You and your brand need to pay attention to millennials.
As reported by Google, millennials have specific spending habits around Christmas. And these should be of big interest to brands and businesses. Here are some of these trends:
They’re earning more – and spending more
Millennials (the age bracket between 22 and 36) now report an average household income of £40k. 80% of them are employed and 44% of them are parents. They typically earn more than their own parents and they spend a lot of money. So they’re a key market.
You and your brand need to pay attention to millennials.
They shop online more than anyone
60% of the average millennial’s shopping time is spent online, and online shopping time over Christmas is increasing.
If your brand can offer online Christmas buys and bargains, millennials might well buy your products. It’s important to make your online presence big, or you’ll miss a massive chunk of the millennial market.
They still buy things in-store – but with the help of their phones
Last year, 72% of millennials visited a store for their Christmas purchases over a two-day period. This figure is comparable to older generations, so it’s clear that millennials – during certain periods – are still using stores as much as their older counterparts.
But there is one big difference here. 86% of these millennials searched online for information beforehand. Millennials are very likely to use their phones before buying to search for things such as reviews, product information and images.
Make your online presence simple, clear and accessible. And if you have a store, offer simple, free WiFi.
Videos help them to make gift decisions
45% of millennial shoppers watch online videos to help with their Christmas shopping.
These videos can be in the shape of how-tos, unboxing clips, video reviews, holiday content and traditional video ads. For millennial shoppers, this is a key resource in informing what they should buy.
If you want to profit from this trend, your business should be making videos which will engage shoppers – and ultimately encourage them to buy.
Millennials shop across categories
Millennials give more diverse gifts than anyone else. More than any other generation, millennials are:
shopping for home electronics (49%), furniture & home décor (39%), household items (39%), small appliances (28%), home renovations (22%) and large appliances (21%)
This means two things for your brand. Firstly, you should be marketing a wide range of things, especially from the categories above. It also means that you need to point these millennials in the right direction – you can’t expect them to find such a diverse range of ideas and gifts all alone.
They’ve got a lot of people to think about
Many millennials are buying for many groups of people – friends, family, coworkers and children.
This means that they’re always on the hunt for bargains, special offers and speedy deliveries. If you want to attract millennials, you need to offer those things.
So that’s why millennials are important to you and your brand over Christmas. Reach out to them in the right way and they can bring lots of custom and profit to your brand.