How many “How to Market to Millennials” sessions have you sat through? Chances are you were wasting your time. It is true that every generation is influenced by a different set of environmental forces—war, protests, computers, the smartphone, etc.—but there is little evidence that shows human behavior has fundamentally changed.No doubt you have seen a headline from every major news outlet that millennial home buying is down.
There was a time when the average community bank customer was the same age as the adult general population. Over time, due to the urbanization of America, immigration and lack of targeted marketing, this has changed. Now, the average community bank customer is more than 5 years older than the general population and increasing in age at a faster rate. Rural banks and banks with non-Hispanic customers are aging even faster.