Remember the Millennials
Remember a few years ago when everything online was about targeting millennials? Then along came Gen Z, which put an end to that. Well, we’re here to give you some advice on how this changing demographic can be a real opportunity this festive season.
1. The spending power of millennials is on the rise!
As the generation of millennials grows older, they’re starting to out-earn their parents. Millennials – currently defined as between the ages of 22 and 36 – are reporting an average household income of £40K, slightly above the £36K for Boomer households. They’re also maturing in other ways: 80% of millennials are employed, 58% are married or in a domestic partnership, and 44% are parents. For brands, that means they’re an increasingly important audience to not only try to engage with, but to create bespoke content for.
2. They shop online more than anyone else.
Perhaps it’s unsurprising that this digital generation spend, on average, the largest proportion of their time shopping online. Spending 60% of their time shopping online, millennials are outstripping both Gen Z (56%) and Gen X (58%). That number is also increasing for younger generations. More than a third of millennials and Gen Z shoppers say they shopped online more (41% and 37%, respectively), purchased online more (37% and 36%) and researched online more (38% and 35%) over the 2019 Christmas period compared to previous years. Making it easy for millennials to find what they want online can help your brand convert active browsers to buyers.
3. They’re shopping across multiple categories.
Obviously, you can’t get chocolates for everyone – but millennials are more into diverse gift-giving than anyone else. In fact, millennials are shopping for home electronics (49%), furniture & home décor (39%), household items (39%), small appliances (28%), home renovations (22%) and large appliances (21%) more than any other generation.
Meanwhile, both millennials and Gen Z are shopping for clothing and footwear (69% and 70%, respectively), fashion accessories (49% and 51%), jewellery (40% for both), mobile devices (31% for both) and sporting/fitness goods (22% and 24%) more than older generations. They can’t research everything alone, so be ready to help them out.
4. They’ve got a lot of people to worry about
As millennials get older, they hit the sweet spot of gift-giving, where they aren’t just buying for family, friends and co-workers but also for their own children. Both millennials and Gen Zers spend most of their shopping time over Christmas shopping for others, including their parents (23% and 32% respectively), siblings (16% and 23%) and friends (20% and 24%).
One in five millennials (21%) also buys for their children – making them more likely than older shoppers to be on the lookout for recommendations and fast delivery. It’s a growing trend – over a quarter of millennial and Gen Z shoppers say they had more gifts to buy (27% for both) and more people to give gifts to (28% and 25%) this Christmas season than in previous years.
Plan now to take advantage of increasingly digital consumers and it can pay dividends – it’s never too late to start. Get in touch with WhiteNoise to see how we can drive success this festive season.