Who's your customer in 2027?
Before I tell you, do you know who your customer is now?
It's the same person, Millennials.
Since I started working shows I've heard about the awesome customer of days passed.
I think this happens in everything. It was always better back in the day. It's true though, more money was spent on antiques and collectibles and there was more of an understanding of the history and nostalgia.
At first, it felt like everyone thought that the same customer was out there, but just not shopping with them anymore.
What really happened and IS happening is the baby boomers have stopped shopping and started retiring. That's not to say Boomers don't want to buy anything but it's sure not what they were buying 30 years ago.
In 2016 Millennial's became the number one earning segment in the Americas. But millennial's are different than Boomers and not by choice.
They don't have the same access to jobs and wealth that Boomers did. The days of a life long job at one company with amazing lifetime benefits, pensions and promotions are gone. There are some, but it gets more rare daily. It's taking longer to get a job and costing more to go to school. Tech is moving faster than humans and it's changed and will continue to change the job market long term.
Millennial's are waiting
They live with parents longer to save and are waiting to get married. They are waiting longer to have children. They have a more student loan debt than any other generation. This is our new customer.
In 10 years Millennials will still be the number one revenue generating segment in America. They'll have more money at that point and be more established so they will have more money to spend.
Big difference, today right now
(and it is only going to get stronger) is that millennial's prefer messaging as preferred way of contact.
The Internet is also where they go to decide what to do this weekend and get their news. It's where they go to communicate. It's EVERYTHING.
Millennials aren't dumb and they don't have bad taste
They have the most potential for embracing and understanding that vintage is cost effective, higher quality and holds it's value. It's up to us to show them what's so great about it. The nostalgia, the unique piece with a history. Millennials have to
Have you noticed? Are you ready to embrace and get to know Millennials? Let me know in the comments!