Millennials are often mislabeled with characteristics and behaviors that are not true to who the generation is as a whole. There is a lot of misleading information in the industry about this generation and we’re setting a few things straight. We’re defining who these Millennials are, taking a look at some of their habits and helping you decide if they are the right customer for your brand.
First up, who are Millennials?
Gen Y, also referred to as Millennials, were born between 1980 and 2000. They are taking over the Baby Boomers and are the largest population the U.S. has ever seen. They are known to be optimistic, focused and have high expectations for their generation.
What do Millennials look for in a brand?
Brands that have a social media presence, manage a user-friendly website, and engage their customers with relevant, fresh content have a greater chance to impact Millennial decisions.
43% of Millennials have liked more than 43 brands on Facebook, 63% stay up-to-date on brands via social media and 44% are willing to promote brands on their social networks.
Millennials and Their Mobile Phones
93% of Millennials own a smartphone and spend more than 5 hours interacting with media on a typical day and 90.4% engage in social media daily. They use their mobile phone for various activities, including browsing/searching for things to do and researching information of interests. They get all their information and most of their socialization from the Internet and they like to document events or favorite products via smartphone pictures.
Millennials’ Purchasing Decisions
The generation is highly influenced in purchasing decisions. They use their mobile phones for various activities, including browsing/searching/shopping for fashion trends, household items, home decor, entertainment and even vehicles. 54% of social browsers use social media to research products. They discover new brands, trends and designers through social media influencers and bloggers. Millennials make 36% of their total purchases using mobile devices and in 2019, the generation made 60% of their purchases online. They spend an average of $75 per online visit and an average of $57 per in-store visit.
Millennials as a generation care more about what their friends think about their purchases than they do about large brands or institutions.
More Millennial Characteristics
- They envision the world as a 24/7 place, the generation as a whole wants fast and immediate processing.
- With unlimited access to information, they tend to be assertive with strong views.
- Millennials are known to plan out and schedule everything.
- They also prioritize health & wellness on the hierarchy of needs.
- Gen Y cares more about their overall appearance than other generations.
“By 2019, Millennials are projected to number 73 million, overtaking Baby Boomers as the largest living adult generation.” (Pew Research Center) Millennials are bringing open-mindedness, diversity, education, and powerful purchasing decisions to the table as a generation.
As a brand, it’s critical to know how to reach Gen Y customers. The first step in working with TargetMarket is a comprehensive strategy that dives into your customer persona, helping you to understand why and how to reach Millennials. Ready to learn more and get started with us? Fill out our free consultation form here.