The Millennial Generation (defined as those born between 1981-1996, or aged 24-38 in 2020) represents more than one-fifth of the American population. As such, Millennials play a key role in the marketplace, representing a purchasing power of $1.4 trillion. This generation responds to marketing quite differently than the generations before and after them. Let’s take a look at some top trends we’re seeing among Millennials that brands should consider when forming their marketing strategies.
- Millennials Shop Online—But Not Exclusively
This generation was the first to grow up in the digital age, with easy access to smartphones and the Internet, so it makes sense that most Millennials do at least part of their shopping online. But that’s just part of the story. In fact, Millennials are known for the practice of “showrooming”—visiting a brick-and-mortar store and doing price comparisons and checking customer reviews online while looking at the physical product they are considering. One study found 68 percent of Millennials prefer a “seamless” shopping experience between online access and in-person shopping. Brands definitely need to have a strong online presence when marketing to this demographic, but for those who also maintain physical locations, it’s equally important to keep online information (e.g., prices and inventory) consistent with what’s in the store.
- Millennials Don’t Mind Paying a Bit More
This is the generation that grew up with designer coffee and stood in line for the latest iteration of the iPhone. They do care about price, but they are also willing to pay extra for products that add value, comfort, or convenience. In addition, Millennials are coming of age and beginning to accumulate more wealth. Brands can make the most of this opportunity by packaging their offers to highlight the added benefits of a product or service, throwing in “freebies” and added features, etc.
- Millennials are Socially Conscious
Millennials care about causes, and they can be fiercely loyal to companies and brands who support causes they care about (e.g., the environment, equal rights, fair trade, etc.). They have even been known to research companies to find out what issues they support before choosing to buy from them. The brands that resonate the most with this generation are the ones who advocate for important social and environmental issues, especially if they donate a portion of their profits toward these causes.
- Millennials Lead the “Sharing” Economy
Millennials have been so inundated with mass messaging that they tune it out at best, and are hostile to it at worst. They are much more likely to buy a product recommended by someone than they are to respond to a TV/radio spot. Throw in the emergence of social media and online review sites like Yelp, and you have a generation that responds greatly to online sharing and reviews about products and services. For this reason, social media marketing in general—and “influencer marketing” in particular—can be highly effective in reaching Millennials.
- Millennials Still Have Ambitions
Millennials have come of age, but they’re not ready to settle down just yet. More than half have not yet married, and many tend to delay marriage into their 30s at the earliest. They seek adventure, they value experiences over things, and most have expressed an interest in seeing the world before they “settle down” to normal life. Brands can increase revenues by promoting products, services, and experiences that touch these deeply-felt desires.
Wicked Bionic makes a point of keeping our finger on the pulse of the latest marketing trends toward Millennials and other demographics. Let us help you devise a marketing strategy that speaks most effectively to your target market. Make an appointment here to see how we can help.