Millennial have surpassed generation X in population and more than one-in-three American workers are millennials (18-34). Hence the largest workforce in the US is that of millennials. They are sharp, active and team builders. Their sheer size and purchase power indicates that they are not just consumers but a vital force that will shape the dynamics of the market. This year more internet users are on mobile which means the online shopping fiesta for the New Year is going to shift to mobile. For now, 18 % of millennial generation are mobile-only internet users.
As we all know, millennials and mobile devices go hand-in-hand, so a marketer has to craft a marketing strategy and design visuals to retain customers especially generation Y on mobile. This Seemingly tricky task has been identified by researchers who’ve studied consumer behavior and the purchase decision patterns of the shoppers.
Why Millennials ?
A majority of the generation Y grew up with internet and mobile devices. Besides, they were introduced to the idea of ecommerce and online shopping. They depict smart research skills and are known for their tweeting, texting, and networking abilities. They have everything synched to their smartphones and now it has become an eminent part of their lifestyle. The digital advancement and easily accessibility of internet has connected the global village into a mesh of super network and the biggest decision makers are generation Y.
Their obsession with technology has made them aware of the trends and the marketing spin that their previous generation seems oblivious to. Millennials have a strong aversion to push marketing which is clear from their self-reliant nature. On top of that, they are intrigued by word-of-mouth marketing from their social networks or influences from peers.
Any brands impression in their minds is not formed due to advertising or marketing but from their own intuitive processing.
Now for some shocking surprises
Millennials now spend almost 2 hours on mobile daily.
88 % say they have noticed mobile ads
51 % millennial mobile users claimed that they have made a purchase using mobile at least once in their life.
54% of Millennials with mobile data access now use their mobile device as either their primary or exclusive means of going online.
Now these were just plain stats showing the buying patterns that can be tailored further. What marketers really need to know are the rules to engage millennials. In the slide deck that follows, there are 5 different segments of millennials that are brand loyals, moved by emotional marketing with a purchasing power. Their scale of brand awareness varies but irrespective of that, they have the willingness to buy. The question is can you convert them successfully? Check out the slide deck to get more insights on their buying patterns.