Marketing To Millennials In 10 Statistics
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The Top 10 Millennial Marketing Statistics You Must Know
Born between 1980 and 2000, millennials are the most powerful generation in today’s world. As the first truly digital generation, they are very different than the one that preceded them. In an attempt to adjust to this new generation, marketers have tried a number of methods to reach the world’s most powerful audience.
Let's break down the statistics that make up this group to help brands understand how to best reach this large consumer demographic.
1. The 92 million millennials in the United States spend a total of $600 billion each year
Brands are constantly chasing the attention of Millennial buyers. Spending more than a combined $600 billion, the 92 million Millennials in the United States have a lot of purchasing power. By 2020, millennial spending in the U.S. is expected to increase to $1.4 trillion, representing 30% of total retail sales in the future. If they want to capitalize, brands need to learn to court millennials the right way with a variety of proven of marketing techniques.
Related Post: Marketing To Millennials With Influencers
2. 85% of Americans ages 18-29 are smartphone owners
Smartphones serve as gateways to online services and information, and represent one of the best ways for marketers to audiences. As 85% of millennials adults are smartphone owners, marketing on mobile is one of the best ways for advertisers to reach millennial consumers. Millennial engagement on smartphones is noteworthy to marketers as well. 4 out of 10 millennials say they interact with their phones more than they do with actual humans, and over three-quarters of millennials average more than two hours a day on their smartphones. Marketing campaigns that target millennials will need to take smartphone ownership and engagement into account.
Related Post: 10 Significant Mobile Advertising Statistics For Brands
3. 79% of millennials recognize that ads serve a purpose for a brand
In some ways, advertising to millennials may be easier than advertising to other generations. Nearly 80% of millennials believe that advertisements are necessary for brands to inform the public of information, and 46% of millennials are not bothered by advertisements at all. By way of contrast, 39% of audiences age 35+ are not bothered by advertisements. The share of millennials not bothered by advertisements increases to 75% if the content they are viewing is free.
4. 68% of millennials expect that brands provide an integrated shopping experience
If brands want to market to millennials, they’ll need to create consumption opportunities on every platform. This means that seamless shopping processes that allow millennials to transition from advertisements on smartphones and desktops to online purchasing platforms and physical stores. For instance, 57% of millennials will compare prices of products in store and online. In particular, brands will need to integrate social media channel as 47% of millennial consumers consider social media in their shopping journey.
5. 74% of teen millennials use a second screen while consuming content
Second screen advertising is a booming marketing trend driven by the 74% of teen millennials ages 14-17 using a second screen during traditional viewing. Out of all millennials in the world, 50% will be distracted by multiscreening. Mobile device proliferation, especially in smartphones, have changed the viewing experience entirely. Viewer and consumer attention on video content is now divided, presenting an engagement issue in advertising. Marketers will need to address this mobile distraction with platform-diversified advertising campaigns.
6. 2 out of 3 millennials use an ad blocker
Millennials have turned to ad blocking to combat increasingly intrusive online ads. 2 out of 3 millennials use at least one ad blocker on mobile or desktop, and 14% use an ad blocker on both mobile and desktop. While millennials may not mind advertisements, these new consumers do value authenticity, and ad blockers are used to weed out advertising formats that are not authentic. Marketers should move away from these formats and should seek to develop marketing content and strategy that provides value to millennials (e.g. influencer marketing).
Related Post: Top 10 Ad Blocking Statistics Every CMO Needs To Know
7. Millennial preference of digital video platforms is double the preference of traditional television
Millennials consume more digital video and media than the average person, and 35% prefer viewing on YouTube. This is nearly double the 19% of millennials that prefer watching on traditional television. Within YouTube, millennials 18-34 enjoy every form of content more than adults over 35. Millennials are adopting a digital approach to video discovery, suggesting that online video distribution and advertising will only become more significant.
Related Post: The Biggest Online Video Marketing Statistics To Know
8. 90% of millennials ages 18-29 are on social media
Social media plays a key role in how 90% of millennials interact with others and process information. Even more impressive than millennial presence on social media is millennial engagement behavior on social. For instance, millennials will average 15 minutes editing a single piece of content posted on social, and 42% will double check information posted on social is accurate and authentic. To reach millennials, brands need to be present on social media and need to create content that is engaging to capture millennial attention.
9. 34% of millennials turn to their online networks in a purchasing decision
Social networking is an important component to millennials during an online purchasing decision because social networks represent primary sources of information. For instance, 88% of millennials get their news from Facebook, and 67% of millennials believe that they can learn anything from YouTube. Moreover, 33% of millennials would likely purchase a product viewed in a YouTube how-to video.
10. 40% of millennials relate to online influencers more than they do their friends
Traditional marketing strategies employ celebrities as the face of a brand to build relationships with audiences. But with the rise of social media came the rise of social media stars. Now, social media stars lauded for their authenticity and relatability are the true millennial icons. In the YouTube community, 70% of teenage millennials prefer YouTube creators to traditional celebrities. Even more, 40% of all millennial viewers believe that their favorite creator might understand them better than their friends. These statistics are striking and are very indicative of the placement and trajectory of millennial trust and attention.
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March 1, 2017 By Evan