A study in August found that SMEs in London are eager to bring millennials into the fold, championing the youngsters are the future of the companies. Indeed, the majority feel they can inject growth into the business, while almost a fifth expect them to take over the firm in the future.
Elsewhere, there are certain rules for marketing to millennials and, additionally, businesses should be aware that millennials are all quite different. In fact, there are five common myths and six personality traits to understand.
With all of this in mind, Rupa Ganatra and Viktoria de Chevron Villette are the female entrepreneurs behind the creation of Millennial 20/20, otherwise known as the world’s first millennial business summit .
The inaugural event is set to take place in April 2016, bringing together 150 speakers across three stages, while 40 exhibits are set to be on display at the Victoria House venue in London’s Bloomsbury.
The company noted that millennials account for 280m of the world’s population and are set to have a spending power of 8.9bn globally within five years.
This powerful consumer is young, creative, controversial and constantly bucking trends. Theyre curatorial in their personal and professional lives, discerning in their outlook and are fast becoming leaders and game changers of the 21st Century,” it said.
Read more on millennials:
- Millennials defy “workshy” slurs by putting in the hours
- How your office space can be adapted to attract new graduate talent
- The UK’s young women have more career doubts than male counterparts
Four key sectors will be discussed, including fashion and beauty, food and drink, travel and hospitality, and sport and fitness. Additionally, 11 key topics of discussion will revolve around marketing, retail, design, mobile, payments, video, social, e-commerce, CRM, big data and merchandising.
Ganatra and de Chevron Villette have already assembled the likes of The Cambridge Satchel Company’s CTO Jonny Wooldridge and also Pepsico’s senior digital director Becky Taylor as speakers.
Staying relevant in a millennial-driven market place requires constant innovation, creativity and risk-taking by businesses,” said Ganatra. By the end of this decade millennials will have a global spending power of over 8.9 billion and are already reshaping the economy. We feel it is paramount to bring this to the forefront of the global discussion in 2016.
de Chevron Villette, added: Change is unavoidable because the generation that is now taking control of wealth and spending has developed a very different, tech-obsessed consumer taste. Adapting and reacting has never been so necessary for any consumer related company, brand, start up or investor.