The millennial generation is the biggest population in the United States. The Y generation, composed of men and women born between 1981 to 1997, number about 62 million. By 2019, they will already surpass the baby boomers at 73 million due to migration.
About 36 percent of the workforce are millennials as well, which means they have the purchasing power and a significant consumer group. Understanding their preferences is one of the steps to innovation and capturing the market.
For example, how do they watch a movie or what theater experience do they prefer?
This Infographic May Explain It
In an infographic created by Movio, the millennials make up 29 percent of the movie-going population. Most of them are women. Both genders, however, are more likely to be loyal to cinemas – in fact, about 31 percent of them.
Because of the wide range of ages, the types of movies this generation watches can significantly vary. For example, those who are under 25 years old are more likely to opt for a horror or a young adult film. People who are at least 30 years old may end up watching an animation.
This is understandable as a good number of them may already be parents to young children. When it comes to the design of the theater, a tiered seating system still appeals to them. But they are also aiming for something more: experience.
All About the Experience
According to the infographic, the millennials are less likely to watch arthouse or independent films. But there’s a growing demand for independent theaters with very limited seating capacity. The more offbeat the cinema is, the more likely they become interested in it.
Think of an old abandoned building converted into a mini-theater. Furthermore, they want a more comprehensive movie experience. Business owners, therefore, may benefit from bundling movies with a dinner or a snack. Otherwise, they can make concessions more accessible.
The infographic, after all, suggested that millennials tend to spend 27 percent more on them per visit.
Millennials may be ditching cables for online streaming, but it doesn’t mean they are done with cinemas. For them, these venues create a different level of movie-watching experience regular TVs cannot imitate. Business owners should learn to take advantage of it to grow.