Loosely defined as the group of people born between 1981 and 1996, millennials grew up in a constantly changing era. Regardless of whether you love or hate Generation Me, they are currently one of the world’s most powerful consumer groups and the biggest opportunity for marketers, having already outnumbered Baby Boomers. We’ve prepared these vital millennial marketing statistics to help you adjust (or completely overhaul) your strategy to cater to the generation that feels at home with digital technologies and social media. So, read on and learn all about it.
Advertising to millennials will definitely pay off as they are currently the biggest generation in the US workforce and have overtaken Baby Boomers. At present, there are 72.12 million millennials, while the number of Baby Boomers (ages 55 to 73) stands at 69.56 million. These statistics show that millennial consumers are currently the most valuable and significant group of consumers waiting for someone to pamper their purchasing power and spending habits.
And it’s not just because of COVID-19. Millennials have always felt a personal responsibility to make a difference because they are worried about the state of this world. Born to hippie parents and the values that come with it, 30% of millennials want to take action to prevent diseases and another 29% are worried about climate change. So, if your business has a socially-responsible model or charitable works, do not be afraid to highlight it in your marketing efforts. ‘Feel good’ messages are doing a great job at reaching millennials.
Millennial spending statistics show that this generation’s global projected spending is set at $1.4 trillion. With this super millennial buying power, it is no surprise that marketers prioritize millennial needs. This massive purchase power, in combination with such a spending craving, can be a potentially winning scheme for any marketer.
Millennial consumers love to spend money, but they also have debts. Millennial lifestyle trends indicate that as a result of their loans, 10% of millennials who have obtained at least a bachelor’s degree are still living with their parents, which could explain why many of them still manage to satisfy their shopping needs. Shockingly, around 20% of millennials without a college degree reside in the comfort of their family.
Millennials prefer texting over phone calls when dealing with brands. Data on SMS marketing and millennial marketing facts further show that this age group will open an SMS within 90 seconds, but they might not respond to it or take action instantly. So, just like with most global consumers, millennial consumer behavior shows that when it comes to mobile communication, they tend to ignore messages.
Millennials prefer unique things but they also like impulse purchases. Millennial spending statistics state that a fantastic 87% of them almost always add unplanned items to their carts when shopping and another 78% do the same when shopping online.
(Long Beach Business Journal)
Millennial customers prefer reading online reviews before making a buying decision. Brands should build a reliable and preferably honest online reputation. Millennials online shopping statistics indicate that your product should be supported by online testimonials to make sure what you are selling to millennials caters to their preference and habits.
When marketing to millennials, steer clear of traditional ads. That generation wants to see what ordinary people have to say about a particular issue and is more likely to be influenced by a blog or a social network post than an expert working for the company.
Millennials are leading all generations in the desire to travel. Millennial market research says this generation has no problem spending more money on vacationing. This cohort also travels the most among other age groups, and in comparison to Baby Boomers who typically spend around $3,300 on travel, millennials would happily pay more than $5,700 for their dream trip.
(Berkshire Hathaway Travel Protection)
Marketing to millennials can be seamless if you understand how much they value online reputation. Millennial marketing stats about online reviews show that 50% of the members of this cohort use their smartphones to post reviews, and another 42% enjoy leaving reviews on Google. Given how much time they dedicate to reviewing products and services, it comes as no surprise that 51% of millennials first research a local business online and then venture to the brick-and-mortar store.
A solid 72% of millennials said a loyalty program influences their brand choices, and around 70% already have between 1 to 5 active loyalty programs memberships, according to millennials marketing statistics. By comparison, only 62% of Generation Z feel the same. People doing this expect better offers, gifts, and exclusive deals tailored just for them.
Creating a campaign where the main target group is millennials must be done right. The most recent millennial marketing stats suggest that this age group looks at an average of 13 Q&As, 11 photos, and 3 videos about a product before they decide whether to buy it. Research further shows that millennial consumers typically spend 13 minutes reading online reviews.
A staggering 90% of people that are part of this age group feel authentic marketing is much more convincing than seeing the standard commercials on television and radio. Coming up with something more creative and preferably personalized is one of the effective millennial marketing tips marketers should follow to attract this age group. When creating your millennial marketing strategy, avoid integrating disruptive and annoying outbound marketing practices.
79% of millennials think that brands must advertise their products. They see it as a necessary evil. On top of this, 46% say that ads don’t bother them at all.
Millennial consumer behavior shows that 88% of them spend an average of $100 or more on buying a present for their partner, children, parents, or grandparents. Products millennials love are themed around the winter holiday because they are known for their impulsive spending habits triggered by something that caught their eye. According to American Express’ millennials and marketing research, a staggering 84% of that generation overspend on gifts during the weekends.
