Millennial Buying Trends From a Millennial’s Perspective
As a Millennial myself, I like to think that I have a pretty firm grasp on the buying trends and habits of my generation. As Millennials are defined as any person born between the years of 1980 and 1996, this generation falls between the ages of 22-38 which is the peak age-range for spending as they are finding themselves with the access to disposable incomes. The generation will dominate the economy for years to come as according to Goldman Sachs it is the largest generation in American history with a whopping 92 million Millennials nationwide. With that being said, the market must adapt to changing trends as a new generation comes into power.
The first thing to know about Millennials is that they are increasingly tech-savvy. With such easily attainable access to the internet, it is easy to research a product and compare prices before even reaching a retail location. This means that having a strong online presence is absolutely essential to attracting a consumer base who has a bevy of alternative product options. Additionally, it is important to maintain competitive pricing as with having such easy access to information, Millennials are doing their due diligence and conducting price checks in an effort to identify the most affordable product options that the market has to offer.
A couple of weeks ago, I attended a Boston Red Sox game with a friend of mine. We didn’t really care where the seats were located in proximity to the field, we just wanted to find the most affordable pricing option available. After gathering information and monitoring multiple ticket resale websites, we decided to visit a reseller who had a storefront location near Fenway Park. Now, I came into this transaction with a strong knowledge-base after conducting prior research and so I knew the general pricing options of tickets available for this Saturday afternoon showdown. Upon arriving to this unnamed retail location, I stated that I wanted the cheapest ticketing option that they could provide. The price that I was given was more than double of what I found online and I became frustrated as the representative tried to convince me that he had the lowest prices available. Knowing that this was blatantly inaccurate, my friend and I walked away and purchased our tickets from an alternative vendor for half the price that this vendor was attempting to sell them for. Needless to say, I will never again consider this vendor for my ticketing needs.
By having such easy access to information and price points, it is easy for Millennials to see through any gimmicks as this generation is the most buyer-savvy that the economy has ever seen. Marketing directly to the wants, needs and expectations of Millennials will be the new era of marketing as it requires a more inbound (user-friendly) approach. So what do Millennials like? What will sell product to Millennials? These are quite literally billion dollar questions with answers that remain partially answered but they will evolve over time along with the generation itself. So the best place to begin this Millennial-based sales and marketing approach of the future is by identifying the interests and priorities of Millennials.
As more data is gathered on the Millennial population, it is becoming increasingly clear that they are taking their younger years to enjoy a more fast-paced lifestyle. The generation is interested in an active nightlife consisting of attending concerts, bars and other social events. This is easier found in large urban settings and that is where you will find most Millennials, living in large cities. Statistics also suggest that this generation is taking longer to settle down and get married as the median age for married Millennials is now 30 years old. This is a seven year increase from the 1970’s. Additionally, Millennials have taken a keen interest in their personal health and fitness. They are more diet-conscious and maintain workout routines as a part of their daily life. Activities such as yoga and running have seen a spike in the Millennial generation. You will also find them on social media documenting their journey of life every step of the way. In a nutshell, Millennials love to enjoy their 20’s and 30’s by living social and active lives.
By having an idea of the purchasing behaviors and interests of Millennials, it will be much easier to target marketing efforts towards this emerging economically powerful generation. Keeping this information in mind, it will be imperative moving forward to keep the interests of Millennials top-of-mind when building advertising campaigns and marketing & sales strategies. Selling an experience and a lifestyle will become an increasingly important strategy as associating your brand with Millennial interests will create increased brand loyalty. As a final piece of advice from a Millennial, we seek information, provide us with it. Give us the most relevant information about your brand and give us a competitive price point. Relate your product or service to our likes and interests and be unique, we like products that we can identify with!