Buying Behavior of Millennials
Did you know that millennials make up almost a third of the global population? Sandwiched between the Analog and Digital Ages, millennials are a generation with unique consumer needs and buying behavior. Understanding the tastes, needs, and buying behavior of millennials will help marketers engage with this generation. Following is some helpful information on millennials and their purchasing habits.
Who are Millennials?
Millennials were born between 1981 and 1996. In the United States, the generation comprises nearly 75 million people. As they approach middle age, millennials are in their peak spending years.
What are common characteristics of millennial buying behavior?
As millennials approach the middle of their lives, some key traits of their buying behavior stand out when compared to other generations. In a nutshell, millennials prioritize wellness, longevity, nostalgia, convenience, and openness when it comes to shopping.
Wellness & Longevity
Millennials came of age with massive amounts of information at their fingertips through the world wide web. With the rise of social networking and other digital mediums like YouTube and podcasts, millennials enjoy taking deep dives into topics, brands, and consumer goods so that they can make informed decisions. As many millennials wrestle with career ambitions and parenthood (often at the same time) wellness is certainly on their minds. Millennials spend considerable amounts of discretionary income on supplements, healthier alternatives to popular snacks, and personal care products.
Nostalgia
Most millennials were well into their teenage years before the Internet became a worldwide phenomenon. This generation has very clear and nostalgic memories of life before endless notifications, social media, and mobile phones. Because this generation is sandwiched between two distinct eras, millennials tend to gravitate to nostalgia in brand messaging. They also appreciate throwbacks to products and food items from their youth—albeit with healthier ingredients.
Convenience
Millennials engage in online shopping more than any other generation. It’s important to remember that millennials grew up in the Mall Era, where many-a-weekend were spent browsing merchandise Abercrombie & Fitch, Old Navy, and Hot Topic while enjoying food court lemonade and cookies. Today’s millennial has chosen to prioritize the convenience of online shopping over meandering around brick-and-mortar retail centers.
This generation is often saddled with busy schedules as they contend with raising children and caring for aging family members at the same time. They are also deep into their careers where they work long hours and endure lengthy commutes.
For marketers, it’s important to acknowledge the millennial’s need for convenience and predictable shopping experiences.
Openness
Other generations have labeled millennials as “too open”, but that openness has led to market-disrupting industry. An example of the effect of openness on consumer spending is the booming wellness market for women enduring perimenopause and menopause. The market for menopausal support products, famously overlooked by brands in the past, is expected to reach nearly $30 billion by the end of the decade.
Tips for Engaging with Millennial Consumers
Deploy Direct Mail Campaigns
If there ever was a generation to giddily receive direct mail, it’s millennials. Direct mail is the perfect avenue for tapping into millennial nostalgia while promoting convenience. A personalized direct mail campaign with purchase incentives like discount codes is a great icebreaker. Inserting QR codes that route recipients to customized digital shopping carts is a great way to tap into this generation’s need for convenience, too.
Develop a Robust Cross Media Marketing Strategy
Engaging with millennials on the print and digital fronts is a great way to grab their attention. E-mail marketing paired with direct mail is a great strategy for announcing new products and sales.
Embrace Openness in Your Messaging
Crafting brand messaging that conveys authenticity and vulnerability is a great method engaging with the “most open generation.”
Pel Hughes is a full-service printing company that offers direct mail, graphic design, cross media marketing, campaign automation, and database services. Call us at (504) 486-8646 or click here to request a quote.
