At 80 million strong, millennials comprise $600 billion of consumer spending per year, which represents a little less than one-third of all daily per person consumer spending. By 2030, the generation is projected to own 35%.
Though brick and mortar shopping is quite popular amongst this group, 31% shop online via their desktop and 16% via mobile.
In addition to browsing and buying online, following brands is common, with 57% of millennials indicating they follow a company on social media. While most followers are women (64%), men don’t fall far behind (50%). Why the follows? Over half say they do so to gain timely access to savings, while a little over a third are looking to discover trending products. Not surprisingly, 53% of millennials have indicated that Instagram is their go-to channel for shopping influence, which is more than Facebook, Twitter and Snapchat combined.
Areas of greatest impact when shopping online:
- Finding deals and saving money – 79%
- Free shipping option – 67%
- Product reviews and feedback – 60%
- Fast and simple checkout – 37%
- Product personalization – 11%
In line with this data, 30% say they’d buy from a competitive brand for a 30% discount.
For brands looking to capture a share of the millennial wallet, social media activation across channels, particularly Instagram, will be key. Strategic content should lean towards cost saving initiatives, and should offer competitive discounts to sway consumers their way. In addition, as shoppers are looking to discover new and trending items, previewing new products and announcing launches by way of the account and influencers would likely resonate with this crowd. Finally, assuring channels are optimized across platforms, particularly mobile, will be huge in ensuring a satisfactory shopping experience.
Sources: Forbes, Techaeris, Coupon Follow
