Millennials (a term any Millenial cringes at) have been the focus of media and advertising industries for quite a while now, and the hype around the generation’s spending habits is not exaggerated. Sources predict, that by 2030 there will be 78 million Millennials in the United States. This number translates into a very potent consumer power.
In regard to Millennials (still cringing), there are usually valid assumptions made about certain skills or interests they may have. That they are proficient in tech use, they have a mobile lifestyle, and that entertainment is valued in their social and private lives. Technological use is a staple with the Millennial generation: the data available from 2014 shows that 90% were using smartphones, 93% used social networking and internet in conjunction, and 96% were using text as a form of communicating.
These trends run throughout the generation and are important considerations to make when it comes to the type of marketing you choose.
The medium where a brand presents itself, or its services, needs to reflect the user base it wishes to have. With the graying population in the U.S., it is important to develop users that can grow along with the brand. This association from a younger age can breed loyalty or at least a desire to share their experience in an online platform.
So why should you care about the habits of Millennials in terms of marketing and advertising? While a little under half still preferred to receive information about products from peers, the next go-to was internet advertising. Tangible offers on Facebook that are redeemable at local stores have been effective at creating new customers. With a tendency for personalized service, the Millennial generation has some needs that can be marketed to effectively for the forseeable future.
The graph below from Statista's Digital Market Outlook shows that the revenue associated with online advertising is expected to grow drastically by 2021. A time that Millennials will still be prime consumers.