered financially doomed and unstable.

Graduating and going into adulthood during the economic recession, Millennials spending habits are affecting the economy in large measures especially in areas of marketing, finance and technology.

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The Death of Ads

Decades ago all you need to do was pour your money into advertising and your brand is setup for success. However, today, this isn’t the case anymore. Millennials and their incessant craving for authenticity have come to understand how sneaky advertisements can be. More often than not, messages used by advertisers are known to trigger emotional rather than rational responses among consumers.

It’s no wonder Millennials don’t trust commercials, and are often the ones who avoid and despise adverts in Facebook and other websites. Although, not generalizing, a  baby boomer might fall prey to adverts masquerading as good deals all over the media, but a millennial will be wiser and will know even in just one look which advert is authentic or not. This is not only making advertising a lot harder for companies, it’s also making them reevaluate their traditional marketing methods.

Brands and Social Media

It should also come as no surprise that Millennials prefer brands that interact with consumers on digital channels. Nowadays, it’s almost customary for brands to have their own Facebook and Twitter pages. Millennials want brands to be participative in terms of their experience. They want to engage with brands to learn more about the products.

The thing is: Millennials value authenticity. Content is good, but lack of authenticity may lead them to draw back from trusting a company or a site. They want blogs that connect with people. This is why social media is as much a growing industry today more than it was decades ago.

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The Rise of Online Shopping

The traditional way of shopping is slowly becoming a thing of the past. The convenience of online stores is drawing Millennials and making it hard for in-store retailers to keep up with their digital competitors.

Millennials are so fond of purchasing online; they would gladly wait a few days to get their order delivered, than to march on to the nearest mall or supermarket. Online shopping also allows them to be selective and be able to review their options wisely.

Renting vs Owning a House

The fall of economy has made a major impact on Millennials, many of whom are still having a hard time paying off their student loans, living with their parents, or are currently underemployed. This makes renting homes a far better option to this generation.

Millennials who are now in their early 20’s or 30’s are on the phase where they’d like to get married and start a family. However, they can’t afford to both start a family and own a house at the same time. Traveling which is a common millennial dream prevents them to settle down and buy a house of their own. All this makes renting a far better option than owning a house. .

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Growth of the Sharing Economy

Much of the sharing economy’s growth can be attributed to the Millennials. Millennials find the sharing practice not only thrifty, it’s also a great way to reduce consumption and space in the world. Think about it, why would you need to buy a house if you’re going to travel all the time? Why would you buy a nice ride, if you can ride one for a cheaper option?

James O’Connell, CEO of JDP, explains this behavior of Millennials from a mental standpoint.

He says, “Millennials believe in making a difference with their spending habits… Companies like Uber and Airbnb are doing so well because their business plan taps into that mindset so completely.”

Brands and Their Positive Impact in the World        

By nature, Millennials are inherently cosmopolitan. Growing up on the period of globalization and boom of technology, they are more attuned and interested to global issues. Thus, they also love to view their purchases through a global lens. In a recent study, Millennials were found to purchase more environmentally or socially responsible products and love to donate their money and time on charity.

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Brands have to give back something to society. At least that’s how Millennials believes it should be. Millennials are tired of corporate greed, after the world’s recovery of one of its largest financial crisis – they want to see more sharing and giving.

Through their unique but progressive ways, Millennials are preparing the world for the future. Everyone has their own opinions about this generation – but one thing is for sure: they are calling the shots now and the world will just have to listen.

Featured photo credit: Bench Accounting via unsplash.com

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Armela Escalona

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Last Updated on December 2, 2018

7 Public Speaking Techniques To Help Connect With Your Audience

7 Public Speaking Techniques To Help Connect With Your Audience

When giving a presentation or speech, you have to engage your audience effectively in order to truly get your point across. Unlike a written editorial or newsletter, your speech is fleeting; once you’ve said everything you set out to say, you don’t get a second chance to have your voice heard in that specific arena.

You need to make sure your audience hangs on to every word you say, from your introduction to your wrap-up. You can do so by:

1. Connecting them with each other

Picture your typical rock concert. What’s the first thing the singer says to the crowd after jumping out on stage? “Hello (insert city name here)!” Just acknowledging that he’s coherent enough to know where he is is enough for the audience to go wild and get into the show.

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It makes each individual feel as if they’re a part of something bigger. The same goes for any public speaking event. When an audience hears, “You’re all here because you care deeply about wildlife preservation,” it gives them a sense that they’re not just there to listen, but they’re there to connect with the like-minded people all around them.

2. Connect with their emotions

Speakers always try to get their audience emotionally involved in whatever topic they’re discussing. There are a variety of ways in which to do this, such as using statistics, stories, pictures or videos that really show the importance of the topic at hand.

For example, showing pictures of the aftermath of an accident related to drunk driving will certainly send a specific message to an audience of teenagers and young adults. While doing so might be emotionally nerve-racking to the crowd, it may be necessary to get your point across and engage them fully.

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3. Keep going back to the beginning

Revisit your theme throughout your presentation. Although you should give your audience the credit they deserve and know that they can follow along, linking back to your initial thesis can act as a subconscious reminder of why what you’re currently telling them is important.

On the other hand, if you simply mention your theme or the point of your speech at the beginning and never mention it again, it gives your audience the impression that it’s not really that important.

4. Link to your audience’s motivation

After you’ve acknowledged your audience’s common interests in being present, discuss their motivation for being there. Be specific. Using the previous example, if your audience clearly cares about wildlife preservation, discuss what can be done to help save endangered species’ from extinction.

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Don’t just give them cold, hard facts; use the facts to make a point that they can use to better themselves or the world in some way.

5. Entertain them

While not all speeches or presentations are meant to be entertaining in a comedic way, audiences will become thoroughly engaged in anecdotes that relate to the overall theme of the speech. We discussed appealing to emotions, and that’s exactly what a speaker sets out to do when he tells a story from his past or that of a well-known historical figure.

Speakers usually tell more than one story in order to show that the first one they told isn’t simply an anomaly, and that whatever outcome they’re attempting to prove will consistently reoccur, given certain circumstances.

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6. Appeal to loyalty

Just like the musician mentioning the town he’s playing in will get the audience ready to rock, speakers need to appeal to their audience’s loyalty to their country, company, product or cause. Show them how important it is that they’re present and listening to your speech by making your words hit home to each individual.

In doing so, the members of your audience will feel as if you’re speaking directly to them while you’re addressing the entire crowd.

7. Tell them the benefits of the presentation

Early on in your presentation, you should tell your audience exactly what they’ll learn, and exactly how they’ll learn it. Don’t expect them to listen if they don’t have clear-cut information to listen for. On the other hand, if they know what to listen for, they’ll be more apt to stay engaged throughout your entire presentation so they don’t miss anything.

Featured photo credit: Flickr via farm4.staticflickr.com

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