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Happy Holidays from our MarketStar family to yours! As you prepare for the new year and its encompassing strategies for new business, I propose to you retail folks a category of customers you might be overlooking.
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Millennials have been generating noise among industry professionals as they start to settle into adulthood while holding onto habits they’ve picked up along their way. Their buying habits are drastically different of those of their parents, the Baby Boomers. They are poised to surpass the Baby Boomers in size and buying power, according to a survey done by the Boston Consulting Group, Barkley, and Service Management Group.
The focus of the study was determining the difference between millennials and non-millennials, based on true underlying characteristics and habits, not on age and life status. One of the most interesting points, contrary to popular belief of the most entitled, lazy generations in American history, was that millennials are very involved in consuming and influencing, particularly online.
They put a very high importance on the ability to affect change and spend about the same amount of time online as non-millennials, but utilize the web as a way to broadcast thoughts and contribute their own content.
The study done of 4,000 millennials aged 16 to 34 also found that millennials would much rather hear from their peers than from an expert. They read more reviews from their peers online, and are actively engaged in crowd sourcing activities.
As far as purchasing goes, millennials are far more likely to make purchases from companies with Facebook pages and mobile websites (33 percent to 17 percent) in addition to checking out brands on social networks (53 percent versus 37 percent). Their acceptance and willingness to buy from companies that are behind a cause is far higher than those of the baby boomer generation.
For retailers who are run by non-millennials, the ‘entitled generation’ train of negative thought could become a dangerous hindrance to their future business argues Jeff Fromm, executive vice president at Barkley advertising agency. Fromm argues those who are dismissive about millennials “won’t be able to provide relevant products and services that resonate with these consumers and meet their needs.”
Fromm says there is a potential for competitive “differentiation and advantage for companies that not only deeply understand but also embrace this generation.” The brand affinity garnered early on in their path to adulthood will stick with them.
So I leave you with one thought: As you begin to draw up plans and profit goals for 2013, what line are you drawing in the sand for millennials?
