The Millennials Empowering the Flame of the Candle Industry

If your new year’s resolution is to grow your business, do you think you will achieve this without knowing or by ignoring the changing profiles on the consumers?

In ALAFAVE, we want to overview the complex territory that our industry is phasing, together, we want to consolidate the most effective and pertinent strategies. Hence, given all facts we have flagged a special alert in a sector of potential partners, colleagues, and customers which are making a revolution in production and consumer market. These have been denominated as “Millennials” and have gained a protagonist place in economic and social trends all around the globe.

Up until today, analyst can’t come to an agreement to determine the corresponding period of this generation, but most coincide to include those people born in the 80’s and 90’s who have, surprisingly, integrated themselves with strength to the economically active population. The majority of votes indicate the stage starting around 1982 until the end of the millennial (hence the name). But beyond locating them in a timeline, what really matters is the power and influence that irradiates from that sector of the population, also known as the Generation “Y.”

They are a well-informed community, imperative, with high self-esteem and clear and strong expectations. In addition to being informed, they are highly involved with technology. They enjoy the good life and are perceived as powerful, and they are not mistaken, according to Forbes, next year 2017, the Millennials could be consolidated as the main industry consumers.

Kathleen Shaputis, a sociologist from the United States, has categorized them as a generational boomerang, or as the Peter Pan Generation due to their tendency of delaying behaviors proper of the adult stage, like marriage or moving out of their parents’ house.

The Millennials are seducers, but they also are the target of seduction, maybe now more than ever. Nevertheless, many of them mistakenly believe that captivating them is a synonym of being an easy target, and this rejection may result risky and confusing for those who want to conquer them.

According to SAP, worldwide leader Company in software applications, if we consider the age range between 19 and 33 years old, the Millennial Generation represents the fifth part of the world’s population. In Latin America, the estimate reaches up to a third of their population. This is about young people that besides being an interesting consumer market, have ideas and innovating projects; and anxiously await the opportunity to apply them in their own business or jobs. In ALAFAVE we consider that this generation should be in our spot light, regardless of the project or focus that we are developing for our industry.

THE MILLENNIALS AS…

  • Captura de pantalla 2016-02-15 a la(s) 15.59.04CONSUMERS: Forbes defines them as the future generation of consumers and end users of the world and SAP confirms that they will dominate 50% of the market next year. Without a doubt, a market with characteristics, needs and demands that is worth getting to know due to the transformation that the companies will need. For them, the experience as an end user is most important. If something outstands from this group is their ability on technology, which they almost perceive as an extension of their own body. “Almost all of their daily activities are connected to a screen.” They use more internet than T.V and don’t react to the conventional publicity. Experts also highlight their ability to multi-task and use various digital channels and devices. Useful facts, we can say that they can spend seven hours online/a day, 78% of Latin American Millennials have a Mobil device* and are addicted to their smart phone; half of them admit that they won’t be able to go a day without it. This explains the increase in applications downloads and the importance of it as a sales tool. Millennials are demanding and very social; almost all, (88% in Latin America) have profiles in social media and are used to interact with other companies through those applications. 
  • Captura de pantalla 2016-02-15 a la(s) 15.58.31ENTREPEUNOURS: Generation “Y” is integrated by dynamic, innovating, and independent people. They value social compromise, collaboration, and protection of the surroundings, they have original ideas and are capable of provoking change, most likely positive in any industry. Forbes ensures that those who allow them to “include their ideas in the creation and development of their products to feel as part of the brand, will conquer the heart of the Millennials.”
  • Captura de pantalla 2016-02-15 a la(s) 15.58.39WORK FORCE: during one of the most recent workshops organized by SAP, the director of human resources in Mexico, Elsa Aguilar, said that Mexican companies, especially SMEs, will have to redesign techniques of innovation and collaboration to attract the Millennials’ talent. This young people reject traditional corporate structures and instead, look for high technology and surprise elements, which means a constructive contribution to any company. Those interested on incorporating them to their projects must know that Millennials look for an integral, social, and fun working place, especially full of networking and technology.

The candle industry, of course, is not exempt of this market dynamics neither is from the Millennials dominion. As consumers, they demand special attention and strategies that surpass conventional grounds. To our potential entrepreneurs, partners and new candle manufacturers, our association offers many opportunities with the certainty of always finding a product in vogue, versatile and worth its value, opening great opportunities to innovation and creativity. As a work force, companies that form part of ALAFAVE can benefit from the ideas and vitality that this generation promotes, a revolution in the business world. Welcome Millennials!

*Source: Telefónica Global Millenial Survey 2014
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