Millennials Represent Unprecedented Opportunity But Capturing Their Attention Can Be Problematic

If you run a family entertainment center, service street locations or otherwise cater to the young generation, then congratulations, you lucky so-and-so. You're in the sweet spot! You've hit the demographic jackpot. According to the U.S. Census Bureau, Americans in their mid-teens to early 30s represent the largest single consumer age demographic in the country. And they wield enormous economic power in the marketplace.

What that means is simple. First off, you should probably stop complaining about Millennials -- those born between 1980 and 2000 -- as lazy good-for-nothings who spend all their time poking at their smartphones and living in their parents' basements. They may not be the Greatest Generation, but they are the Latest Generation, and they are about to enter their prime spending years. To get some idea of just how large a demographic I'm talking about, consider that Baby Boomers totaled about 77 million, compared with the Millennials, who are estimated to number some 92 million.

A recent report by Wall Street powerhouse Goldman Sachs recently sounded the clarion call of business opportunity presented by this up-and-coming generation. "The Millennial generation is the largest in U.S. history, and, as they reach their prime working and spending years, their impact on the economy is going to be huge," the report read. "Millennials have come of age during a time of technological change, globalization and economic disruption. That's given them a different set of behaviors and experiences than their parents."

Members of the aging Baby Boomer generation will remember their own time in the sun as a highly valued consumer cohort. Who among the Boomers can forget the Polaroid Swinger and beloved Pioneer 8-track tape cartridge player? Similarly, that first game of Pong remains vivid.

Of course, this does not mean the Millennial generation is gleefully moving through the generational pipeline, trailing a stream of easy money behind it. If only it were so. All research indicates that Millennials are more cautious shoppers for everything from clothing to entertainment. Marketing experts also categorize them as not only tending toward the finicky and fickle, but also as somewhat cynical. They are also the first generation to have their opinions shared and formed via social media.

It doesn't take much effort to spot their impact on coin-op. The recent trend toward so-called barcades that feature an assortment of classic videogames in a tavern setting has been driven largely by Millennials in search of novelty more than nostalgia. Likewise, the quality of food has taken a sharp turn for the better and menus have expanded in many of the chain FECs.

And, not insignificantly, there is a growing trend of merging coin-op with mobile devices and the online world. This is apparent in established promotions, such as the annual Big Buck Hunter World Championship, but also in more spontaneous ways. There are currently more than 100,000 Dance Dance Revolution videos on YouTube, posted by fans who have formed online communities around the game. Even those who aren't as committed will post images of their high scores or selfies near a favorite game to Instagram, Facebook or Twitter.

Millennials, though deeply studied by marketers, are still largely uncharted consumer territory. While some comparisons to Baby Boomers are valid, the graying post-World War II generation that came of age in a time of seemingly endless prosperity and slower technological advancement does not provide an accurate blueprint. Capturing their attention remains a matter of trial and error, at least for now.

The Millennial Generation, born 1981-1997 (age of adults in 2015: 18-34*); Generation X, born 1965-1980 (age in 2015: 35-50); the Baby Boom Generation, born 1946-1964 (age in 2015: 51 to 69); the Silent Generation, born 1928-1945 (age in 2015: 70-87); the Greatest Generation, born before 1928 (age in 2015: 88-100). *No chronological end point has been set for this group. For the purpose of following a clearly defined group, Millennials are defined as those ages 18 to 34 in 2015.