The Millennial generation may have $170 billion of annual spending power but that doesn’t mean they are going to open their wallets to just any pitch. These consumers came of age during the Great Recession. They love certain brands, but they also want to save money. To reach them, eMarketer researchers say businesses must engage Millennials with value messages in the digital sphere and this reality increases the importance of search as a marketing tool.
Marketers should seek to connect with Millennials through digital media. Research from SymphonyIRI shows that 18 to 34 year-olds have a higher rate of using the following digital coupon sources than older consumers:
- Download from couponing sites 55%
- Download from retailer websites 53%
- Download from manufacturer sites 53%
- Use social media for coupons 40%
The smartphone, which will be in the possession of 75% of Millennials by year end, is a key tool in activities of daily life and that includes shopping. While these digitally-savvy consumers are using their phones to search for coupons, products and services, and information on what they want to buy, they engage with search advertising. They overindex in their rate of clicking on search ads. Only 22% of consumers overall click on these ads but 30% of 18 to 34 year-olds do.
To learn more about the shopping and media use habits of Generation: Millennials, check out the AudienceSCAN report available on the Research Store at ad-ology.com.