August 21, 2018

Millennials as marketer’s target

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Millennials’ (or Generation Y) birth dates are from 1981 to 1996, and their ages are now 22-37 years old. In many Western, countries this is currently the biggest population group. Consequently, they are interesting object of study for sociologists, economists, and marketers. According to Retale’s study (), 84% of Millennials acts on push notifications for location-based apps (86% for males and 79% for females). Eighty-ni…ne percent react on push notifications from a favorite brand. Ninety-four percent of Millennials are using location-based services (97% of iOS and 93% of Android users). According to a report by Deloitte, 47% of 25-37 year olds said that their purchase decisions were influenced by social media; only 19% of those 37 and older said the same. Another study showed that 68% of Millennials won’t make a major decision without discussing it with a person they trust, compared to 52% of those aged 35-74. Webloyalty’s study of 5000 consumers in 13 countries discovered that Millennials were the core of peer motivated shoppers, and they were the most loyal and ready to shop daily (16% of respondents, compared to price motivated shoppers with 6%). Millennials’ income now is less than the income of Generation X, but their habits to spend more and more frequently (especially on food, fashion, games, etc.) makes this group a primary target for marketers. According Barkley’s report about Millennials in America, their annual direct spending power is estimated at $200 billion, but their indirect spending power is estimated to be $500 billion, largely because of their influence on their parents (Generation X). The report contains a lot of analysis about Millennials ().

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