Episode 43 of Advertising Smarter focuses on Millennials — consumers who were born between 1982 and 2000 — and looks at how you can tap into their media interests and habits, buying preferences, as well as their attitudes about advertising.
According to a new report about Millennials, many generational ties bind this diverse group of young consumers and differentiate them from older consumers. These include a deep comfort with technology, heavy involvement in social media, a multitasking mentality, non-stop immersion with screens on cell phones, digital tablets and PCs, etc. The challenge for marketers is to leverage this common ground to find Millennials wherever they are and engage them no matter what they are doing.
Retailers often look to the younger generations to fuel their growth as they shop for goods and services they need for their growing households. Historically, younger consumers have been taste-makers as they make various brands and products their favorites. But the slow economic recovery is threatening this trend because the financial situation of many of today’s younger shoppers is strained and this new reality has implications for marketers.
Last week, we highlighted a study by LIM which characterized Millennials as being a group that enjoys shopping in traditional stores, especially for apparel and footwear. The study also indicated their reputation for heavily using technology may be overstated. But research from a different source indicates that marketers can reach Millennials with their online advertising messages as long as they use the right strategies.
The use of technology for shopping by 18–25 year olds is significantly overrated, according to new research from LIM College. In fact, more than 68% of the 18–25 year olds surveyed "prefer to shop in stores than online for apparel and shoes." However, they are using the Web for gathering information — with 66% using the Web to browse and compare prices.
A new study from Barkley provides information on a range of digital and social habits of American Millennials, as well as their attitudes in the areas of cause marketing, grocery, restaurants, apparel and travel. Millennials are more receptive to cause-marketing efforts, are more easily influenced by their peers, and seek a broader range of activities to incorporate adventure and fun in their lives.
Millennials with incomes over $100,000 will define the next wave of luxury spenders, according to new findings from the Mendelsohn Affluent Survey and the Mendelsohn Affluent Barometer. Given their age and income levels, these emerging millennials are the next group to target as they will likely achieve significant wealth over the next decade and have the greatest chance of hitting the $200,000 mark.
According to a recent report by the Pew Research Center, younger adults are leading the way in increased mobility, preferring laptops to desktops and using their cell phones for a variety of functions, including internet, email, music, games, and video. Cell phones are by far the most popular device among American adults, with 85% of adults owning cell phones, and 90% of all adults live in a household with at least one working cell phone. Though cell phones are now ubiquitous in American homes, the level of engagement with the phones does vary widely between generations. Almost half of adults own an iPod or other mp3 player, and 42% percent of all adults age 18 and older own a game console. However, Millennials are by far the most likely group not only to own most of the devices studied, but also to take advantage of a wider range of functions.
According to a Capstrat-Public Policy Polling survey released recently, 19% of the youngest adults surveyed say they’re willing to pay “significantly more” for green goods. That’s more than twice as many as any other age group. Overall, 59% of consumers consider products' environmental sustainability to be very important in their buying decisions. Yet 47% of respondents said sustainability and environmental friendliness are "rarely" or "never" mentioned in their employers' communications. Capstrat CEO Ken Eudy says, ”…companies with a genuine commitment to the environment are missing a huge opportunity to promote this orientation – even with their own employees. Corporations could and should do more to communicate what they are doing to protect the environment.”
America's twenty-somethings, known as the Millennial generation or generation Y, are connected, confident, and tend to live in the moment when it comes to making food choices, reports The NPD Group. According to recent NPD food market research, Millennials are more likely to say their food choices at main meals are motivated by cravings, cost control, and minimal preparation time. In addition, Millennials are much more likely than consumers in other age groups to use frozen entrees or other food items that are portable and do not require preparation. Millennials are coping with their economic challenges by making use of low-priced retailers.