Review of buying behaviors of Millennials and factors that can impact marketers

1. Millennial Buying
Behaviors
A Quick Review of Some FactorsThat Can Impact Marketers
Compiled by George Sloane

2. Quick
Millennial
Facts:
 Also referred to as “GenY”, born between 1980 and 2000 . . .now
aged 17 to 37 years old
 Estimated between 82 to 90 million in the US (compared to 77
million Baby Boomers)
 Well educated (60%+ college educated) with massive student
debt burdens ($1 trillion)
 Very likely urban dwellers (33%+)
 Now represent more than one third of the US workforce (in 10
years will comprise more than three quarters of the workforce)
 Next year (2018), their spending power ($3.4 trillion) exceeds Baby
Boomers

3. Millennials are
tech savvy . . .
 Digital (not analog) tech available from birth
 No land line telephone (40%+)
 Many are cableTV cord cutters (favor live streaming)
 Open to tech solutions

4. CordCutting is
happening . . .

5. CordCutting:
So where are
they
watching?

6. Need another
perspective?
Some of the
things smart
phones have
replaced . . .

7. Millennials are
comfortable
with online
buying . . .
 40%+ have purchased online
 Amazon’s path to dominance:
 Books
 Gadgets
 Fashion
 Groceries
 Entertainment/media

8. Millennials and
Consumers:
What they do
online in the
purchase
process . . .

9. Millennial
online
consumers
more
specifically . . .

10. Millennials are
extremely cost
conscious . . .
 Free?
 Cheap?
 Frugal?
 Or just savvy comparison shoppers?
(Many do it right in the store)
 Demand value due to tighter budgets
 However, they will early adopt

11. Millennials rely
heavily on peer
reviews . . .
 Reviews, Rankings, Ratings (60%+
have rated products online)
 Unboxing videos and images
 Social word-of-mouth (nearly two
thirds stay up-to-date on their brands
thru social networks)

12. Millennials
favor healthy
and
sustainable
living . . .
 Exercise and active living`
 Food (Quality over brand)
 Natural
 Organic
 Less processed
 Safe
 Ethically sourced
 Eco Friendly
 Products
 Services

13. Millennials are
more socially
conscious . . .
 Contribute (80%+ have donated time or money)
 Giving back (Nearly 90% more likely to do business with
companies that support social causes)
 Making a difference

14. Millennials are
DIYers . . .
 Self reliance
 Lifehacks
 Customization
 Handmade or homemade

15. Millennials
prefer
spending on
experiences
over things . . .
 Travel
 Events
 Adventure
 Participation
 Groups
 Sharing

16. Millennials:
Some odds
and quirky
ends . . .
 Nearly two thirds believe losing their smart phone or computer is
worse than losing their car
 Many (50%) don’t believe Social Security will be there for them–
they are big savers (8-9%)
 Prefer hand-held or drinkable breakfast– no clean up
 Don’t like bar soap– too germy
 Not golfers– hiking is a free walk
 Two-in-five have a tattoo

17. ThankYou!
ThisSlide
ConcludesThis
Review
 Need More Insights? Please Contact George Sloane at:
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 Phone: (203) 981-4488