Millennials can be extremely loyal to brands they like to give tips harnessing that loyalty. How can the millennial shopping trends transform the shopping landscape?
Millennials are the key generation for 2017 and beyond when it comes to targeting consumers. 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 will be significant. But marketing to these consumers is a challenge.
What have Millennials been up to lately? Brands are eager to know, and agency Internet Marketing Inc. has released an infographic that helps companies keep up with Millennial shopping trends. This type of audience is addicted to influencer, brands, authenticity, experience and make their own opinion.
First, who are the roughly 80 million Millennials in the US? The infographic defines them as people born between the years 1980 and 2000, and it says they spend approximately $600 billion per year a figure that is expected to grow to $1.4 trillion by 2020.
For brands that want in on that Millennial action, it helps to know how this group shops. The infographic compares generational buying habits and points out that Millennials outspend other groups by $80 per month on coffee.
It also says 60% of Millennials rate products and services online, compared with 49% of other generations.
Millennial shopping trends transform the landscape in terms of harnessing their capability in brand loyalty. If you want to learn how to connect with Millennial shoppers, check out the infographic:
Millennials, more than any other generational market, believe in brand loyalty.
But they’re going to make you work for it. One clever marketing campaign simply won’t cut it. The landscape has changed and so has the way brands are marketing to millennials. Brands are now working with a shopping audience who wants to be appreciated on an individual level, who at the same time relies heavily on their peer group to help sway their purchasing decisions. They have to know you’re invested and in it for the long haul; not only for them but for those they care about as well.
There are roughly 80 million millennials in the U.S. spending a collective $600 billion per year.
And by 2020, this audience is projected to make up 30% of retail sales. That’s 80 million people who are possibly using their smartphones to make purchases at this very moment. They’re telling their friends whether a brand is worth buying into or not. They are looking for the best prices, highest quality, but also, the value from retailers they buy from.
If they like your brand, they’ll sing your praises to everyone they know. If they don’t, they will be quick to call you out. What do these millennial shopping trends mean for retailers? It means standing behind quality products. It’s learning how to connect with the demand of different audiences. Being proactive rather than reactive will go a long way to improve brand loyalty, increase customer retention, and generate more revenue.
For better or for worse, Millennials have transformed shopping into a shared experience, which is wonderful news for brands willing to step up to the challenge. We’re delivering more of the fascinating stats of millennials shopping trends through our newest infographic above.