Rise of Millennial Customers A key demographic shift taking place in the United

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Rise of Millennial Customers A key demographic shift taking place in the United States was the rise of millennial customers. Millennials (also known as Generation Y), the demographic cohort born between 1979 and 1997, comprised 31 percent of the U.S. population in 2014 and had an annual buying power of almost $1 trillion (Exhibit 3). Millennials' transactions with Best Buy had dropped by 35 percent over 4 KELLOGG ScHOOL OF MANAGEMEN:T authorized for use only by Ekeoma Chukwuma in Kean University Seminar in Marketing Strategy taught by Salimbene, HE OTHER from January For the exclusive use of E, Chukwun KE1023 BEST BUY: CrEATING A WINNING CUSTOMER ExPERIENCE the last four years, compared to 12 percent for the older Generation X. Consumer electronics formed an indispensable part of millennials' lives, even as they faced the economic challenges of college debt and unemployment. This segment preferred to experience and discover the product in alternative spaces; the average millennial visited as many as fourteen online sources for product information before buying. Millennials tended to favor brand value over brand loyalty, sought personalization and real-time interactions, and expected integrity and upfront communication. They lacked patience and expected retailers to respond immediately to their concerns and needs (Exhibit 4) Millennials were often referred to as a generation in flux with their life goals. Theirs was a mindset that embraced instability and tolerated-or even enjoyed-recalibrating careers, business models, and assumptions. Authenticity and authorship formed their core values. They wanted to feel closer to the process of how the product was made; they wanted to experiment and discover the product in spaces where they felt part of a unique community. aised by individualistic boomer parents, millennials were individualistic themselves. Always on the lookout for quid pro quo when engaging with brands, millennials were willing to trade their data for rewards or more personal experiences. They used brands to identify, express, and support yalty rograms and rewards (Exhibit 5). They were eager to share or digitally capture their experiences, what they found personally important. Millennials also were very receptive to brand lo

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Rise of Millennial Customers A key demographic shift taking place in the United States was the rise of millennial customers. Millennials (also known as Generation Y), the demographic cohort born between 1979 and 1997, comprised 31 percent of the U.S. population in 2014 and had an annual buying power of almost $1 trillion (Exhibit 3). Millennials' transactions with Best Buy had dropped by 35 percent over 4 KELLOGG ScHOOL OF MANAGEMEN:T authorized for use only by Ekeoma Chukwuma in Kean University Seminar in Marketing Strategy taught by Salimbene, HE OTHER from January For the exclusive use of E, Chukwun KE1023 BEST BUY: CrEATING A WINNING CUSTOMER ExPERIENCE the last four years, compared to 12 percent for the older Generation X. Consumer electronics formed an indispensable part of millennials' lives, even as they faced the economic challenges of college debt and unemployment. This segment preferred to experience and discover the product in alternative spaces; the average millennial visited as many as fourteen online sources for product information before buying. Millennials tended to favor brand value over brand loyalty, sought personalization and real-time interactions, and expected integrity and upfront communication. They lacked patience and expected retailers to respond immediately to their concerns and needs (Exhibit 4) Millennials were often referred to as a generation in flux with their life goals. Theirs was a mindset that embraced instability and tolerated-or even enjoyed-recalibrating careers, business models, and assumptions. Authenticity and authorship formed their core values. They wanted to feel closer to the process of how the product was made; they wanted to experiment and discover the product in spaces where they felt part of a unique community. aised by individualistic boomer parents, millennials were individualistic themselves. Always on the lookout for quid pro quo when engaging with brands, millennials were willing to trade their data for rewards or more personal experiences. They used brands to identify, express, and support yalty rograms and rewards (Exhibit 5). They were eager to share or digitally capture their experiences, what they found personally important. Millennials also were very receptive to brand lo

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