The US is home to 87.5 million millennials (ages 18 to 29). In comparison, 83.7 million Americans fall under the “Generation X” category (30 to 49-year-olds), whereas the number of baby boomers (aged 50 years and older) is 66.4 million.
While millennials are a vastly diverse group of individuals, they are in a unique position because most millennials grew up with digital technology from their infancy. For this reason, they interact with brands in a very different way and their statistics are reshaping the way B2B and B2C marketers do business.
In a recent infographic by the University of Southern California Dornsife, it states that mobile is the best way to reach millennials as they have the highest rate of ownership of smartphones of all generations.
Additionally, personalization also matters to them with 85 per cent of millennials more likely to make a purchase if it is personalized to their interests, both in-store and with digital displays.
The infographic also notes that female millennials are more engaged online when it comes to shopping and social engagement while 23 per cent more male millennials watch online video and streamed content. Also, while 85 per cent of millennials aged 18 to 29 own smart phones, only 54 per cent of those over 50 have one. Millennials read far fewer magazines and newspapers, but also spend the least amount of time watching television. However, they are second to Generation X in their Internet use and outpace all others, by far, in their use of social media with 89 per cent of those surveyed using social media compared to 49 per cent of those over 65.
When it comes to interacting with brands, 82 per cent of millennials engage with the brands or retailers they favor, and 49 per cent follow their favorite brands or retailers. Additionally, 87 per cent of millennials favor brands who practice social responsibility like the shoe brand Tom's is favored by millennials as with every shoe bought, another pair is donated to a person in need. Further, brands like Uber are favored by millennials as 25 per cent surveyed did not feel that having a car was important.
Best practices for marketing to millennials include optimized mobile, multi-platform and personalization as key areas. Also, being authentic, having a social media presence and informational blog are key. With 77 per cent of millennials agreeing that the economy has had an impact on their spending, the eyewear company Warby Parker, for example, has been successful in marketing to the wallets and e-spending habits of the millennials.