How to Market to Millennials: 10 Statistics to Help You Better Understand Them
All generations have certain characteristics about them that make each member inherently a part of that group. Gen Z has never known a world without the internet and is hugely influential; Millennials are the largest group in the workforce and spends consciously; Gen X prefers honest and clear marketing when looking to buy; lastly, Baby Boomers want a seamless purchasing experience with little to no hassle, and know exactly how much a product should cost.
Each generation is different when it comes to how they consume media, and marketers must be aware. If you’re going to successfully market to a certain demographic or generation, you must understand their core qualities and behaviors. Let’s take a deeper look into Millennials, or Gen Y to better understand how to successfully market to them.
Known as digital natives, millennials are those born between 1982 and 1994, and technology is part of their everyday lives: all their activities are mediated by a screen. However, unlike Gen X’ers, millennials were not born into a world of technology, but rather evolved with it. They are now the largest group in the workforce, spending $600 billion a year. According to their psychographics, some are lazy and impatient, usually taking the easier alternative.
They Are Creative
According to Millennial Marketing, millennials are content creators. 46% of them post original photos and videos online. In addition, 40% of millennials want to participate in the co-creation of products and brands.
They Don’t Trust Traditional Advertising
Less than 1% of Millennials are influenced by traditional ads. According to HubSpot, 84% of millennials do not trust traditional advertising. SocialChorus data also shows that only 6% of millennials consider online advertising to be credible.
They Are Price-Conscious
Millennials are very price-conscious and base their purchasing decisions on getting the utmost value out of their purchase. This is due in part to millennials going into high school, entering college, or graduating from college at the height of the market crash of 2008, and again, confronting a pandemic economic downturn in 2020. Price is the most significant force powering brand loyalty, and two-thirds of millennials say they will switch brands if they are offered a discount of 30% or more.
They Trust Recommendations More Than Brands
Eight out of 10 millennials never buy anything without reading a review first. When preparing for a purchase decision, 66% of them ask for their friend’s advice. 93% of millennials have made a purchase based on a recommendation from friends and family, and 89% of millennials trust these recommendations more than they do the claims of the brand itself.
They Want Products Backed by Experts
Yahoo reports that “68% of millennials are completely unfazed by celebrity endorsements or star-studded ads. They want products that are backed by experts and show real results or prove life improvement. 85% of millennials research before purchasing, and 60% of that research happens on the company’s website.
They Are Lazy
Millennials are more likely to buy on their smartphones than the rest of the population – 43% versus 28%. They want fast, easy and reliable. They are the least patient generation and want their information quickly.
They Are Worried About the State of the World
Millennials want brands to get real and rally behind a cause, and they are willing to pay for it – in fact, they are 50% more likely to purchase from a company that supports a cause. Plus, 37% of Millennials say that they are willing to purchase a product or service that supports a cause they believe in, even if it means paying extra.
They Like to Try New Things
They love to try new things and aren’t afraid to test out the technology. In fact, 56% of millennials report being the very first to try new technology.
They Are Extremely Relevant
If your website and brand are not up-to-date on all current design and social trends, then millennials are less likely to buy from you.
They Are Comfortable With Facebook
According to Nielsen’s data, millennials use smartphones more often than any other age group, with Facebook being the top application used. In fact, 87% of millennials are using the platform, after all, they grew up when Mark Zuckerberg first launched it.
Gearing your marketing to a specific generation may seem daunting if you don’t understand the motivations behind their choices. If you are looking to hone in on your marketing efforts that aim to intrigue a specific generation, contact TriSpark Media today. Our team of talented marketers will get your strategy to where it needs to be.