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Viewing Millennials through the Corporate Lens

Posted by Jessica Fernandez on Fri, Jul 21, 2017 @ 01:10 PM

millennialsA recent infographic published by the Wall Street Journal gives a fresh look at how corporations are viewing millennial shoppers. CEOs and executives continue to study Generation Y in an attempt to determine what they like and dislike. This comprehensive infographic features a year’s worth of company transcripts as well as commentary from CEOs from different industries on how they market and sell to this demographic.

Opening the infographic — and separating itself from the crowd of other infographics — this work is a web page (instead of a PDF) that moves a continuous slide of content to the left as the viewer scrolls down.

The company testimonies begin with Old Forester, a brand that has proven to be popular with young consumers who seem to like the retro vibe of products and even the words “old” and “early.” (Similarly, and contrary to instinct, Brown-Forman Corporation has also put the words “old” and “early” in front of their brand names.)

Estee Lauder said their coveted makeup line is perfect for selfie-taking millennials. The company targets their products to the trend of Gen Y hiding blemishes instead of fixing them for the long term. 

This demographic is also demanding different textures and flavors in candy as well as high-end fast food.

Their lifestyle choices may include participating in the gig economy, supporting companies like Uber and Airbnb, and staying home to watch movies on a laptop or tablet.

Unprecedented lifestyle Differences

Driving the demand of suburb living is the number of millennials looking to settle down, start a family and send their kids to good schools.

millennialsAdditionally, members of Generation Y are investing in charcoal grills. Most of them want the charcoal grill experience as well as the low price. Furnishing the home may be what costs Gen Y the most as it is the least likely age group to do DIY and home-improvement projects.

“In all due respect for the younger generations, we disagree with the notion that millennials are strong DIY-ers,” said Robert Wells, communications chief at the Sherwin-Williams Co.

Despite his opinion, there is evidence that Gen Y is interested in home improvement projects.

To go along with their outdoor summer grilling in the suburbs, Gen Y members are  also more likely to add a pet to the mix. According to Brian McKeon, CFO of IDEXX Laboratories, “Millennials are emerging as a segment with the strongest bond with their pets.”

Purchasing Solutions for Millennials

At CrossCheck, we know that Generation Y is being fiscally smart and planning ahead. We cover veterinary, home furnishings and home improvements with our check guarantee services. We maximize check approval for these industries, enabling them to help even more customers while optimizing sales.

With our Multiple Check service in place, veterinary offices, home improvement centers and home furnishing stores can maximize sales by offering payment flexibility. Customers take home their items on the purchase date by writing 2 to 4 checks that will be deposited by merchants over a 30-day window, allowing them time to replenish their accounts. Meanwhile, merchants receive guaranteed funding after each check is deposited. To find out more, click here.

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Tags: Home Furnishings, Veterinarians