With high spending power and digital propensity, the Millennial audience represents a powerful revenue-acquisition opportunity for brands.
the millennial consumer
Millennials (born 1981-1996) living in the US make up the largest living generation as of Jul 2019 at 72.1 million. They also have significant spending power: a total 1.4 trillion spending dollars. They make up 30% of total retail sales in 2020 to-date. Millennials have always been digital-first as natives to the internet. 86% of Millennials were classified as 'digital buyers' as of May 2020.
How does your brand target these high-value consumers to foster lifelong loyalty from this group?
Millennial shoppers are more savvy when it comes to discerning quality products over the internet. Influencer culture was formed out of an interest in virtual referrals. Promoting reviews, accolades, and referral content from key figures in the industry on digital platforms will encourage engagement and ultimately conversion for this audience
The Millennial shopper is more likely to shop from brands that promote transparent operations and ethical business. Consumer spending is tied to support for causes. Consider how your brand can incorporate storytelling into your digital strategy. 92% of Millennials are digital video viewers, while 66% are on Instagram and 40% on Pinterest. These visual platforms enable storytelling with striking visuals and content.
The rise of the Millennial consumer has coincided with the rise of DTC brands and decline of traditional in-store shopping experiences. Brands can now leveraging digital media channels and data to hyper-target and encourage conversions through campaigns.
While social media is one of the most powerful platforms to reach these consumers, 72% of Millennials stated that online ads - excluding social media - have directly influenced their purchases. A strong approach weaves programmatic display, search and newer platforms such as connected TV into a comprehensive strategy for success.
While the Millennial generational cohort grows up, consumer spending habits shift into relevancy for existing brands targeting older consumers. Often considered 'young,' 1 in 4 Millennials are now parents. Millennial consumers are looking to make more sophisticated buying decisions as they age up into new sectors.
Interested in learning more about how MediaCrossing can help you reach Millennial consumers? Reach out to us at firstname.lastname@example.org for more info.