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BizReport : Advertising archives : August 29, 2018

Studies ID better ways to target Millennials

Two recent reports highlight a handful of key differences in what Millennials are actually doing and what marketers believe they're doing. The first is from Deloitte, whose researchers found that while many believe Millennials are only shopping online and aren't brand-aware, the opposite is actually true.

by Kristina Knight

Deloitte's report found that a mix of online and in-store shopping is actually the preferred method of making new product buys - and that goes across all demographics. In fact Gen Z shoppers are making purchases in-store the majority of the time for food and household products, but they do shop online slightly more often (51%) for clothing and shoes.

Researchers also found that while many marketing experts believe younger generations are less brand-loyal, Gen Xers and Boomers were actually found to be less conscious of brand when finalizing purchases. Just over three-quarters (87%) of Millennials buy name-brand items.

The full Deloitte dataset can be accessed here.

Meanwhile, though Millennials and Gen Zers aren't making all their purchases online, there are things digital merchants can do to engage these younger demos and even to differentiate between them.

New data out from ViSenze found that a key differentiator between Millennials and Gen Z shoppers is how they find product information - just over half of Millennials are going to retailer websites, for example, while just over half of Gen Zers look to social media to find product information.

"Once focused almost exclusively on appealing to Millennials, marketers have broadened the scope of their digital strategies to take Gen Z preferences into account as they are on track to become the largest generation of consumers by the year 2020, and account for $29 to $143 billion in direct spending according to Millennial Marketing" said Oliver Tan, CEO and Co-Founder, ViSenze. "Yet our research confirms that while the two consumer groups are starkly different in many ways, their shopping journeys are increasingly dominated by mobile, reaffirming the growing opportunity of shoppable content and visual search."

Researchers also found that just over half of Millennials and Gen Z respondents "were open to" interacting with stoppable social media content, and nearly all (70%) say they log on to social sites at least 5x per day. This makes social media a key factor in merchants' strategies.

Tags: advertising, advertising trends, Deloitte, Gen Z marketing trends, loyalty marketing, millennial marketing, ViSenze

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