Do you know who millennials are?
For starters, a millennial is someone born between 1981 and 1996. Millennials are currently between the ages of 23 and 38. Some even count millennials as the people born between 1980 and 2000.
Nevertheless, in the past two decades, millennials have been a generation that sets trends and drives technological progress.
But what about millennial marketing statistics? Read on to find out.
(Source: Dynamic Signal)
Millennials are the most racially diverse generation, although Gen Z is quickly changing these stats. Millennials currently make up 25% of China’s entire population – more than the whole population of the US. However, the country with the highest millennial proportion is Iran with 32.2%.
More than half of this generation is looking to build its own future by developing a business. Millennials have a keen sense of ownership and want to make the world a better place for themselves and others alike.
Millennials and technology go hand by hand. Furthermore, more than a third follow millennial trends and insist on always having the latest gadgets on the market. And there’s nary a millennial without a mobile phone – they’ll probably get a panic attack, should they go out without one.
In fact, around 65% say they would be more devastated by losing their phone or computer than losing their car.
And Millennials generation statistics indicate millennials are 2.5 times more likely to adopt technology earlier than other generations.
Question time: How big is the millennial market?
The millennial market consists of about 73 million people between the ages of 23 and 38. Millennials are currently the largest generation.
Research on millennials found out that the vast majority of the generation uses social media to communicate and find information. While that’s not a surprise to anyone who hasn’t just fallen off the Moon, social media has a key role in understanding millennials’ behavior and needs.
To get the attention of millennials, you need to be present and create engaging content on social media. Furthermore, you need to be active on multiple channels and keep getting their attention with videos, images and a social position.
Question time: What is millennial marketing?
Millennials require a different approach to marketing. They are savvy enough to know when they’re being pitched to, and they have built up a resistance to it.
This generation can be hard to impress. Statistics on millennials state that around half of them will be loyal to your brand after a positive experience. Still, millennials like to compare prices around the web, social media and physical stores, so don’t try to fool them.
Give them a reward instead. Then they will be quite willing to promote you. It’s also worth mentioning that 37% of the generation is willing to purchase a product with a cause they believe in. Even if that means spending more.
What’s more, 50% are willing to do business with a company supporting a cause. Oh, and on top of that, 69% of millennials crave adventure, so think of a way to give them some. Or at least some games – that’s always a hit!
Nobody likes ads, right? Still, 8 out of 10 millennials realize ads are necessary for brands and serve a purpose. Advertising to millennials is not a hard task if you know how to do it.
They won’t have anything against watching some ads, should they like your brand. Heck, they would even do it willingly to help you. Still, millennial stats reveal that about a third use ad-blockers.
The term “millennial” was created in 1991 by historians Neil Howe and William Strauss in their book “Generations”. They decided on the label based on the fact that older millennials would be graduating high school in 2000.
In the same book, Howe and Strauss define 7 basic traits of millennials:
Everybody likes to spend money in exchange for goods. However, millennials appear to be on top of the cash-splashing charts. According to millennial spending statistics, they spend more than $600 billion every year.
And contrary to popular belief, they prefer visiting physical shops more than shopping online. Millennials are also quite spontaneous and will purchase something instantly, should it grab their attention.
Question time: How do you advertise to millennials?
There’s a number of key steps you should take to reach millennials effectively. Optimize your content for social media, give instant responses, appeal to their values, and keep it real.
(Source: Digital Marketing Institute)
It may sound weird, but it’s a fact! According to 40% of millennials, some unknown people online (a.k.a. “influencers”) understand them better than their real friends. Try explaining that to your grandfather!
Millennial statistics further reveal most of the generation would rather trust online personalities than traditional ones. This is because TV celebrities lack authenticity and honesty, while a YouTuber is more often than not considered a genuine human being.
Question time: Who are the millennials today?
People born between 1981 and 1996 are considered to be the millennial generation.
Millennials are skeptical audience. Nearly all of them consult with online reviews and a large proportion trusts those reviews, as well.
Still, you must have at least 15 reviews that are fresh, in order to gain their attention and trust. If you do manage to win them as customers, they will certainly pay you back by making the so-called user-created content.
They will take photos for Instagram featuring the name of your business and share their mood with emojis. And that definitely means ‘likes’, ‘shares’ and essentially free advertising for you!
This is something that kinda became a trend overnight. How many times have you seen someone browsing on their smartphone while watching TV?
A recent millennials study shows second-screening is a thing for more than two-thirds of millennials. And this is a direct hit towards traditional advertising. Advertisers are now up to the challenge of a second screen strategy.
Now you know what millennial marketing statistics dictate. Millennials are no longer an enigma to you. Use the knowledge to gain the trust of a few millennials and more will come knocking on your door.