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.
Millennial Marketing Statistics (Editor’s Choice)
- 75% of millennials prefer SMS communication for surveys, promotions, and deliveries.
- Millennials are 247% more likely to be influenced by blogs than company experts.
- Nearly 80% of millennials would pay for brand loyalty programs.
- Around 84% of millennials don’t trust traditional marketing.
- 40% of retail companies think millennials are not loyal.
- 90% of millennials are active on social networks.
- 54% of American millennials are active on Instagram.
- 44% of millennials are going to promote products on social media for gifts.
Millennial Marketing Stats Rundown
1. 72.1 million millennials are living and working in the US.
Advertising to millennials will definitely pay off as they are currently the biggest generation in the US workforce and have overtaken Baby Boomers. As of July 2019, there were 72.1 million millennials, while the number of Baby Boomers (ages 55 to 73) stood at 71.6 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.
2. Millennial consumer trends show 61% of millennials want to make a difference in the world.
Not just that, but millennials feel 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, over half of millennials want to believe they are buying products that make a change in the world. 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.
3. Millennials in the US spend an incredible $600 billion annually.
Millennial spending statistics show that this generation’s global projected spending is set at $1.4 trillion in 2020. 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.
4. 63% of millennials have over $10,000 in student debt.
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, 20% of millennials without a college degree reside in the comfort of their family.
5. 75% of millennials prefer SMS communication for surveys, promotions, and deliveries.
Millennials prefer texting over phone calls when dealing with brands. 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.
6. 34% of millennials are likely to make an impulse buy if the product is personalized.
Millennials prefer unique things. Millennial marketing statistics state that 34% of them will make an unplanned purchase if the product being sold is at least somewhat personalized.
7. 40% of millennials check online reviews before making a purchase.
Millennial customers prefer reading online reviews before making a buying decision. Brands should build a reliable and preferably honest online reputation. The 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.
8. Millennials are 247% more likely to be influenced by blogs than company experts.
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 are more likely to be influenced by a blog, or a social network post than an expert working for the company.
Millennial Consumer Behavior
9. One in three millennials would spend more than $5k on travel.
Millennials are leading all generations in the desire to travel. Millennial market research says this generation has no problem spending more than $5,000 on vacationing. This cohort also travels the most among other age groups with an average of 35 days each year.
10. Nearly 80% of millennials would pay for brand loyalty programs.
Around 77% of millennials would enter the loyalty program of a brand they love, according to millennials marketing statistics. By comparison, 65% of Gen X feel the same. People doing this expect better offers, gifts, and exclusive deals tailored just for them.
11. For 84% of millennials, the opinion of common people on a company’s profile page can help them make a buying decision.
Creating a campaign where the main target group is millennials must be done right. The most recent millennial marketing stats suggest that it’s more important to create a space where customers can talk about their experiences. This would influence the opinion of 84% of millennials whether to buy a product from the company.
12. Around 84% of millennials don’t trust traditional marketing.
Eight in 10 people that are part of this age group hate 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.
13. Just under 80% of millennials think ads are necessary for brands.
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.
14. Millennial spending statistics confirm 96% of this generation make an impulse purchase each month.
Millennial consumer behavior shows that almost all of them spend an average of $71 every month on unplanned or impulsive purchases. Millennials are known for their impulsive spending habits triggered by something that caught their eye.
15. A total of 37% of millennials use an ad blocker.
Ad blocking methods are used by 37% 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.
16. 40% of retail companies think millennials are not loyal.
As much as 40% of the retail companies are convinced that millennials are bad customers because they are not loyal toward a brand. This is not entirely true but rather shows that businesses still have a lot to learn about the things millennials buy or don’t buy. Millennial marketing statistics show that 80% of this age group are loyal to a brand if they fall in love with it. It’s not easy satisfying the millennials, but once you have their attention, they are here to stay.
17. 75% of millennials prefer spending money on experiences rather than items.
Millennial market research shows around 3 in 4 millennials prefer splurging on things that will create memories than items that will eventually get old or lost. Millennials shopping statistics also indicate that they prefer creating memories and enjoying life more than having the perfect bread cooker.
18. Millennials spend over $500 during the Christmas holidays.
The average American spends around $700 on gifts throughout the year, but millennials spend more than $500 around Christmas only. Products millennials love are themed around the winter holidays. According to American Express’ millennials and marketing research, a staggering 84% of that generation overspend for gifts during the weekends.
Millennials and Technology Statistics
19. Over 90% of millennials own a smartphone.
All millennials own a smartphone and are connected to the internet. According to MediaKix, 100% of this age group have a mobile phone. Pew Research Center places this number at 92%. Either way, it seems that at least 9 out of 10 millennials have a smartphone with an internet connection.
20. The share of US millennials that use the internet is 100%.
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.
21. Only two out of ten millennials enjoy watching traditional television.
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.
22. 68% of millennials use a second screen.
While a millennial watches television and there’s an ad on 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.
Millennials and Social Media Stats
23. 90% of millennials are active on social networks.
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 — Facebook founder Mark Zuckerberg is a millennial who invented the world’s biggest social media platform.
24. Seven out of ten millennials are on YouTube and Facebook.
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 77.2%. YouTube meanwhile is the most popular social platform across all ages and millennials’ second favorite, reaching 71.2% of millennials.
25. 54% of American millennials are active on Instagram.
This photo-sharing platform is regularly accessed by an impressive 54% of Americans aged 26-35. Millennials and social media statistics suggest that it 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 for bridging the gap between companies and consumers.
26. 70% of millennials and Generation Z-ers follow influencers on social media.
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. 57% of millennials will almost always buy a product or service that has been recommended by an influencer they follow.
27. 44% of millennials would promote products on social media for gifts.
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.
28. 57% of millennials have made an unplanned purchase because of a social media ad.
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: Pew Research, WordStream, Accenture, HubSpot, EZtexting, Forbes, Big Commerce, Ryan Jenkins, Business Insider, CIO, BazaarVoice, HubSpot, Nielsen, Finder, Statista, Accenture, Business Insider, CNBC, MediaKix, Pew Research, Statista, Qualtrics, Comscore, eMarketer, Neil Patel, Statista, Investopedia, MarketingCharts