A focus on the millennial demographic is "overtaking all manner of businesses, and seems to be getting more obsessive by the day," according to Hilary Stout of the N.Y. TIMES. Not since baby boomers "has a generation been the target of such fixation." Studies seek to answer questions like "how luxury brands can connect with millennials; what millennials think about restaurant loyalty programs; and which emotions most influence the purchasing decisions of millennials." Millennials -- generally viewed as those born from '80-'00 -- includes many who "aren't even out of their teenage years." But some analysts and consumers "have begun to ask, what about the rest of us?" Millennials have "less wealth and more debt than other generations did at the same age, thanks to student loans and the lingering effects of the deep recession." Though millennials are "hailed as the first generation of 'digital natives,' the over-40 (and 50 and 60) sets have become pretty adept when it comes to smartphones and other devices." Still, this "most coveted generation is huge -- about 80 million strong" in the U.S., "larger than any other demographic group." Data from Pew Research Center also shows that as of March, "there are more millennials in the American work force than Generation Xers or baby boomers." Consulting firm Accenture estimates that millennials will spend $1.4T annually by '20, and the demo is "expected to inherit" about $30B in the coming years. Businesses as a result are "terrified that if they don’t snare them now, they’ll miss the chance." Still, a recent report from Forrester Research noted consumers in their 20s "were overwhelmed with educational debt" and baby boomers "bigger spenders." The report stated, "While some businesses must target millennials because of the nature of their products, most do not need to" (N.Y. TIMES, 6/21).
