Much has been made of the Millennial definition for the generation born from the early 80s. Many books have been written typifying the character of these individuals. For clarity a person identified as a Millennial is a person born from early 80s through to early 2000. These individuals are most probably in the workforce and are perhaps the most productive at this time. Also known as generation ‘Y’. Books have been written describing this generation as they are unlike any previous generation. They have invariably benefited from more life experiences, most probably they will have come from a more privileged environment than one that their parents grew up in. They will have had enormous access to information, technology and communication ensuring their uniqueness in being prepared for the world we find ourselves in today
Why is the term Millennial significant here in Indonesia. It’s simple 50% of the population fall into this category. By 2030 the Millennial’s will represent 70% of the productive work force. Therefore, it is important to understand the dynamics that encapsulate these individuals, their vision, their influences spread much wider than previous generations. Therefore, their needs and expectations are somewhat greater, at times they appear unreasonable. However, that aside they are invariably creative, confident, as well as extensively connected / networked. The advantage Indonesia has of course is that vast numbers exist in the work environment, most of which are concentrated on the Capital Jakarta. They are rich in ideas, their confidence enables them to speak out in support of their opinions and are able to articulate well. This is significant as the dynamics change in the political arena, democracy has replaced authoritarianism, although it still lurks in the wings it is much harder to gain a foot hold again. Another point is of course they are well networked well able to socialize in a large array of communities and can take full advantage of social networks and social mobility.
Probably The World’s Most Famous Millenials
I’m not suggesting they are a difficult entity just that more understanding is required. I say this as Indonesia has such a vast number that are already influencing the workplace. In a way this is an advantage. Just one area that’s vibrant is e-commerce. Their knowledge is key in mastering this important market sector. Growth here is substantial. The Government have an important role here as they see this is an easy way to change the balance from the elites and moving it towards the people. Whilst playing a substantial part in driving this economy forward.
In Indonesia there is a vast number of affluent Millennials termed the urban middle class. Millennials who are familiar with the trappings of wealth etc.. therefore, it is important to understand their behaviour and requirements / needs buying patterns when entering this dynamic and vibrant market. Already they have demonstrated a remarkably savvy attitude to business, financial products.