Gen Y is willing to pay more money for more wholesome products
Millennials are just now beginning to come of age, making up the bulk of the coveted 18-34 year-old age group. Entrepreneurs who are looking to generate brand loyalty among this generation may want to consider positioning their business as a "people-over-profit" organization, recommends a recent article from the Globe and Mail.
According to the site, Millennials were raised to distrust large corporations that give jobs to foreign countries and cut employees to reduce production costs. Because of that, they are more inclined to shop at small businesses that make "honest" money.
Millennials also don't feel that larger companies take the same amount of pride in their products as smaller companies do. This generation is willing to sacrifice time and money in order to get a more wholesome product, says the Globe and Mail.
The site similarly gave advice for Canadian small business owners looking to employ Millennials. According to the site, this generation of employees are tech-savvy, so they would be better suited for positions that make use of technology.
