Millennial Shopping Habits: What you Need to Know Now.
While you know you want them to shop your store, do you really know who they are?
When it comes to Millennial Shoppers we bet you see a footloose and fancy free 20-something with long hair flowing, sunglasses flashing and high heels on her feet. Perhaps she’s headed to a concert. But the truth is, she is more likely to be headed to daycare drop off, and then to the office. That’s because, before we’ve realized it, Millennial have grown up.
The Millennial generation, which the Pew Research Center defines as all those “between 18-34 in 2015” are now between the ages of 20-36. That’s prime working and childbearing years. And, although we know many Millennials are putting off starting familys, the truth is, almost anyone who IS starting a family IS a Millennial (we’ve got a blog on that coming up!).
Along with this, Accenture estimates millennials spend $600 billion a year. But, as this generation grows up, their shopping habits are significantly different from those in past generations. Here’s wat you need to know.
You know social media is a key place to reach Millennial shoppers with your brand’s message. But did you know that, according to Social Chorus, 98% of millennials are more likely to engage with a friend’s post over a brand post?
What does that mean for you? IF you can make your posts about your shoppers and get them to share it, they will do your marketing for you. So avoiding making social media all about you. Instead ask questions, share current events (anyone see the La La Land flub up at the Oscars?) and share visually rich pictures of your products.
Product Reviews have a huge impact on what Millennials buy as they become more savvy to brand self-promotion. Because of this 84% of millennials report that user-generated content has at least some influence on what they buy. Millennials (Source: BazaarVoice)
Use this to your advantage! Grab customer product reviews from online or ask your best customer’s to share reviews directly with you. Then post the review with the product. Train your sales team to talk in terms of customer reviews. Get then talking about “Customer Favorite” products and to share what other customers have told you about why they like certain items.
Millennials, with their penchant for online shopping might just be the ultimate deal seekers. While this might be scary on the surface it can also allow the millennial to play right into your hand.
Just have sales. According to Accenture, at least 95% of Millennials say they “want their brands to court them actively, and coupons sent via email or mailed to their homes currently (or will in the future) have the most influence on them.” Other channels, such as text messages have also shown to influence shopping patterns. So make your store an exciting place with rotating deals and offers. Avoid the trap JC Penny fell into where everything is always discounted and instead had smart sales at strategic points and consider the Nordstrom Private Sale method where you just offer some deals to shoppers who have signed up for them (of course all shoppers must be able to sign up).
When it comes to your shoppers you’re doing yourself a disservice if you are not considering Millennials. In the past few years Millennials have come into their own with a buying power that rivals Baby Boomers. This means it’s high time retailers think about the best way to talk to these shoppers on social media, in store and through promotions.
Are you seeing a difference in how you talk to younger shoppers these days? Have you changed your sales, social or promotions to align to their tastes? We’d love to hear your story in the comments below.