According to US based research centre, Pew Research, by 2025 , Millennials are expected to account for three- quarters of the global workforce, so what does this mean for future purchasing power? Joining me now to discuss why manufacturers should start catering to the millennium customers we have Former President of the Jamaica Manufacturers and Exporters Association, JMEA, Metry Seaga.

Former President of the Jamaica Manufacturers and Exporters Association, Metry Seaga says in order for business to thrive in the coming years, they need to begin employing people who understand the current trends.

Speaking on MoneyMovesJa with Kalilah Reynolds, Seaga was noted that millennials are expected to make up 75 percent of the labour force by 2025.

While definitions vary, the consensus is that a millennial is any person born between 1981-1996.

Seaga said that business owners must take steps to ensure that their business will continue after they have retired.

“We have to start promoting people, hiring people who understand the culture of our customers better than us as baby boomers,” he said.

“The culture changes very quickly and if we don’t recognise that and make the changes soon enough, as baby boomers who are now coming out of business and leaving our companies to millennials, then we are going to be obsolete,” he explained.

He noted that cell phones, the internet and social media have vastly changed the way customers engage with businesses and older business owners will have to change their mindsets to stay on trends.

“You have to have an open mind.We’ve come to realise that in business; you have to be flexible,” he said.

He acknowledged that it might be hard for some business owners to diverge from the way they have always done business but it is necessary to make ensure the business continues.

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