The market has shifted in favor of the biggest working-age group in the history of economics. The biggest block of working persons is now the millennial group. They now hold the biggest blocks of purchasing power amongst all age groups. Currently, there are now almost 7 million millennials. The millennial age group comprises of those who experienced the early years of the 2000s as a teenager. Because of the rapidly changing terrain of the late 1990s and early 2000s, it has given way to a different and slightly warped perspective of the world.
More than a quarter of the entire population of the United States is made up of millennials. Yet, a third of the working class are all in the above-mentioned age group. Even though they are yet to catch up to the overall wealth held by Generation X and the Baby Boomers, they have high dictating power to the trends moving the markets. Born in the social media age, businesses can be born, raised, and killed in a day. Thanks to social media, marketing groups have an easier time penetrating the said market. However, due to how fickle most millennials’ wants and needs are, a single mistake can be deadly.
It is now highly advisable for most investors and startups to directly ask which ideas and trends would work for millennials. Here are some of the best business ideas and trends for millennials made by millennials:
International cuisine is a byproduct of the globalization of emerging markets around the world. Thanks to the internet, international cuisine is one of the best ventures aspiring entrepreneurs can get into to attract millennials. Because of the adventurous and open-mindedness of Generation Y, trying out international cuisine has become normal. Millennials are also known for being great fans of pursuing further studies abroad. Thus, cities have become the melting pot of information exchange and opportunity for students of different cultures. Food has become the common international language between people of different nations. Also, because of popular culture and the media millennials consume, it is not surprising that they are open-minded to trying out different food experiences of other cultures.
Beer and Coffee Beverages
Daily consumption of beverages is nothing new. Across generations, coffee and beer are popular choices for sunrise and sunset drinks. However, transforming and repackaging them into radical products as a business idea is one of the best bets you can make with the millennial market. Surprisingly, the Gen-Y are extremely snobbish and picky about their beverage of choice. Because of the different startups around, millennials are offered many choices regarding their preference for coffee, beer, and even tea. In beers, Citra hops flavoring can give your beer an extra kick for taste. In coffee beverages, having that extra minute of roast can pull you to an advantage over other coffee sellers. These little things matter for millennials. The little extra that you put in the product is what makes the product they are patronizing unique. Those products, in themselves, are extensions of their personality.
Clothing retailers are having a heyday concerning millennials and their trends. Millennials are totally in love with locally sourced and small player clothing retailers. The cult brand SUPREME began its journey as a small local skate shop to one of today’s biggest super brands. The fashion world now bows down to a previous nobody. Thanks to the admiration and following of millennials, SUPREME has reached new heights. It is a reasonable conclusion that retail clothing is a sure thing for millennials and their trends. Thanks to their love for genuine and grassroots businesses, small-time players can make it big – similar to the path SUPREME has taken.
It can be sparsely concluded that millennials have no interest in raising their own family because of the increasing cost of living. Fortunately, or unfortunately, this mindset has indirectly resulted in the increase of pet ownership amongst millennials. Pet care businesses have become beneficiaries of the grim reality of millennials not wanting to have kids. Because millennials are now opting to own pets rather than take care and raise another human being, pet care is now a smash hit. According to certain studies, even pet boarding and hotels are raking in cash – with millennials being the majority of the customers.
Millennials are living in a very different world. Unlike in previous generations, millennials are known to have a harder time merely just surviving. There are reasons why some businesses work for them more than others. Their personalities, which encompass them being more open, more liberated, more individually unique, and more practical, have given way for some specific businesses to thrive better than others.