Everyone is familiar with the stereotypical idea of Millennials. Born between 1980 and 2000, they have been described as lazy, entitled, and selfish. However, as Millennials have entered society as consumers, they’ve proven to be none of the above.
Statistics suggest that by 2020, Millennials will spend about 1.4 trillion U.S. dollars, or 30% of retail expenditure that year. Millennials have great potential and value as consumers—but they need to be properly understood. Here are three tips to get you started on marketing to these unique consumers:
Technology isn’t everything.
Millennials are tech-savvy; that much is obvious. Surprisingly, though, they prefer a healthy balance between online and in-store buying. Online shopping isn’t solely used for purchases, but rather for price comparisons. Moreover, when they shop for something both in a store and online, Millennials are more likely to make a purchase in-store. To captivate Millennials’ attention, businesses should focus on how their products appeal to audiences both in person and online. Millennials often value experiences over things, so create a memorable environment in your store and on your website.
Millennials are not completely different from their predecessors.
Although Millennials are growing up with more technology than any generations have had before them, they still have the same basic needs and desires as Generation X and Baby Boomers. A recent article from Bloomberg Pursuits says Millennials’ purchase decisions are similar to those of their parents; they’re just happening later.
Good deals are key.
While many have said that Millennials are the most brand-loyal generation, this isn’t always true. They are on the lookout for good deals. According to Forbes, two-thirds of Millennials say they will switch brands if they are offered a discount of 30% or more. In short, Millennials stay loyal to brands that appreciate them, whether that’s with a loyalty program or coupons.
At 212, we know Millennials—some of us even are Millennials. We know the trends and patterns that are attractive to the future’s consumers, and we’d love to talk to you about the changes you can make to appeal to this highly influential generation.