"Move aside, U.S. baby boomers. The Millennial generation is bigger than you and growing in influence. Now numbering 79M (vs. boomers’ 76 million), U.S. Millennials—people between the ages of 16 and 34—have been the subject of abundant analysis and commentary, mostly revolving around their avid use of technology, changing media-consumption habits, and entry into the workforce. Less has been written about Millennials as consumers…
On average, U.S. Millennials already shell out and influence the expenditure of hundreds of billions of dollars annually—an amount that will only increase as they mature into their peak earning and spending years.
Millennials’ expectations are different from those of previous generations, and companies will need to rethink their brands, business models, and marketing accordingly. Yet our research shows that many executives who make product and service decisions for their companies have negative or dismissive attitudes toward Millennials.
Clearly, companies will have to understand, accept, and embrace the characteristics and values of this generation if they are to create and market relevant products and services that resonate with them and meet their needs…This generation engages with brands, channels, and service models in new ways limited only by the rate of technological advancement and innovation…”
— Debunking Stereotypes: The Millennial Consumer by BCG Perspectives