Millennials can be extremely loyal to brands they like to give tips harnessing that loyalty. How can the millennial shopping trends transform the shopping landscape?
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- 2019 – Creditcards.com recently released a survey revealing how many Americans are planning to travel this holiday season, Poll: Millennials love their points, more likely to travel this holiday season.
Millennials are the key generation for 2017 and beyond when it comes to targeting consumers. The millennial generation is the largest in U.S. history and as they reach their prime working and spending years, their impact on the economy will be significant. But marketing to these consumers is a challenge.
What have Millennials been up to lately? Brands are eager to know, and agency Internet Marketing Inc. has released an infographic that helps companies keep up with Millennial shopping trends. This type of audience is addicted to influencers, brands, authenticity, experience and make their own opinion.
First, 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.
For 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.
Millennials, more than any other generational market, believe in brand loyalty.
But they’re going to make you work for it. One clever marketing campaign simply won’t cut it. The landscape has changed and so has the way brands are marketing to millennials. Brands are now working with a shopping audience who wants to be appreciated on an individual level, who at the same time relies heavily on their peer group to help sway their purchasing decisions. They have to know you’re invested and in it for the long haul; not only for them but for those they care about as well.
There are roughly 80 million millennials in the U.S. spending a collective $600 billion per year.
And by 2020, this audience is projected to make up 30% of retail sales. That’s 80 million people who are possibly using their smartphones to make purchases at this very moment. They’re telling their friends whether a brand is worth buying into or not. They are looking for the best prices, highest quality, but also, the value from retailers they buy from.
If they like your brand, they’ll sing your praises to everyone they know. If they don’t, they will be quick to call you out. What do these millennial shopping trends mean for retailers? It means standing behind quality products. It’s learning how to connect with the demand of different audiences. Being proactive rather than reactive will go a long way to improve brand loyalty, increase customer retention, and generate more revenue.
For better or for worse, Millennials have transformed shopping into a shared experience, which is wonderful news for brands willing to step up to the challenge.
Millennial shopping trends transform the landscape in terms of harnessing their capability in brand loyalty. If you want to learn how to connect with Millennial shoppers, check out the infographic:
Such a great and informative article thanks for sharing
This is very informative and I will absolutely share this to other people who are eager to open an online shop. Thank you for sharing this amazing idea.
Awww now i have an idea of millenial thing hahaha i dont belong lol
I am born in 1984 so I am a millennial shopper as well. Thanks you for such in depth inforgraphics. Did not know about them at all. Almost everything is brought online by us these days, hence it is necessary to understand the trends and transform accordingly
As a millennial, I can definitely relate to this. Before purchasing any products, I’d first research on it, and by research I mean read reviews about it online. I agree that reviews could be biased sometimes and some are even paid to say what they’re saying, but it works for me most of the time. I fell like a product or a seller is more reliable if they have more positive than negative reviews.
I also prefer buying stuff online using my phone because it is convenient, and I can do it whenever and wherever as long as I have internet connection. I also prefer branded stuff over the not, not really because of its reliability or durability, but just the name itself. I know, kind of petty, but I guess that’s just most people in my generation think and feel for some reason I myself do not understand.
Now I’m learning about infographic. Thanks for the information!
Wow, I had no idea! I knew shopping was trending towards online but I was shocked to see only 11% was being shopped “In store”. Thanks for sharing.
I guess it’s because millennials like me find it inconvenient to actually go to these physical stores to buy stuff when you can do it online and just have it shipped in your house. There are also more choices available when you shop online and it won’t take much energy. In my case, I only buy stuff there that are not available on malls, or they’re too expensive when bought from these kind of stores.
Wow, I am impressed and the outlook is very promising. I thank you for putting this information together, super Infographic
this is really a great piece of information with well depicted info-graphs..thanks for sharing this
Infographic a very powerful tool for content. Great job. Thanks for sharing with us.
Great piece! Wow 80 million Millennials in US alone! $600 billion spending power! And yes, that’s the inevitable trend, more and more people are purchasing on line. I have a friend, a Millennial, who buys almost everything online, shoes, bags, shirts etc. Right info for me as I am starting an online business! Thanks and the infographic makes it so easy to understand.
Yes you are right, impressive numbers and we know meanwhile you can purchase anything online. I was asking myself how valid the relation is to other regions across the globe. Good luck with your new business, cheers Dieter
Since you’re planning to have an online shop, it is very important that you take note of these things. I am a millennial and the things mentioned here are as accurate as they can get. It is very important that you get to have positive reviews in order for people my age buy in your shop.We also spend like crazy, so if you have both awesome products and good reviews, you can trust that millennials will be on a roll buying stuff from you. It’s important that you use social media to promote your online store.