Marketing strategy for Millennial consumers(18-35 age group)
Millennial are Born between 1980 and 2000, they are both the 20th century’s last generation and its first truly digital one. This old century/new technology dichotomy gives pause to marketers attempting to understand and connect with this key demographic.
Millennial customers are new modern consumers with different needs and requirement than there boomers. They are exposed to the internet yet they are still connected to there roots. They enjoy online shopping but still they prefer to shop locally. While shopping online they love to share, get involved with the product with their selfie craving for shares, comments and likes. They are social and still they may be introvert.
Millennial make up a major consumers group with more than 65% shoppers with great spending power. According to stats by Accenture, there are 80 million millennials in the USA alone and they account for $600 billion sales alone. But, it's very important to understand how you attract them to buy more.
Millennials are considered as the most intelligent consumer's group as they have seen the emergence of digital life also they have witnessed the pre-digital life. They are modern and yet somewhere they are conservative by nature. Our research found some remarkable similarities between baby boomers(born from 1946 to 1964) and Generation X (1965 to 1979).
More than half (55 percent) of the survey respondents, in all three demographics, said that they seek out “the cheapest return option.”
41% of all three groups said they love to visit at a nearby retail store and then shopping for it online to find the lowest price—more often than they did a year ago. This shift is due, in part, to the current high penetration levels of smartphones, which can enable customers to search for an item easily, even while in a store.
36% of those surveyed from all three generations said they will go online to buy from a retailer’s website if they want a product when the company’s stores are closed.
On average, 89 percent said having access to real-time product availability information would influence their shopping choices in terms of which stores they would frequent.
Apart from similarities, based on our surveys we found some of the key shopping pattern which can help marketers to reformulate their strategy
Millennial's shopping pattern
You can't influence them through Advertisements - As only 1% said that a compelling advertisement would make them trust a brand more. Millennials believe that advertising is all spin and not authentic.
They seek for positive reviews before buying- 33% of millennials rely mostly on blog reviews before they make a purchase, compared to fewer than 3% for TV news, magazines and books. Gen x and baby boomers rely more on traditional media, whereas millennials look to social media for an authentic look at what's going on in the world, especially content written by their peers whom they trust.
Social Engagement is the must on social media - 62% of millennials respondents say that if a brand engages with them on social networks, they are more likely to become a loyal customer. They expect brands to not only be on social networks. They love news, events and promotions from social media.
We at F-trend understand the consumers that are why we are different than others. Our trend forecast is unique for each consumer group based on your targeted market age group, place and economic condition.
Millennial myth busting