11.01.17
I saw a meme not long ago that encompassed various headlines from articles about all the industries, and institutions millennials are “killing” or “ruining.” It included things like wine, bar soap, chain restaurants, focus groups, face-to-face interaction, marriage, and napkins.
Full disclosure, I was born in 1982, so according to most definitions I’ve seen, I suppose I’m technically a millennial. However, for the record, I’m married and I use napkins as well as soap, so … maybe there’s hope for the future? I imagine every generation has looked at young adults with some level of headshaking and disbelief. I mean, kids today, right?
The fact remains that as a collective group, millennials have tremendous equity and influence, despite being saddled by student loan debt in many instances. In fact, they are one-fourth of the population and represent $10 trillion in lifetime buying power, according to a study by CBD Marketing. Lucky for you, they aren’t killing your industry, so it would be worthwhile to understand their interests and motivations, at least generally. The problem is that not all millennials are the same, and probably don’t want to be treated that way.
Thankfully, the era of personalized and precision medicine continues to develop. For example, the sports nutrition, once reserved for professional and serious athletes, has come to encompass varying aspects of active living. From energy and endurance solutions to recovery, there are products that appeal to a whole host of health-focused consumers.
With greater access to personal health information than ever before, consumers can make more informed decisions about dietary supplements and functional nutrition products in consultation with their healthcare providers. It’s up to the industry to ensure the products on the market meet high expectations for quality, safety, and efficacy. Otherwise, in the long run, millennials may end up killing your business.
Full disclosure, I was born in 1982, so according to most definitions I’ve seen, I suppose I’m technically a millennial. However, for the record, I’m married and I use napkins as well as soap, so … maybe there’s hope for the future? I imagine every generation has looked at young adults with some level of headshaking and disbelief. I mean, kids today, right?
The fact remains that as a collective group, millennials have tremendous equity and influence, despite being saddled by student loan debt in many instances. In fact, they are one-fourth of the population and represent $10 trillion in lifetime buying power, according to a study by CBD Marketing. Lucky for you, they aren’t killing your industry, so it would be worthwhile to understand their interests and motivations, at least generally. The problem is that not all millennials are the same, and probably don’t want to be treated that way.
Thankfully, the era of personalized and precision medicine continues to develop. For example, the sports nutrition, once reserved for professional and serious athletes, has come to encompass varying aspects of active living. From energy and endurance solutions to recovery, there are products that appeal to a whole host of health-focused consumers.
With greater access to personal health information than ever before, consumers can make more informed decisions about dietary supplements and functional nutrition products in consultation with their healthcare providers. It’s up to the industry to ensure the products on the market meet high expectations for quality, safety, and efficacy. Otherwise, in the long run, millennials may end up killing your business.
