Millennial Shoppers and its generation. Millennials are the largest generation in United States history, and their spending habits are unlike anything retailers have ever seen. They purchase more online and on their phones than any other generation, and that includes rental and sharing services!
Oh, Millennials. That unique group that seems constantly to be on marketers’ minds. What are they up to these days?
They are shopping and engaging, but in ways different from previous generations, according to an infographic by MergeIn.
- Some 39% of Millennials post reviews of products or brands, and this generation is more likely to listen to and connect with people like them rather than celebrities
- Over 60% of people age 18-24 would try a product suggested by a YouTuber
- 69% of Millennials have admitted to experiencing FOMO (fear of missing out)
And, of course, how they buy is different because of changing technologies. Millennials are 4.6 times more likely than other generations to rent products online and 2.3 times more likely to use sharing services, according to the infographic.
Who are the roughly 80 million Millennials in the US?
The infographic defines them as people born between the years 1980 and 2000, and it says they spend approximately $600 billion per year—a figure that is expected to grow to $1.4 trillion by 2020. Millennials shoppers are well known to be the most powerful shoppers in generational concepts of shopping trends.
For marketers and brands that want in on that Millennial action, it helps to know how this group shops. The infographic compares generational buying habits and points out that Millennials outspend other groups by $80 per month on coffee. It also says 60% of Millennials rate products and services online, compared with 49% of other generations. For marketers and their marketing strategy, it settles a clear message, more testimonials, and influencer marketing to come.
To see more about this dynamic generation, check out the “Inside Look at the Habits of Millennial Shoppers [Infographic]” below for a more detailed look.