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Infographic: How to create loyal Millennial shoppers
Millennials may be young but that isn't stopping their spending power. Or their willingness to shop online, in-store or while commuting via a mobile device. This has many retailers wondering how to best connect with the demographic; a new infographic from PunchTab sheds light on the trend.
Millennials are a large portion of the US population - about 25% and counting - and they are loyal. According to new data out from PunchTab about three-quarters (74%) of female Millennials and half (52%) of male Millennials are part of fashion-based loyalty shopping programs.
They like to shop, they're willing to part with their money and spend about $600 billion cumulatively each year. What's more they are active on social media, tweeting and re-tweeting favorite brands and telling friends about the deals they've found. This makes Millennials one of the key demographics for retailers. So what to Millennials want?
They want rewards.
• 34% post product reviews when rewarded
• 63% join loyalty programs for incentives
• 43% buy other branded products when rewarded
Millennials are incredibly savvy about finding information - whether for work, play or shopping - online. In shopping, they are looking for deals and just over half (51%) say the rewards they most want are for exclusive access - pre-sale notifications, etc. They also like expedited check-outs and the ability to transfer points across programs.
Other interesting findings from the report include:
• More than 70% find recommendations from online shopping sites or friends/family
• About half find recommendations on branded websites or social media
• Only about one-third share recs on sites but two-thirds share with friends/family
• About half share via social networks
Image via Shutterstock
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