Ad-blocking methods are used by 42% of this age group, as millennial marketing statistics show. According to Statista, the younger generations rely on that method a lot more, and they are about to break the 50% very soon.
As much as 60% of millennials claim they are proud to have a lasting relationship with a single brand since when they were in their twenties. But there are other important details that could help businesses learn more about the things millennials buy or don’t buy. In fact, millennial marketing statistics show that 70% of this age group are loyal to a brand if they fall in love with it and are willing to go above and beyond to buy from it. We’re not saying it’s easy to satisfy millennials, but once you have their attention, they are yours for life.
Millennial market research shows around 60% of women belonging to this age group feel their purchase decisions are driven by a brand’s values and morals, and more importantly, on whether or not they coincide with issues that are important to them. Millennials shopping statistics further indicate that female members of this cohort hold 85% of the total millennial purchasing power in the US or a fantastic $170 billion. So, defining your company’s values and stance on issues that matter to this audience in a thoughtful, authentic way is an opportunity no business owner should miss.
Another form of advertising that appeals to millennials is one that comes in a form of appeal as 55% of these consumers would gladly share their personal information for the promise of getting a more personalized experience. Oracle’s research further shows that in the past six months alone, 47% of millennials have purchased something just because it was suggested as a “must-have” product by their preferred brand.
Nearly all millennials own a smartphone and are connected to the internet, and yet only 55% own a tablet. According to MarketingCharts, at least 9 out of 10 people of this age group have a mobile phone. Mobile marketing statistics indicate millennials use their smartphones to check their bank balances, read the news, reviews, or watch videos.
When asked whether they would be able to live without the internet, only 15% of millennials said yes. Millennials and technology statistics show that the remaining 85% are most certainly not keen on canceling their connection to the world wide web. 21% claimed they “definitely could not” live without the internet. Another interesting data to help your millennial marketing strategy is that this age group spends 31 minutes a day on their desktop.
Millennials prefer internet videos to traditional television. Just over a third (37%) of millennials say they binge-watch daily. The latest research by some of the top rated video production companies and millennial entertainment trends signal that millennials prefer internet media over traditional television. Precisely, 35% of those surveyed said they prefer watching videos on YouTube, with only 19% favoring traditional television.
While a millennial watches television and there’s an ad at half-time of their favorite sports match, they check their smartphone, tablet, or laptop. This is why half-time ads on Super Bowl will probably drop dramatically in the future as this isn’t the type of advertising that appeals to millennials.
Nine out of ten millennials are active on social networks. A lesser-known fact about millennials and social media is that this generation is also responsible for creating them; Mark Zuckerberg, the founder of Facebook—the world’s biggest social media platform—is a millennial.
Access to social networks is vital to millennials. According to millennial social media statistics, they are not just active but also like to spend time on these platforms. Regarding the percentage of millennials on social media, Facebook is the all-time favorite, accessed by 78%. YouTube meanwhile is the most popular social platform across all ages and millennials’ second favorite, reaching 77% of this generation.
This photo-sharing platform is regularly accessed by an impressive 54% of Americans aged 26-35. Millennials and social media statistics suggest that the platform is setting new milestones for advertisers and users across the globe. With the launch of new features such as stories and live videos, as well as the newest data on reaching 700 million monthly active users and 1 million monthly advertisers, Instagram is an excellent method of advertising that appeals to millennials. The platform’s influencers are responsible for a lot of online shopping and bridging the gap between companies and consumers.
Millennials and social media statistics indicate seven out of ten millennials and the generation succeeding them follow at least one influencer. At the same time, 50% of millennials say that they trust influencers promoting brands on social media. Influencer marketing statistics further reveal 57% of millennials will almost always buy a product or service that has been recommended by an influencer they follow.
With millennials practically living on social platforms, it is not strange to advertise brands and products, especially in exchange for something free. Millennials and social media statistics show that a solid 44% would act as a sort of product or service promoter if given the option.
More than half of millennials admitted to making an unplanned purchase because they saw a product they like on a social network. Millennials and social media trends meanwhile show that 55% have experienced what is known as FOMO (fear of missing out).
These millennial marketing statistics conclusively show that marketers need to work on developing a suitable millennial marketing strategy if they want to target this influential consumer demographic. While it’s not easy to get them to like your brand, if you manage to accomplish that, the potential benefits will be worth the effort.
Sources: Statista, Deloitte, Statista, HubSpot, EZtexting, Long Beach Business Journal, Big Commerce, Ryan Jenkins, Berkshire Hathaway Travel Protection, WebsiteBuilderExpert, Oracle, HubSpot, Nielsen, CNBC, Statista, Khoros, MarketingCharts, Statista, Comscore, eMarketer, Oberlo, Statista, Investopedia, MarketingCharts, WordStream, MediaKix