With one foot in the first world, and one foot in third, the South African Millennial is in the unique position where they have the outlook and aspirations of first world Millennials, but understand the limitations and socio-economic factors of being in a developing nation. Traditional marketing campaigns aren’t effective for this kind of outlook. A new approach must be taken, and experimental marketing needs to be implemented.
“The South African millennial is an interesting breed. Living in a developing third world nation, but with the hyper-connectivity of their first world counterparts, the South African Millennial is a target audience that responds to more innovative form of advertising” says Michelle Storey, Founder and CEO of Tradeway
Some Facts on Millennials
The term Millennial was created by Neil Howe and William Strauss, and is used to denote anyone who was born between 1980 and 2004. In 2017, Cosmopolitan ran a survey on Millenials in South Africa. This survey yielded the following figures:
- There are 195 million Millennials in the country.
- 78 per cent are employed, and therefore economically active.
- 96 per cent have a bank account.
- 62 per cent have bought something that was out of their budget.
- 62 per cent are saving for something.
These numbers mean to show that Millennials are not only active consumers, but are trying to move their station up in life. By 2020, 50% of the workforce will consist of Millenials.
“A large percentage of the workforce now consists of Millennials, so they have a lot of buying power. This means they are a prime sector to target” says Greg Martin.
However, Millennials live in a hyper-connected world of globalisation and the internet. Trends come and go faster than major companies are even able to understand them. Such a culture of high-speed craze then obsolescence means that a new kind of experimental marketing is required. Branding through social media and other forms of digital marketing is the new TV or billboard.
Times are changing, and Millennials are forming the forefront of that change. The experimental market keeps things new and fresh and allows us to reach a massive client base in record times. If you need help or advice in your experimental marketing campaign, contact us at Tradeway today.