According to Statista, 98% of 18 to 29-year-olds are online. And many retailers the Millennial and Gen-Z generations are the only groups who shop online. Some retailers have even gone to the extent of only advertising to their products and services to the younger generations. In today’s episode, Tobaria and Aaron talk through this myth and crunch the numbers on who is shopping online.
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A study done by Natural Insight found that shoppers aged 45-59 were very likely to shop in the stores (88%) and shoppers aged 18-29 were least likely.
Historically, which generation do you think is spending the most on Black Friday and Cyber Monday?
- Generation X = $592.83$
- Generation Y = $560.17
- Baby Boomers = $247.92
- Total $1,400.92
- While Baby Boomers only make up 18% of that total, 18% is still a good piece of revenue that you shouldn’t neglect if Baby Boomers are your businesses primary target demographic.
So when is the best time to have an online campaign dedicated to reaching these holiday shoppers? That same study had some interesting results.
The study found only 15% of the shoppers said they were going to do most of their shopping on Black Friday.
Of that 15% who are more likely to do their online shopping on Black Friday, 45% of them are in that younger age demographic of 18-29. But they’re more likely to spend less.
Are there any gender breakouts that are worth noting if you’re going to do an online marketing push?
Natural Insight found that women tend to shop earlier than men.
According to the study, 93% of women will have their shopping done by early December while 83% of men will do their shopping after that time.
Another interesting thing that when polled, more men said they planned on either braving the crowds to catch a good deal and more men reported they’d planned on shopping on Black Friday and Cyber Monday.
- 77% for Men and 71% for Women.