The purchasing power of millennials is estimated to be $170 billion per year. 50% of millennial men and 70% of millennial women consider shopping a form of entertainment and something to share with friends and family.
Millennial
Buying
Behavior Millennials are..
Savvy Shoppers37% of millennial loves shopping and
48% enjoy it.
50% of millennial men and 70% of
millennial women consider shopping a
form of entertainment and something
to share with friends and family.The purchasing
power of millennials
is estimated to be
$170 billion per year.45% of millennials spend more than an hour
a day looking at retail-oriented websites.
No surprise, but smart phones are a dominant method of
connection to the web for millennials , with 89 percent of
them using the devices to connect, vs. 75 percent who
use laptops, 45 percent tablets and 37 percent desktop
computers.Who are Millennials ?1982
MILLENNIALS
-
ARE BORN
BETWEEN
2002Upcomers
Elevated education level
High income
Low awareness of
brands
Money at disposalMavens
Millennial moms
High income
Baby in tow
30 something
(4 in 1
millennial is
parent today)Eclectics
•Mostly females
•Free spirited
•Search for good
deals
•Better awareness
of brandsSkeptics
Video gamers
Social media buff
Fast food priorities
Comics and sci-fi movie
loversTrendsetters
Updated with news and
gossips
Experimental and risk
takers
Well informed about
brands
Have large social networksRowdy
Thrill seekers
Problem solvers
Adventurists
Team workers
Together they are millennialsLet’s dig into some
interesting facts
about millennial
shopping behavior 28% of millennials prefer shopping online
rather than in store.60% of millennials find convenience in having
smart phone or tablet to research or purchase
a product on the go.More than 50% use their smart phones to
research products while shopping.Millennials are 216% more likely to be
influenced by in-store touch screen displays.Reviews from Friends or Peers Carry a Lot
of Weight
About 48% of millennials say word-
of-mouth influences their product
purchases more than TV ads.Values Mean
Everything
• 37% of millennials are
willing to purchase
a product or service to
support a cause they
believe in, even if it means
paying a bit more.
• Brands that align with a
social cause are big
attractors.Millennials are
sensitive to Price
• Price has the
greatest influence
on millennials'
purchase
decisions above
all other factors,
including quality,
brand, store and
availability.Constant Exposure to Social
Media
• About 60% millennials are connected to social
media, using it as their primary source to find
and hear about products, special deals and
shopping news.
• Millennials are incredibly engaged with companies
and brands on social media platformsGoogle and Amazon are favorites for
comparing prices on smart phones.
• Amazon (46 percent) and Google (43
percent) dominate millennials' preference for
price comparison activities. Tech Savvy
Millennials are 2.5 X more likely to be an early
adopter of technology than other generations.What we Know for Sure?
MILLENNIALS
• Have the buying power
• Are on mobile
• Are the largest generation
of future consumersFollow us on:-
