Millennial Consumer Habits
The Millennials, born between 1980 and 2000, are the largest generation yet, making up about 25% of the U.S. population. Comparably, there are over 90 million Millennial individuals and just over 70 million Baby Boomers. Right now, this gargantuan generation is entering prime spending years as consumers. Millennial consumer habits are historically different than other generations.
Eager to reshape the economy, Millennial’s unique worldview will dramatically change the ways we buy and sell, forcing companies to rethink everything they thought they knew about business.
At a glance, this is what we know about a typical Millennial consumer:
- Brand loyal
- Shares preferred brands on social media
- Prefers personalized online shopping experiences
- Uses mobile apps
- Researches product information online
10 Fact-Checked Millennial Consumer Habits You Need To Know
- Forbes estimates Millennials are spending over $200 billion this year, and will spend more than $10 trillion over their lifetimes as consumers in just the U.S.
- 67% of Millennials prefer to shop on online rather than in-store. (Armstrong)
- Millennials are most commonly interacting with brands via social media (49%) or a brand’s websites (54%). (NewsCred)
- Millennials are 1.75x more likely than Boomers to say they’d like to be brand-loyal. (Facebook)
- Once they find a company or product they like, 80% of Millennials will keep coming back. (Edelman)
- 51% of Millennials would be likely to make a purchase over social media. (Armstrong)
- 40% of millennials prefer to use a mobile app to identify themselves as brand loyalty members. (Software Advice)
- 47% of millennials use their smartphone to discover brands via digital media because someone else followed/liked/pinned/tweeted info on social media. (Annalect)
- 90% of millennials will share their brand preferences online. (Edelman)
- A personalized online shopping experience is a higher priority for driving loyalty for Millennials (52%). (Rare)
Revolutionary businesses are pioneering Millennial-centric growth models to capitalize on this massive rising generation. Technical creativity is necessary to address to this generation’s digital demands and stand out from other businesses online.
What steps are you taking to champion over this monumental growth opportunity?