Consumer demographics are changing. Baby boomers and Generation X are no longer the only age groups making key business decisions and purchases. Millennials (Generation Y) and Generation Z are becoming the dominant consumer demographic with buying power that is exponentially increasing.
Millennials spend $600 billion annually in the United States with a $1 trillion dollar influence in consumer spending. Generation Z is already at $100 billion in buying power and that will continue to increase in the years ahead.
B2C companies may be the expected industry that benefits most from this influence, but B2B companies are also experiencing the importance of competing for this audience. Millennials and Generation Z are employed in professional positions that influence business purchase decisions for products across an entire organization.
Both groups are also digital natives and have grown up with the rapid iteration of technology. As early adopters, they create trends and curate the success of brands and products. This influence also means that companies need to evolve and communicate in parity.
Millennials have learned to communicate through multiple channels, whether that’s a phone call, texting, email, apps, or social media. Generation Z is a true digital demographic, always experiencing a high level of connectivity. Combined, these demographics are always online, always connected, and expect a similar level of communication through every interaction, business or personal.
This is why it’s so vital that companies understand how to communicate with Millennials and Generation Z based on their preferences. Learning these strategies and applying them to customer support will help deliver an effective customer experience not just for these demographics, but their customers as well.
Our e-book, The Expanding Wallets and Purchasing Influence of Millennials and Gen Z will outline:
- The current and emerging influence and purchasing power of Millennials and Generation Z
- How Millennials and Generation Z technology and communications preferences are reshaping customer support
- Keys to providing these consumers and efficient and effective support experience