It is time for the 2015 Year in Review report! For this month’s buzzReport, we take a look back at the year to determine the key Millennial trends that retailers and marketers must keep in mind when trying to target the seemingly elusive Millennial demographic.
What do Millennials value most when shopping? Quality.
Although Millennials are cost-conscious and trending toward thrifty, 100% of respondents agree that quality is the “most important factor” to them when purchasing any product. These men and women want to make sure that they are making the best purchase possible and are willing to spend a bit more money, as long as they know that it is worth it. Millennial research habits reflect this value, as 95% of them will engage in some sort of online comparative shopping before making an in-store purchase.
How are Millennials shopping? Online and carefully.
Online shopping is key to understanding Millennial purchasing habits. 77% shop online on a weekly basis followed by 61% on their smart phones and 47% on their tablets. In fact, 9 out of 10 have purchased an item using a smartphone or tablet.
But this access to products also equals access to coupons. Millennials know that there are just as many coupons, deals, and sales out there as there are products – and they are determined to find them. It’s not surprising that 85% use their mobile devices to access coupons while in a store. In fact, 87% would share personal information with a brand to receive coupons, and 90% would do so for free or discounted products.
These coupons are prevalent in all aspects of Millennial shopping. 97% use coupons on groceries, followed by household goods (90%), restaurants (87%), and clothes (86%). And that’s not such a bad thing for retailers either. 97% are more likely to try something new with a coupon, 95% use coupons proudly, and 97% discover news brands and retailers thanks to coupons.
How are Millennials approaching the upcoming political election? Attentively and via the Internet.
Millennials are staying on top of it. 83% have been regularly following the Presidential Candidate debates and 95% plan to vote in the 2016 Presidential Election. They pay attention because they want to make sure that their concerns are addressed. When it comes to the issues, the Economy is Millennials’ number one concern (with 45% considering it the “most important problem facing the country”). 14% selected Education, while Social Programs and Healthcare received 9% each.
The candidates definitely pay attention to their Internet presence. 65% of Millennials said they received most of their election news through the Internet, and half (50%) admit that the Internet has the most influence over their vote – more than TV, friends, family, newspapers, radio, magazines, and other sources of information. 72% of our Millennials consume their political news through mobile devices (i.e. smartphones and tablets) whereas only 28% of Millennials consume through traditional media (i.e. television and newspapers).
Are Millennials paying attention to their finances? Definitely.
For 96% of Millennials, managing finances is one of the most important aspects of their lives. They want to make the right choices. For example, 89% follow a budget and 87% are confident that they will save enough for retirement. This is particularly important because many Millennials carry some sort of substantial debit – with 47% carrying student loan debt and 48% carrying credit card debt.
Either due to this renewed focus or the improvement in the economy (or both), this year has definitely been better for Millennials than last year. Almost half (48%) of Millennials describe their financial situation as better than last year and only 13% described it as worse. When it comes to the holiday season, over half (53%) will be spending over $600 on holiday shopping alone, and 29% will spend more than $1,000. Almost one-fourth (23%) will be spending between $400 and $600.
Do Millennials actually pay attention to where their products come from and how they are made? Yes.
An incredible 92% of Millennials look at clothing labels in order to see where a product originated before purchasing and 75% look at beauty product labels for the same information.
This generation wants to be better informed about how they, as individual consumers, are contributing or detracting from worldwide social betterment. 85% would be interested in knowing the life cycle of some of their clothing (i.e. where the material was sourced and its global distribution, in order to see how sustainable the production was) and the same percentage is interested in knowing the life cycle of their beauty products.
Enter the rise of ethical fashion. Millennials are willing to put their money where their mouths are. 82% are prepared to pay more for clothing that is guaranteed to have a sustainable product cycle and 74% are willing to pay more for ethically sourced fashion.
- Posted by admin
- On December 8, 2015
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