Millennials have completely changed the traditional shopping trends and they do things differently. The way they interact with brands and make purchasing decisions, not a simple math formula.
Who are Millennials?
Everybody talks about millennials, what does that term actually mean? People that are born between 1980 and 2000, those who are 17 to 35 years old today are known as Millennials. There are 80 million of them in the US and are the largest and most diverse generation in the US.
They spend roughly $600 billion each year and that’s 28% of all daily per-person consumer spending. They are forecasted to spend $1.4 trillion by 2020 and a 35% of spending by 2030. No matter how you define it, millennial spending is important and it’s very important for retailers to focus their marketing on them.
This generation is tech-savvier and more educated, making up around half of the current U.S workforce and prefer to use their smartphones for connecting to the web, doing online shopping and all other needs. They make a major impact on the economy.
Millennial Shopping Trends
“The millennial generation is larger than the Baby Boom generation and three times the size of Generation X,” said Rick Ferguson, vice president for knowledge development at Aimia, a provider of loyalty programs.
When targeting millennials and turning them into your customers, social media marketing and promotion strategies and your online reputation building and management are two channels that you should rely on. Because 63% stay updated on brands through social networks and, 46% of them count on social media when buying online.
Marketing to this diverse and large generation is a challenge but if you learn what their shopping trends you can hit a goal easily! Here’s an infographic by Internet Marketing Inc that will help you understand the way millennials shop and learn more about their shopping habits so that to prepare your marketing strategy:
Here’s an infographic by Internet Marketing Inc that will help you understand the way millennials shop and learn more about their shopping habits so that to prepare your marketing strategy: