“Going once… going twice… Sold to the highest bidder. Please pay the cashier for your block of Millennial consumers.” Did you get any? Did you wait too late to start engaging them? Or did you invest the time building quality and engaging relationships while they were still young and being influenced? So let’s jump back in the DeLorean with Doc Brown and Marty Mc Fly and return to 2015 and see just what got you to where you are today.
Luckily for you there’s still time… and the time to strike is now.
For months now I have been pontificating on Millennials and what makes these beings tick. More precisely….knowing how to use this newfound information to engage and market them. So while statistics may be boring and stuffy I believe they have a real significance in deciding whether you get on board now or possibly miss the boat…or DeLorean rather. The Millennial’s spending power continues to increase and with it a huge influence on older generation’s purchases…and I can personally attest to that. So if I’m right here, that would make them your “prime target” market. Engagement has always been the key to building brand loyalty and with Millennials it’s imperative! Hopefully some of these statistics and “fun facts” will make your rethink your strategies and connect with the generation that holds tomorrow, literally in their hands.
Millennials are influencing purchasing decisions to the whooping tune of over a trillion dollars annually, with 11.9 million ages 18-30 currently living in households with annual incomes exceeding $100,000. Millennials now make up 25% of the US population and by 2020 will be 48% strong.
82% of Millennials still prefer brick and mortar stores. (yeah)
56% are willing to switch brands in favor of a deal.
80% of Millennials want brands to entertain them.
42% consider private label brands equal in quality to national brands and will purchase.
45% of Americans now search out organic options and 53% of those are Millennials.
50% of Millennials are more likely to buy a brand they know supports a specific cause.
37% of Millennials purchase a product that supports a cause, even if it means paying more.
52% of Millennials use their mobile devices on social media to note they like a brand.
53% of Millennial Households have children.
41% of men report they are the primary shopper in their household now.
65% of all Millennial men report they hit the grocery store at least 2x a week.
70% of Millennials will engage in rating a product, brand or service, good or bad.
16% of Millennial households Sriracha is the new Ketchup…just seeing if I had lost you, but a true fact just the same!
43% of Millennials check for coupons or promotions on their smartphones while in your store.
59% of Millennials purchase decisions are influenced by friends.
50% of Millennials trust retailer websites.
25% of meals consumed by younger Millennials include items they bought the same day.
37% of Millennials “might” make a list before going to the store.
60% of Millennials rate a stores selection and variety in the deli as the key criteria.
Millennial male shopper’s basket averages $95.89 vs. a female basket averaging $91.69 even though the female basket has more items. (go men!)
Millennial Male shoppers are less price sensitive than their counterparts and buy healthier foods.
Millennials are more likely to build shopping trips around a particular recipe.
Millennials are 44% more likely to trust experts (who just so happen to be strangers).
Millennials also look for exotic foods 42%, food samplings 56%, family-friendly stores 41% and on-line creative ideas and recipes 59%.
And last but not least…..
Millennials “like” to be asked at the register to give to a charity and will donate more often than any other generation.
And yeah, that was a lot. I know. But it’s important to look at it all together to get a clearer view of “who” these Millennials are now and who they are growing up to be. Numbers will change, time will move on, but the main philosophy, technical mindset, culture and desires of this generation will move forward. I just want so badly for my independent retailers to stay relevant and not miss the opportunity to garner the loyalty of Millennials. Now, before more of the Big Box and Chain Stores shrink back down in size because they too have seen the light and know that a personalized shopping experience, engagement, perimeter store departments and specialty items pulls more Millennials than anything. This is YOUR chance, so let’s take it.
And I, the self-appointed Grand Millennial, am glad to be here witnessing the transformation as this gangly limbed generation of Millennials forge into the outer ream of existence……..(yeah, that might have been just a little melodramatic).
Blue Skies Everyone
Statistics compliments of:
FMI Research
Progressive Grocer
The Boston Consulting Group
The Good Scout Group
Accenture
Millennial Marketing
