Marketing to Millennials: Social Media and Online Shopping Here to Stay
In 2020, the first wave of Millennials—born in 1980—will be turning 40. As Millennials reach middle age, it’s clear their unique social media and shopping trends will be mainstays in commerce. With Millennials overtaking the market, it’s more important than ever to understand what makes their generation unique from the others and how it impacts their consumer habits. Here’s the lowdown on marketing to Millennials, how to do it, and why it’s worth your while.
Turning 40: What Does it Mean?
As the former children of the digital age finally hit 40 and enter middle age, their lifestyles are changing as they settle down. 40% of Millennials are now homeowners, compared to only 26% in 2016. 38% are married, and as of 2018, 40% of Millennial women had children. What do these statistics mean? Millennials are growing up and settling down, making investments on houses, and starting families. Accordingly, more and more Millennials are entering the workforce. It’s estimated that Millennials will overtake Baby Boomers in the workplace within a few years and will represent 75% of all workers by as soon as 2030. For many Millennials, middle age will mean more stability and an increase in expendable income.
Millennials vs the World
If Millennials are finally settling down, what makes them so different from Baby Boomers and Gen X? What defines Millennials more than any other generation, is their relationship with technology. Growing up in the digital age, they lived through the revolutionary advent of the internet and were at the forefront of the development of social media. Another significant difference between generations is education level: 40% of Millennials hold a Bachelor’s degree or higher, compared to only 29% of Gen X and 25% of Baby Boomers. Millennials have also been shown to be much more likely than their older-generation counterparts to spend money on things like $4+ coffee, the latest tech, and clothes they don’t necessarily need. So how do these differences stack up in the consumer world?
Shop (Online) Til You Drop
There are many shopping and social media trends that seem to be unique, or at least largely attributed to, Millennials. The first trend is simply their prevalence: 86% of Millennials report using social media, and 60% of purchases made by Millennials in 2019 were done online. In their online shopping, Millennials prioritize convenience more highly than other generations, such as same-day delivery. They also are more likely to research products online before buying to compare prices and quality. Millennials also use the internet not just to compare products, but to discover and share them. As many as 72% of Millennials on Instagram have reported making beauty or fashion purchases based on posts they’ve seen. Social media and online shopping hold a huge amount of power over Millennial consumer decisions, much more so than other generations. Understanding these trends so you can take advantage of them is the key to effectively marketing to Millennials.
Why Does it Matter?
The long and short of it is that social media marketing is essential. Millennials are more tech savvy, better educated, and more likely to spend money on luxuries like new clothes or expensive coffees than previous generations. As Millennials are growing older and settling down, they will become a larger and larger consumer market. They are buying homes, starting families, and taking over the workforce. This means an increase in stability and expendable income for Millennials, who will continue to purchase luxury goods for themselves or their families. The key to this demographic is utilizing online marketing tools. Social media and online shopping rule the consumer landscape for Millennials, and a well-integrated digital approach is the best strategy to capture this market.
Marketing to Millennials begins and ends online and is becoming an increasing necessity as they take over the job and retail market. Though social media can often be dismissed as unimportant, it’s actually an excellent marketing tool and can make a huge difference to your business. As Millennials turn 40 and beyond, it’s essential to create and implement a social media strategy to stay on top of the market.
Struggling with your social? Want to market better to Millennials? Let the creative team at Kraus Marketing take care of all your marketing needs to help you grow your business!