Last year, millennials became the largest generation of consumers in the U.S. Their impact is significant, not just because of their numbers, but because they influence the buying habits of others. For instance, a 50-year-old man may not be a millennial, but he might be just as committed to wearing his Nike+ FuelBand daily as his 23-year-old son. FutureCast’s latest research refers to this phenomenon as the Millennial Mindset.

Elements of The Millennial Mindset

Social Circle – While social media is important, The Social Circle refers to the network of advisors modern consumers rely on. This is the most influential part of the Millennial Mindset. The more fans who promote a brand, the larger the social circle becomes.

Self – Successful brands create an emotional connection with their audience. When consumers feel understood by a brand on a personal level, they become loyal. Brands that offer personalized experiences that enhance consumers’ lives are thriving.

Innovation – Consumers with a Millennial Mindset seek novelty, efficiency, and effectiveness through product innovation. They look for brands that continually reinvent themselves to make life easier. Brands that constantly innovate attract interest and engagement from all age groups.

Trust – Trust is essential for any strong relationship, whether with millennials or others. The most trusted brands prioritize consumer needs and keep their promises. With consumers having unprecedented access to brand information, transparency is crucial.

Accessible – Accessibility is vital. Modern consumers want to connect with brands through both physical and digital channels, and they expect a seamless experience between these worlds.

Purposeful – Consumers with a Millennial Mindset prefer brands committed to improving the world. Today’s businesses must recognize the triple bottom line of people, planet, and profit. Companies that focus only on financial success will struggle in the modern market.