How Millennials Spend Their Money
With over 87.5 million millennials, ages 18 to 29 in the US, brands looking to attract millennials need to adjust their products and services for a generation that wants to share unique, playful, and socially conscious content.
Brands like as Uber, Toms and Warby Parker are tailoring marketing efforts to capture more of their loyalty. New infographic by University of Southern California’s Online Masters of Applied Psychology program illuminates millennials’ media usage, spending preferences and more.
Social media and the Millennial generation:
- 89% of Americans ages 18-29 use social media.
- 85% of them own smartphones, compared with just 27% of people 65 and older.
- Only 20% of millennials read the newspaper, compared with 48% of baby boomers.
- 82% of millennials interact with brands on social media.
- 49% follow their favorite brand on social media.
- 38% of millennials discover brands on social media sites.
Digital Marketing and Millennials
While mobile devices are the best channels for reaching Millennials, brands should have a multi-platform marketing strategy since many Millennials own multiple devices.
- 55% watch video content on multiple devices.
- 85% of millennials are likely to purchase personalized goods/services.
- 62% of millennials reported that brand engagement is more likely to make them a loyalty customer.
- 1 in 3 million choose blogs as their top media source.
Another factor to consider is authenticity since Millennials tend to dislike deceptive advertising. Publishing informational blogs can also help you reach Millennials given one in three Millennials use blogs for research purposes before making purchases.
Source: University of Southern California
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Filed under: Marketing Trends