Baby boomers and millennials have very different spending habits, thanks to the technology surge and influx of shopping options that have appeared over the past decade. Many companies struggle to keep up with the rapidly changing market, so The Public Relations and Marketing Group is sharing some statistics that may help.
Information and measurement company Nielsen recently released data concerning millennial spending that pointed to mobile apps, social media, and digital channels as prime opportunities for marketing and advertising.
According to the data, while baby boomers value brick-and-mortar stores for things like groceries, clothes and toiletries, millennials are three times more likely to purchase these goods online. Fifty-one percent of consumer packaged goods (CPG) online transactions in the U.S. are made by millennials. The group aged 18-34 is nearly four times more likely to use Facebook and Instagram to find new products and 50 percent said they discover new products from sources outside the store. Millennials have made Cyber Monday almost as popular and financially successful as Black Friday. Further, evidence points to the fact that mobile discovery leads to mobile purchasing, so companies that offer online payment options are much more likely to find success.
But it isn’t just an online market. In fact, 57 percent of millennials surveyed said that they enjoy wandering through the store to find new products, and they are 1.6 times more likely to try new products. This means that novelty and personal expression are integral parts of successful product campaigns.
If you’re noticing a lack of young consumers, try to permeate the digital world and create a sense of novelty for your product. Involving your company in social media, creating online coupons and methods of payment, and re-branding to keep your product modern are all ways to increase revenue. With their purchasing power growing exponentially, you can’t afford to ignore millennials’ needs.
The Public Relations and Marketing Group offers digital advertising, social media management, web development and optimization, as well as traditional advertising services, to help you reach millennials and other consumers. To learn more, please contact us at 631-207-1057.