Why brands need to pay attention to the needs of the millennials and create appropriate marketing strategies?

Abstract

Millennials, also called Gen Y (defined as those born between 1982 and 2004) constitute 27% of global population, and 34% of Indian population, and play a dominant role in driving consumption demand in consumer markets in India. Millennials spend heavily on necessities, education utilities form their monthly incomes, but most of their additional incomes are spent on consumptions in entertainment, dining, apparels, accessories and electronics. About 60% of all guests who booked accommodation through Airbnb are millennials. They spend generously on personalised consumer experiences and hence brands that cater to their customized ETBrandEquity Published On Jun 19, 2019 at 05:55 AM IST Read by: 824 Industry Professionals Read by 824 Industry Professionals 14/02/2024, 19:47 BE This Week: Why brands need to pay attention to the needs of the millennials and create appropriate marketing strategies?, ET BrandEquity https://brandequity.economictimes.indiatimes.com/news/marketing/why-brands-need-to-pay-attention-to the-needs-of-the-millennials-and-create-appropriate-marketing-strategies/69844090 3/20 tastes and fit into their lifestyles and values would thrive. For example, one-third of Indian millennials use fitness apps on their smartphones, and almost half think that healthy lifestyle is essential. For F&B category, moving into nutrition and health based foods and drinks would increase not only the category but also their respective market shares. For personal care segment, the growth would be driven by organic and nature-based products. IIMC Library Clipping Service: Opinion Pieces Source: News: Online: Economic Times (Brand Equity) Dated: 19-06-2019 From time perspective, millennials are always short on time, so they are ready to pay a premium for convenience, despite having a preference for value-for-money products. In order to grow companies must focus on value systems of brands and the extent of customization they can offer. Brands must re-invent themselves to grow with millennials. For example, although Hamdard’s Rooh Afza is more than a hundred year old brand, Hamdard re-invented the brand by coming out with fusion drink after adding fruit juices to target healthconscious “hipsters”