Many businesses today, including big name brands, are targeting Gen Y consumers (ages 18-31). Comcast has created a special cable package for these digital natives. Macy’s has partnered with Ryan Seacrest to get millennial men to suit up, and Volkswagen teamed up with Apple for the iBeetle in order to put more millennials in the driver’s seat.
Why the Gen Y focus? The 80 million millennials in the U.S. are estimated to spend about $600 billion every year, according to Accenture research. By the year 2020, millennials are projected to spend $1.4 trillion annually and comprise 50 percent of the U.S. workforce. That means millennials are your customers, business partners and employees – if not today, then probably tomorrow.
If you’ve shifted your focus to this giant generation or are planning to tap into the millennial market, here are four trends to consider:
Millennials have grown up in a customization nation. Think Build-A-Bear Workshop, personalized Nikes and over-the-top Starbucks orders. It’s only natural that millennials expect customization at pretty much every turn. Think about how you can offer any degree of customization or flexibility with products and services offered to consumers, including employee benefits plans.
Millennials prefer to buy life and disability insurance either through their place of employment or directly from an insurance company, according to The Hartford’s latest Gen Y survey. These options topped buying the same coverage through a government exchange. I believe employees see value in their employer finding benefits that fit together in a cohesive plan. This is a point to consider with your employer clients when discussing the value of voluntary benefits.