Marketing to Millennials – Understanding the Buying Habits of Millennials

The millennial generation may be the most researched age group ever – at least as far as marketing research goes. Tens of millions of dollars are spent yearly to study the social media and buying habits of millennials. Of course, there is a good reason for this, when you consider that millennials will spend some $600 billion at retail this year.Of course, statistics mean little if you are unable to apply them to your niche. It does make sense to explore the numbers, to at least get a sense of how to market to millennials, and when it might be beneficial to make an effort.The first thing to know is this: Millennials spend the greatest portion of their “online time” on their smartphones, as 24% of millennial smartphone owners said, “nearly all” of their online time is spent on their smartphones, and 27% said “most” of their online time is spent on their smartphones.In other words, if your furnishings or interior design website is not “mobile friendly,” you have little chance of capturing even a small portion of the millennials in your area.When and Where Do Millennials Shop?With a heartfelt “Thank you” to LeadsCon.com (and their various sources), here are some valuable statistics to help you understand the buying habits of millennials:

• Numbering roughly 77 million, millennials make up about one-fourth of the US population.
• 25% of millennials in the US speak a language other than English at home.
• Millennials in the US wield about $1.3 trillion in total annual buying power.
• The median income for millennials in the US who are year-round, full-time workers is $33,883.
• More than 85% of millennials in the US own smartphones.
• US millennials touch their smartphones 45 times a day.
• 87% of online adults in the US age 18 to 29 use Facebook, with 53% on Instagram, 37% on Twitter, and 34% on Pinterest. That age group represents a large chunk of millennials.
• 83% of millennials in the US connect with companies on social media networks.
• The top five favorite brands of millennials in the US are Nike, Apple, Samsung, Sony, and Walmart.
• Just 26 percent of millennials in the US are married, compared with 36 percent of Generation X, 48 percent of Baby Boomers and 65 percent of the Silent Generation at the same age (Pew Research Center).
• 66% of millennials in the US follow a company or brand on Twitter and 64% like a company or brand on Facebook to score a coupon or discount.
• 56% percent of millennials in the US would share their location with companies to receive coupons or deals for nearby businesses.
• 51% percent of US millennials would share information with companies in exchange for an incentive.
• Only 6% of millennials in the US consider online advertising to be credible.
• For 95% of millennials in the US, friends are the most credible source of product information.

Regarding online shopping, 15% of millennial smartphone owners said they make online purchases on their smartphones “multiple times per week.” Another 15% of millennial smartphone owners said they make online purchases on their smartphones “weekly.”With this in mind, it would be a good idea to make sure your website is mobile friendly. Click here to visit Google’s Mobile-Friendly Test page. If you receive a positive result, great. If not, get on the phone to your website designer ASAP and demand answers – with a fix!Looking for more new design trends, marketing tips, and ideas? Get in touch with TD Fall today.

Marketing to Millennials – Interior Designers in the Marketplace

Do we focus too much on marketing to millennials here? Maybe. Then again, if you believe we do, it may be because you don’t focus on them enough!

As the first truly digital generation, millennials are quite different than the generation that preceded them. In an effort to adapt to the needs and wants of this new generation, marketers have tried a wide variety of methods to reach the world’s most powerful audience.

While most believe millennials to be the “most connected” generation in history, in some ways they are completely disconnected. By this we mean that, as a group, millennials are somewhat disconnected from people, instead relying to a large extent on “influencers”. These are the thought leaders and trendsetters found in social media, as you’ll see from some of the statistics below.

Thanks to Forbes.com, we’re able to break down the statistics that make up this group, as a means to help you understand how to best reach this massive demographic.

How Millennials Relate to Markets and Brands

• The 92 million millennials in the United States spend a total of $600 billion each year
• 85% of Americans ages 18-29 are smartphone owners
• 79% of millennials recognize that ads serve a purpose for a brand
• 68% of millennials expect that brands provide an integrated shopping experience
• 74% of teen millennials use a second screen while consuming content
• 2 out of 3 millennials use an ad blocker
• Millennial preference of digital video platforms is double the preference of traditional television
• 90% of millennials ages 18-29 are on social media
• 34% of millennials turn to their online networks in a purchasing decision
• 40% of millennials relate to online influencers more than they do their friends

If for no other reason than sheer numbers, it makes a great deal of sense for the savvy interior designer to begin focusing on the 92 million people in the 18 – 34 age range – what we call millennials.

Have you begun to market to millennials as part of your strategy? If yes, how has that worked for you? If not, what are you waiting for?

Looking for more new design trends, marketing tips, and ideas? Get in touch with TD Fall today.

Designer Marketing Tips – Marketing to Millennials

Millennials, those born between 1980 and 2000, are both the 20th century’s last generation and its first truly digital one. This old century/new technology dichotomy gives pause to marketers attempting to understand and connect with this key demographic. Yet, by the year 2020, these folks will spend a whopping $1.4 trillion annually – or 30% of all retail sales in the United States. When it comes to designer marketing tips, marketing to millennials should be #1 on everyone’s list.The good news is, there are trends developing that can be used to influence this demographic and bring them to your door.

1. Trust your customers to help you market to millennials – User-generated content is a great way to push Millennials further down the conversion funnel, especially since they trust it 50% more than any other type of media. Instagram and YouTube lead the way as sources for user-generated content.
2. Collaborate with influencers in your niche – Millennials are placing more and more trust into social media influencers. In fact, 60% of Millennials have said that they would try a product suggested by a YouTuber and ⅓ consider blogs to be a top media source when researching a purchase. Blogs and various social media that offer product reviews lead the way as influencers.
3. Use live video to spark interest – From Twitch to Periscope, live video is exploding for Millennials. When Millennials consume news, 43% of them value authenticity over the content itself and there are few things more authentic than live, anything-can-happen social media streams. While Twitch and Periscope seem to have a leg up on the competition, now that Facebook allows live video, it too has great value.
4. Social consciousness matters – Millennials are a socially conscious generation with a strong desire to make a difference in the world and they’ve started turning to businesses to help them make a bigger impact. Worldwide, 69% of Millennials want businesses to better facilitate customers getting involved in social issues which are a huge opportunity for businesses to start stepping in and helping.
5. Mobility matters – For businesses, being mobile is can no longer be an afterthought - it needs to be at the forefront of every single marketing strategy. Why? Because Millennials are the mobile generation, with an overwhelming 87% keeping their smartphones by their side every second of every day. And – they use them to shop! (Thanks to Shopify.com for curating much of this list.)

Have you begun to market to millennials as part of your strategy? If yes, how has that worked for you? If not, what are you waiting for?Looking for more new design trends, marketing tips, and ideas? Get in touch with TD Fall today.