The perfect demographic wave is forming – Is your brand ready to take advantage of the surge in demand?
There is hardly a category or brand that doesn’t have the Maturing Millennials (aged mid-20’s to early 30’s) on its radar, if not at the center of its target.
However you define this group, born late 70’s through late 80’s, one thing is for certain. Over the next five years, the Maturing Millennial population at this key life transition point will increase dramatically year on year. Any Marketer whose brand livelihood relies on Maturing Millennials needs to take advantage of this surge in population and the associated demand.
Across all consumer categories, there are huge implications. The numbers are a marketer’s dream:
- In the next five to seven years, the number of 28-29 year olds in the U.S. in any given year is predicted to surge by up to 15%.
- In addition, spending among 29-35 year olds who have pent up demand for housing, cars, and yes, baby stuff will peak.
It becomes easier to understand the implications of these numbers when you recognize how needs and brand associations change at this life stage transition:
- More mature aspirations emerge, both individually and professionally
- Personal relationships take on new meaning and expectations
- New households are established
These all represent a unique chance for brands to become trusted partners as brand relationships are reassessed, newly established or re-considered for everything from food to baby products to home to health & wellness and finance.
Given all the upside, what are the challenges, if any? Coupled with higher discretionary spending, Maturing Millennials will also experience increased costs of housing, insurance and medical expenses. Thankfully, there is a positive ripple effect, which may offset some of the discretionary spending pressure. As the parents of Maturing Millennials become grandparents they will use some of that boomer-recovered capital to help support the new generation. With a country coming out of recession, and a more stable housing base, you could, as they say in surfing, have the ‘perfect’ wave.
Whichever profile reflects your brand; the time to be proactive about brand strategy and planning is now. The perfect wave is almost here.