Millennials are a unique demographic as they are the first generation to grow up with technology at their fingertips, as they are made up of people born between 1981 and 1997. Millennials also tend to put off marriage and instead focus on buying homes, building credit, paying off student loans. They also have a huge impact on the global economy and business operations as a whole.

While the average millennial spends $47,256 annually, there is a disparity in how they went about online shopping during the pandemic. Remote working millennial men spent more online shopping than their female counterparts.

Another difference in their shopping habits is that 83% of millennials wanted the brands they purchase from to align with their beliefs and values.

Millennial Spending Habits and Marketing

A significant contributor to millennial consumer behavior is the societal changes they have experienced in life. That being said, the products that they love are often ones that have the most value, quality and image enhancement. 2020 showed that Generation Y felt brand intimacy with these top brands:

• Playstation
• Amazon
• Target
• Disney
• Ford
• Jeep
• Apple
• Youtube
• Xbox
• Nintendo

Factors that Contribute to Millennial Spending

One thing that is extremely important to this demographic is making a positive societal impact with their purchase. Social media is also another powerful force when it comes to guaging corporate social responsibility as well as influencing their peers about their purchasing decisions.

How to Market to Millennials

As a marketer, there are quite a few items to keep in mind when creating your strategy based on the millennial audience. Consider these suggestions when creating your marketing strategy towards millennials:

• Highlight Environmental Impact. 47% of millennials have educated themselves on the environmental impact brands have. This makes it even more important to market your products with inclusions of fair wages and eco-friendly production.

• Take Advantage of Different Marketing Channels. One form of marketing isn’t enough these days: varied marketing formats like videos or blogs provide top- and middle- funnel content, as opposed to bottom-funnel transactional content that doesn’t necessarily appeal to millennials.

• Show Them What’s In It For Them. Whether its free delivery or an easy return policy, millennials have a wide array of companies, products and services to choose from. Making it worth their while with extra perks will have your customers coming back again and again.