Marketing to Millennials – Understanding the Buying Habits of Millennials

The millennial generation may be the most researched age group ever – at least as far as marketing research goes. Tens of millions of dollars are spent yearly to study the social media and buying habits of millennials. Of course, there is a good reason for this, when you consider that millennials will spend some $600 billion at retail this year.Of course, statistics mean little if you are unable to apply them to your niche. It does make sense to explore the numbers, to at least get a sense of how to market to millennials, and when it might be beneficial to make an effort.The first thing to know is this: Millennials spend the greatest portion of their “online time” on their smartphones, as 24% of millennial smartphone owners said, “nearly all” of their online time is spent on their smartphones, and 27% said “most” of their online time is spent on their smartphones.In other words, if your furnishings or interior design website is not “mobile friendly,” you have little chance of capturing even a small portion of the millennials in your area.When and Where Do Millennials Shop?With a heartfelt “Thank you” to LeadsCon.com (and their various sources), here are some valuable statistics to help you understand the buying habits of millennials:

• Numbering roughly 77 million, millennials make up about one-fourth of the US population.
• 25% of millennials in the US speak a language other than English at home.
• Millennials in the US wield about $1.3 trillion in total annual buying power.
• The median income for millennials in the US who are year-round, full-time workers is $33,883.
• More than 85% of millennials in the US own smartphones.
• US millennials touch their smartphones 45 times a day.
• 87% of online adults in the US age 18 to 29 use Facebook, with 53% on Instagram, 37% on Twitter, and 34% on Pinterest. That age group represents a large chunk of millennials.
• 83% of millennials in the US connect with companies on social media networks.
• The top five favorite brands of millennials in the US are Nike, Apple, Samsung, Sony, and Walmart.
• Just 26 percent of millennials in the US are married, compared with 36 percent of Generation X, 48 percent of Baby Boomers and 65 percent of the Silent Generation at the same age (Pew Research Center).
• 66% of millennials in the US follow a company or brand on Twitter and 64% like a company or brand on Facebook to score a coupon or discount.
• 56% percent of millennials in the US would share their location with companies to receive coupons or deals for nearby businesses.
• 51% percent of US millennials would share information with companies in exchange for an incentive.
• Only 6% of millennials in the US consider online advertising to be credible.
• For 95% of millennials in the US, friends are the most credible source of product information.

Regarding online shopping, 15% of millennial smartphone owners said they make online purchases on their smartphones “multiple times per week.” Another 15% of millennial smartphone owners said they make online purchases on their smartphones “weekly.”With this in mind, it would be a good idea to make sure your website is mobile friendly. Click here to visit Google’s Mobile-Friendly Test page. If you receive a positive result, great. If not, get on the phone to your website designer ASAP and demand answers – with a fix!Looking for more new design trends, marketing tips, and ideas? Get in touch with TD Fall today.