As more Millennials enter the workforce, more experts and analysts are trying to understand the now nearly-adult generation and figure out what makes the group tick. This is especially prominent with marketers, as Millennials have become a major consumer demographic. One study by consultant SymphonyIRI has provided some insight into the generation.
“Millennial shoppers remain an important group to consider when creating pricing and marketing plans,” said John McIndoe, senior vice president of marketing at SymphonyIRI, in a press release. “A nuanced group that behaves much like the savvy, cost-conscious consumers of the recent recession, they are very different in how they interact with CPG brands and in how they seek deals. Understanding the unique characteristics of The Millennial Generation, or any group of shoppers, is essential to building powerful and lasting relationships.”
According to the survey, Millennials have been hit the hardest by the recent recession, with a 12 percent unemployment rate. Economic pressures have also forced the generation to become savvy shoppers with a special interest cost-value. In other words, if an unemployed post-graduate is about to spend more than what is necessary on a product or service, it better be well worth it.
In addition, this generation is exceptionally well-tuned to technology and digital media. As many of the members have grown up alongside the internet, it’s become a mainstay in their daily lives as they are dubbed by the source being an “always connected” generation. This is exemplified by the fact that Millennials are 262 percent more likely to be influenced by smartphone apps than the average shopper. Furthermore, the generation is 247 percent more likely to persuaded by blogs or social networks and 216 percent more likely to be swayed by in-store touch screens.
Due to the economic and technological factors molding this generation, businesses should be sure to use a targeted internet marketing campaign to communicate the value and cost-effectiveness of their service or product when marketing to this generation.