The Characterization of the Millennials and Their Buying Behavior

Abstract

The millennials constitute an important group of consumers. Therefore, to know how they behave has become an important issue. This paper aims to explain who the millennials are, to explain who belongs to this generational group and why they have become an attractive group for different social and economic sectors, by showing the most outstanding attitudes, tastes and buying behaviors.This is a qualitative and transactional research based on the review of various scientific articles retrieved from specialized journals which have helped to establish a characterization of the most prominent elements that describe the millennials, based on some points of coincidence described by different authors. The findings suggest that millennials are a highly attractive market as they have grown up in an environment where technology provides a platform for personalization and immediate gratification in all aspects of life. Consequently, the buying process for them is a time of enjoyment, where loyalty to the brands they purchase is relative. Also, millennials tend to spend their income quickly and more often through the web, and particularly through social networks like Facebook. Also, the results show that the millennials are more attracted by virtual advertising as coupons or discounts. The results contribute to the literature by providing a description of millennial consumers; showing in detailed the importance of this market segment and their buying behaviors.