At a staggering 75.4 million, millennials represent the largest living generation in the country and American workforce, with purchasing power at $200 billion per year and rising. Furthermore, one quarter of this generation have now become parents who are becoming increasingly reliant on social media when making purchasing decisions.
With Mother’s Day quickly approaching, it’s no wonder gift-givers across the U.S. have already made purchase decisions for the special women in their life. Overall, Americans plan to shell out a staggering $23.6B for Mom, an increase of $2.2B since 2016. On a per person basis, the average expected spend this year is $186.39, another increase (of about $14) from 2016.
A millennial myself, I’ve found my new home slowly but surely coming alive with IoT technology. Recent data points to millennials as the hottest group of upcoming homebuyers, and interest in smart homes is increasing with the advent of new and intriguing smart home products. In fact, 43% of Americans with smart home integration are millennials, and many are willing to pay above and beyond for homes outfitted with smart technology.
Much like an actual person, a brand persona is crafted to exude human characteristics that mirror those of the brand’s target audience. In doing so, consumers are more willing and interested in connecting with a brand that speaks their language, and resonates with who they are. By developing a genuine and relatable brand persona, companies, in turn, are better able to produce everything from messaging to content that will effectively speak to their consumers.
We live in an age of controversy. Whether it’s a tweet from the president, or a YouTuber making a anti-semitic video- we see it all around us. PewDiePie, his real name, Felix Kjellberg, is arguably the most successful YouTuber of all time. Recently he uploaded videos to his channel which showed racist and anti-semitic content and his sponsors reacted. Not only did PewDiePie lose his sponsorship with Disney, but has sparked a conversation of control over creators. This conversation isn’t about PewDiePie though, if it wasn’t him, it would be someone else. Influencers are in a unique position of control over their own brand, which means sponsors must be careful when signing deals with these celebrities. Brands need to pad against controversy through influencer vetting as well as placing strict guardrails on sponsored content.