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More on Millennials

As Bryan covered in his most recent blog post, millennials are vital when it comes to advertising your products, and it’s smart for your marketing strategy to reflect that. Their spending power is consistently growing and they continue to outpace the baby-boomers in terms of population. But not only are millennials a large group of big-spending consumers, they are a prophet of sorts. Their shopping tendencies seem to turn into trends for consumers on a broader scale. To ignore their influence and inclinations is to bury your head in the sand, so here are a couple millennial trends to keep in mind as you try to appeal to this ever-demanding generation.

 

Millennials eat healthy

If you’re trying to see if your store is “millennial friendly,” look straight to the nutrition label. According to Nielsen, 70 percent of millennials are turning to retailers that specialize in healthy, natural foods. Some retailers are hesitant to carry these products in their store based on price. Why carry expensive products if no one is going to buy it? But millennial spending habits don’t always make sense.  They consistently spend more than their budget should allow, and 76 percent of consumers are willing to pay more for foods with health benefits. Healthy products are catching on and signs are pointing to that trend growing in the near future as well, with about 40 percent of consumers planning to purchase more fruit and vegetables in the next sixth months. By offering and marketing healthy alternatives, you could attract a group of people who are willing to spend more and come in large numbers.

They’re shopping online

It’s not controversial or surprising to say that millennials do nearly everything online, from social interaction to consuming media, and they are far ahead of their generational counterparts when it comes to doing so, as 40 percent of males and 33 percent of females say they would buy everything online in an ideal world. While we may not be in an “ideal world” yet, millennials are inching closer and closer to what they want. In 2014, about four percent of grocery sales in the U.S. were done through e-commerce, which amounts to $27 billion. But once again, if we follow the lead of this generation it could lead to a very profitable place. Experts think in only eight years this number will quadruple and account for 17 percent of grocery sales. A lot of words are thrown out to describe millennials, some bad and some good, but it’s tough to ignore their effect on the industry and consumerism. For more on millennials and social media strategy, take a look at Bryan’s recent post!