Millennials (or adults aged 18 to 33 years) currently represent the generation with the most influence on the retail industry, and marketing professionals are beginning to take notice as this group represents over $600US million annually in sales.
Male and female millennials not only shop and buy more than older generations; they also influence the spending of older generations who look to them for the latest trends, according to the latest report by Punchtab.
Millennial Women Shop Twice As Often
This trend is particularly true for the 47% of millennial women who shop twice a month versus 36% of non-Millennial women. Millennial women are more likely to buy apparel more often for many reasons, one being the cost and perceived value of an item like a t-shirt. It is more common today for a millennial to buy a $10 t-shirt that will last for a few months, than a $100 t-shirt, which will last for two years.
Millennial Moms Are Savvy & Connected
Millennial moms (who are considered to be savvier than their counterparts in other generations) will spend 4 hours more per week than the average mom on social networks. It is estimated millennial moms spend an approximate 17.4 hours per week on social media networks (source: Weber Shandwick). This provides an opportunity for marketing professionals to connect with this segment in a more meaningful way – the challenge is that few brands are capitalizing on this chance.
The perception of a more connected millennial mom and the size of her personal network has also contributed to the number of times per month (9.6 times per month) she is asked to provide a product recommendation, compared to all other moms who are asked 6.3 times per month (Weber Shandwick). Consumers (especially millennial consumers), have a distrust of brands and advertisers. Waking up to this notion brands are taking aim at the millennial mom for brand recommendations.
Key Take Away: Don’t Underestimate the Millennial Female’s Influence
Armed with the knowledge that millennial women are comfortable engaging with brands across social networks, and that female millennials are 2X to 3X more likely to connect with brands on Facebook and Twitter – how is your brand engaging with the millennial female?
Millennials are a segment not to be missed! They are a population of 80 million empowered, tech-savvy, influential individuals, capable of $10US Trillion in lifetime spending. How are you and your brand engaging with the females of this generation to ensure the continued success of your retail operation?