Millennials as Consumers: Shaping Shopping Attitudes and Behavior
Millennials' shopping behaviors are shaping how everyone shops. By serving them well, you’re also serving all consumers well. By 2017, these young consumers will have more spending power than any other generation. Millennials, as consumers, demand mobile, social, and personalized experiences when they shop. Meanwhile, they’re still experimenting with a variety of everyday products and brands. While they spend 28% more than the average consumer at mass merchant stores, most haven’t yet formed brand loyalties. Brands that act now to serve their developing needs will create brand champions and can shift their shopping attitudes and behavior for years to come.
Millennials Shopping Behavior: Trusting Peers Over Brands
Almost twice as likely as other shoppers to rely on input from others before buying, Millennial consumers are savvy.. This change in shopping attitudes and behavior is inspired from people they know in person or online, and even strangers who share their interests on social networks (think Pinterest, Instagram and the blogosphere). Millennials carry these “advisors” with them on their smartphones, and everywhere they go. Millennials have grown up exposed to more advertising than previous generations, which makes them skeptical of marketing in general. They trust relevant, authentic opinions from real product users they can relate to: 84% of Millennials say user-generated content has at least some influence on what they buy, and 73% even say it’s important to read others’ opinions before food purchases.
Shaping Shopping Attitudes and Behavior: How to Win the Millennial Consumer
As consumers, Millennials are task-oriented shoppers, which means they like to get in and out of stores quickly and are on the lookout for shortcuts and cues to help guide their shopping attitudes and behaviors by alerting them to special offers. They are more likely to go down the aisle to “get the best deal,” and they want to make the comparison at the shelf based on all of the choices they have. Retailer apps are competing with every other app on a Millennial’s phone, which means that no marketer should assume that just because Millennials are "mobile," they will seek out a retailer or a brand app. In fact, most Millennials aren’t aware of these apps at all.
Ultimately, Millennials do respond to promotions and retailer loyalty programs that offer the specific kinds of rewards they seek — namely, something tangible (besides points), like free products or a percentage discount off a purchase. Millennials shopping behaviors illustrate an affinity for coupons, discounts and loyalty programs, but there is a big opportunity to rethink how to use coupons and promotions to get Millennials to try something new.
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Sources: Media Post, Bazaar Voice