The Effect of Influential Events and Childhood Experiences on Effective Marketing Techniques among Millennials : A Literature Review
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For marketing professionals, the hardest challenge they face is capturing the attention of the consumer market. As the Millennial generation takes over the majority of the purchasing power and becomes the largest living generation in the United States, it becomes increasingly important for marketing professionals to understand how and why Millennials behave the way they do. In order to fully understand why Millennials hold certain values higher than others it is crucial to acknowledge the influential events that have occurred throughout their critical periods of development during childhood and socialization. Understanding how Millennials behave requires an examination of self-report surveys and past literature on the generational behavior and the purchasing trends. This review will examine the influences of childhood events in order to offer an explanation for the generational behavior observed today. Next, it will discuss the effects these behaviors have on purchasing trends seen across the generation as Millennials take over the consumer market. Lastly it will discuss future directions for marketing professionals and which marketing strategies will be the most effective for members of the Millennial generation and why.
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