Let’s face it — millennials get a bad rap.
The popular cliche is that they’re me-focused, narcissistic or unmotivated, but the truth is, they battle steep hurdles today that other generations didn’t face. Beyond that, they tend to be confident, informed, savvy, tech-centric and very knowledgeable consumers. They’re highly entrepreneurial, and some even believe that millennials may just be a world-changing force to challenge convention and save the earth.
Within the bill payment space that my company tracks closely, millennials are much more likely to embrace mobile solutions that give them flexibility, and they are also more likely to choose convenience that fits their lifestyle over brand.
Also referred to as Generation Y, millennials are generally defined as being born from the early 1980s up to the year 2000, and are coming of age or in the prime of life today. The youngest millennials are now headed off to college, and the oldest are almost 40. Not only is this group the largest population segment in the U.S. today at over 1.7 billion, but research shows that it will remain so for decades.
In other words, millennials are a huge and important potential market for your business, and they constitute an audience that’s very much worth reaching.