While some marketers view millennials as a golden opportunity for capitalisation, others see them as no less than a nightmare. Irrespective of personal opinions however, millennials are here to stay. What’s more, future generations are expected to not only inherit their character traits and behaviours as consumers, but also intensify them many times over.
All of which means that for any business looking to remain relevant long-term, turning a blind eye to millennials simply isn’t the way to go. In fact, unless millennials become a core element within your wider marketing strategy, you risk falling out of favour with the world’s largest consumer audience rather quickly.
To put things into some kind of perspective, we’ve pulled together a series of statistics – some of which may come as quite the surprise. In any case, factor in the following into your 2019 marketing strategy and you stand a much better chance of making the most of this already enormous and continually growing consumer audience:
- The average millennial checks their mobile device approximately 45 times a day. However, vast swathes of the millennial consumer audience takes this well into the hundreds.
- Approximately two-thirds of millennials actively follow and keep up to date with their favourite brands using their chosen social media platforms. Millennials also favour social media as a means of making contact with businesses in general.
- Contrary to popular belief, Facebook may actually be falling out of favour with millennial audiences. Researchhas suggested that its influence isn’t nearly as strong as with older generations.
- As it stands, the average millennial spends more than one full day (25 hours) every week online in some way or another. Though interestingly, females within the millennial demographic spend more time online via smartphones than their male counterparts.
- Researchsuggests that rather than making purchases based on convenience, millennials are more interested in the value of products and services than previous generations.
- What’s more, the power of e-mail marketing continues to prove impressive – close to 70% of millennials have admitted that promotional emails have influenced their ultimate purchase decisions on multiple occasions.
- An impressive 15% of millennials with smartphones use their devices to shop online several times every week.
- For close to half of all millennials (46%), the information they come across on social media has a direct impact on the purchase decisions they make.
- Research from CNBCsuggests that the majority of young people have savings totalling less than $1,000 in their accounts, with a huge proportion having no savings whatsoever.
- Nevertheless, millennials will have more combined spending power than any other generation on earth, throughout 2019.
Once again therefore, it’s a relatively clear message as far as marketing to millennials is concerned. Not only does it have to be done, but the approach required may need to be somewhat different to that of your existing marketing strategy.