To appeal to millennials, who represent the largest group of consumers today with massive buying power, brands need to truly understand the hallmarks of this unique generation. They need to learn who these people are and what they want in terms of marketing and communications. Because when marketing to millennials – you need to do it right!
* This article is written based on the findings from our own research of 1000+ consumers within the millennial generation, as well as on external research.
We’ll walk you through:
- Why companies should care about millennials
- Common characteristics of the people in the millennial generation
- How millennials spend time online
- Millennials’ view on influencer marketing
- Marketing that appeals to millennials
Prefer to listen? Check out our podcast episode about marketing to millennials.
Why should companies care about millennials?
Today millennials constitute the largest generation group in the world and they will continue to be a major part of the population for many many years. As they now are reaching their prime spending years, their impact on the economy and on the retail landscape is going to be huge – something that companies need to keep a close eye on.
With their unique traits and experiences, growing up in a digital age, millennials are poised to reshape what the consumer landscape looks like, forcing companies to examine how they do business. Also, companies will need to rethink how they market themselves towards these consumers, as they look for totally different things in brands compared to previous generations. The companies that do it right, that manage to reach and connect with this audience, stand a much better chance to win market shares moving forward.
What defines a millennial?
A millennial is a person born between 1981-1996, aged between 25-40 in 2021, and constitutes more than a quarter of the world population! Millennials are already the largest generation in the workforce and soon they will also be the largest living adult generation.
This generation is generally marked by its high usage of and familiarity with the Internet, mobile devices and social media. This is why millennials are often termed as digital natives; a young person who has been brought up in an evolving digital age, in close contact with modern technology.
According to Accenture, millennials spent $1.4 trillion on shopping in 2020 globally. As a generation known for its large spending power, there’s no surprise they are spending more money in-store and online than any other generation
Common characteristics of millennials
Millennials are a very diverse generation, whose attitudes, motivations and interests depend a lot on which stage of life they’re at. Some are 25 years old, just got their first apartment, in the middle of an education and single. Some millennials are 40 years old; living in a house, got kids and a permanent job.
They have been brought up in a modern, constantly evolving digital age and are known for being comfortable with technology. No surprise that millennials are more positive about the internet as a good thing for society, compared to older generations. This is most likely a factor in why millennials seek transparency and the sense of a community when looking at brands.
A typical trait of the millennial generation is that they are quite unique when it comes to integrating personal values with their shopping behaviours. They are often involved and have a clear perception when it comes to political, social and environmental questions. This is later shown in the way they let their opinion affect what brands they chose to engage with or not. If their opinion doesn’t conform with a company – they often look to other companies.
They definitely prioritise brands whose values and beliefs align with their own. This is also why brands need to have a meaningful purpose, and be more than just companies. Not only are millennials looking for the cheapest or best product, but instead, they are looking for companies that align with their beliefs and values.
Why marketing is important to millennials
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