Millennials In The Marketplace by Candis Snowden

April 5, 2018


Love or Hate Millennials

What is a Millennial exactly? Though there is some controversy as to the exact range of years that classify Millennials, it’s typically accepted that a Millennial was born between 1982-1996. This means that a huge chunk of them are in their thirties now. Regardless of your opinion on this interesting generation (and there are a lot of opinions on this group), they are major players in the marketplace. It’s important to know that Millennials surpassed Baby Boomers in 2015 as the nation’s largest living generation, according to population estimates released by the U.S. Census Bureau.

Millennials are heavy users of mobile devices for making online purchases. The thing to know is that, according to Forbes, most of the Millennials doing the mobile purchasing are in that older end of the Millennial spectrum (32-35). The younger Millennials (20-23) tend to make their purchases at a physical location. One might conclude that those older Millennials are at a point in their lives where they are not only managing their work life but a family life as well. There is likely more of a time crunch there.

One overall common thread among the Millennials that they do seem to be price driven, bargain hunters. This makes sense as the average Millennial today is making 20% less than Baby Boomers did at the same age. They are thrifty shoppers for sure. While Millennials are big on brands, two-thirds say they will switch brands if they are offered a discount of 30% or more. And, more than 70% of Millennials look for coupons before they purchase online. These folks understand the meaning of a dollar.

The moral of the story is that whether you believe Millennials are your target audience or not, they’re definitely a force to be reckoned with. You will likely be missing out on a large portion of your audience if you are not paying close attention to this generation in your marketing and advertising strategies.

 

Resources: 2015 U.S. Census Bureau, Forbes: This Is How Millennials Shop by Richard Kestenbaum, MarketProfs: An Inside Look at the Habits of Millennial Shoppers by Laura Forer, SmartAsset:The Average Salary of a Millennial by Amelia Josephson

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