A Portrait of the Millennial Shopper...Millennials have different ways of approaching making...
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A Portrait of the Millennial Shopper Who Are They? Essential Stats 61% have attended college 55% have full-time employment 48% live in cities 75.3 M estimated Millennial population in US $200 B in collective annual buying power 19-35 years old 2/3 are renters, not buyers $1.2 T in collective student debt The Mobile Influence Brand-Specific Loyalty Shopping Habits, by Generation Loyalty Programs 29% have responded to location-based offers 37% spend more due to their use of digital 69% read product reviews on mobile 92% own smartphones 47% use social media during the shopping journey Millennials Diverse, Digital, and in Debt Millennials are adults who are under 35 years old. Collectively, they constitute the largest, most educated, and most diverse generation alive today. They’re price-conscious, digitally native savers, and 82% prefer to shop in physical, not digital, stores. Millennials’ demographic attributes cause them to value low prices, but not at the expense of product quality and commendable business practices. 50% are likely to use branded apps 75% seek out loyalty programs 77% want to download coupons or reward certificiates 60% want to redeem points through an app 29% are likely to respond to daily deals 46% receive text offers What makes them more loyal to a brand, quality or price? 33% price 55% quality 75% said that it’s important that a company gives back to society, instead of just making a profit 62% are more likely to become a loyal customer if a brand engages with them on social networks Loyal, Idealistic Shoppers Though Millennials crave a good deal, they are loyal shoppers who appreciate fair, tech-savvy loyalty programs, and they are likely to remain loyal to and recommend the brands they trust. For Millennials, “trust” takes two forms: quality and responsibility. Millennials value high-quality products and fair prices. They also expect a company to be socially conscious, give back, and have a positive impact on society. Different from, yet Influential of Later Generations Millennials have different ways of approaching making purchases, and traditional advertising is not as effective on Millennials as it is on Gen Xers and Boomers. This is why retailers should push to leverage social media: getting a personal recommendation from someone Millennials know, even if it’s done online, is the best way to get them to purchase a new product. Personal recommendations convince Millennials of a product’s quality, which justifies its price. Finally, know that Millennials’ overall shopping habits are slowly being passed on to older generations. The more that Millennials shop digitally, the more that non-Millennials will follow suit. Millennials are trend setters. Packaged foods and insurance Ads or advice from a saleperson Non-Millennials (Gen Xers & Boomers) Sources: Click on any statistic to reveal its source. Primary sources include: Nielsen, Deloitte, Aimia, Pew Resesarch, Forbes, and Goldman Sachs. Travel and apparel Word-of-mouth Millennials What are you most likely increase your spending on? Do you research products on a smartphone before making a purchase? Questions Do you routinely research products before making a purchase? What type of “advertising” makes you most likely to buy a product? www.shoppertrak.com +1.312.529.5300 [email protected] 60% 90% YES YES 14% 86% YES YES Digitally Savvy Quality Seekers Millennials want good deals, and they’re using technology to find them. That said, they very much value quality and are willing to do plenty of online research on their mobile devices both before they make a purchase and while they shop.
Transcript of A Portrait of the Millennial Shopper...Millennials have different ways of approaching making...
A Portrait of the Millennial Shopper
Who Are They?Essential Stats
61%have attended
college
55%have full-time employment
48%live in cities
75.3 Mestimated Millennial
population in US
$200 Bin collective annual
buying power
19-35years old
2/3are renters, not buyers
$1.2 Tin collective student debt
The Mobile Influence
Brand-Specific Loyalty
Shopping Habits,by Generation
Loyalty Programs
29% have responded to location-based offers
37%spend more due to their use of digital
69%read product reviews on mobile
92%own smartphones
47%use social media during the shopping journey
Millennials
Diverse, Digital, and in DebtMillennials are adults who are under 35 years old. Collectively, they constitute the largest, most educated, and most diverse generation alive today. They’re price-conscious, digitally native savers, and 82% prefer to shop in physical, not digital, stores. Millennials’ demographic attributes cause them to value low prices, but not at the expense of product quality and commendable business practices.
50% are likely to use branded apps
75% seek out loyalty programs
77% want to download coupons or reward certificiates
60% want to redeem points through an app
29% are likely to respond to daily deals
46% receive text offers
What makes them more loyal to a brand, quality or price?
33%price
55%quality
75%said that it’s important
that a company
gives back to society, instead of just making a profit
62%are more likely to become
a loyal customer
if a brand engages withthem on social networks
Loyal, Idealistic ShoppersThough Millennials crave a good deal, they are loyal shoppers who appreciate fair, tech-savvy loyalty programs, and they are likely to remain loyal to and recommend the brands they trust. For Millennials, “trust” takes two forms: quality and responsibility. Millennials value high-quality products and fair prices. They also expect a company to be socially conscious, give back, and have a positive impact on society.
Different from, yet Influential of Later GenerationsMillennials have different ways of approaching making purchases, and traditional advertising is not as effective on Millennials as it is on Gen Xers and Boomers. This is why retailers should push to leverage social media: getting a personal recommendation from someone Millennials know, even if it’s done online, is the best way to get them to purchase a new product. Personal recommendations convince Millennials of a product’s quality, which justifies its price.Finally, know that Millennials’ overall shopping habits are slowly being passed on to older generations. The more that Millennials shop digitally, the more that non-Millennials will follow suit. Millennials are trend setters.
Packaged foodsand insurance
Ads or advicefrom a saleperson
Non-Millennials(Gen Xers & Boomers)
Sources: Click on any statistic to reveal its source. Primary sources include: Nielsen, Deloitte, Aimia, Pew Resesarch, Forbes, and Goldman Sachs.
Travel and apparel
Word-of-mouth
Millennials
What are you most likelyincrease your spending on?
Do you research products on a smartphone before
making a purchase?
Questions
Do you routinely researchproducts before making a
purchase?
What type of “advertising”makes you most likely to
buy a product?
www.shoppertrak.com+1.312.529.5300
60%
90%
YES
YES
14%
86%
YES
YES
Digitally Savvy Quality SeekersMillennials want good deals, and they’re using technology to find them. That said, they very much value quality and are willing to do plenty of online research on their mobile devices both before they make a purchase and while they shop.
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