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How The Millennial Mindset Impacts Purchase Decisions

How the Millennial Mindset Impacts Purchase Decisions

Whether you agree with the way we do things or not, millennials have changed the game. As a result, understanding the millennial mindset is crucial to marketing success.

Formative experiences and values

We grew up being told that the only way for us to make a living was to get an education, but that same education is now drowning us in debt. We entered into a job market that was unstable and ill-prepared for such an influx of people. Relationships seemed doomed to fail with divorce being a 50/50 shot across the board. As a result, we are a generation of cynics from a broken economy, feeling an eternal nostalgia for the ease of the ‘90s.

Our values are born from watching our parents work their 9-5, come home, make dinner, and still wind up divorced. We have a solid work ethic, but value a healthy work-life balance. We believe that if we’re working 40+ hours a week, that job needs to lead to something bold and beautiful. We’re not happy just punching a timecard.

Tech savvy

We are digital natives who grew up in tandem with with technology — we watched as dial up and AIM gave way to wifi and Facebook, as social media came into existence and smart phones became ubiquitous. We learned to use system after system, absorbing and internalizing information every step of the way until we developed a seemingly innate understanding of technology.

Values-based purchase decisions

Most of us have a side hustle, which means we have more than one source of income. We base our purchase decisions on word-of-mouth recommendations and are more likely to purchase a product if we engage with the brand on a social network. Why? Because we are a generation of consumers who value authenticity and community, with an emphasis on the triple bottom line: people, planet, and profit.

Appealing to the millennial mindset

What does this mean for you? It means you can’t afford not to keep up with millennials — after all, we make up the majority of today’s workforce. And we’re hungry consumers, wielding $1.3 trillion in annual buying power in the U.S. alone. We seek out brands and companies that give back to their communities, treat their employees with respect, and craft products and services that are not only functional, but also meaningful.

At Macleod & Co., we know how to target this market because we are this market; we understand the millennial mindset and can teach you how to tailor your approach for your millennial audience.

Written by: Meg Vondriska, Social Media Coordinator. Macleod & Co. is a premier full-service Twin Cities marketing agency, with a special emphasis on digital, brand and the strategy that unites the two. We partner with businesses of all shapes and sizes, from startup hustlers to established empires, to create and execute strategies that deliver results.

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