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Millennial Buying Behavior

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:-
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Category:
Presentations
User Name:
komal
User Type:
Student
Country:
India
Uploaded Date:
17-03-2017