American Millennials: the enigma generation. Otherwise known as Generation Y, the Millennials are those born between 1981 and 2001, the largest generation in America since the Baby Boomers. Now that the population segment is growing up, more and more researchers, analysts, and corporations are studying the Generation Y’ers, working to identify their habits and spending patterns as they recognize that they make up roughly 25 percent of the U.S. population, and have an annual direct spending power estimated at $200 billion.
The problem? No one can seem to understand them. According to a study conducted by Barkley in partnership with The Boston Consulting Group and Service Management Group, Millennials are starkly different than their older counterparts because they grew up in an era with great wealth and significant technological advancement. This affects the way they communicate, interact, and spend their money, and that in turn affects the way they contribute to spending and the U.S. economy.
Companies and restaurants are now especially feeling the Millennial affect because the population dines out and purposefully spends in ways more different than ever, and now that their spending power has increased, companies have no choice but to follow suit and appeal to them the best way they know how.