If your retail business counts on Millennial spend (consumers born between the early 1980s and mid 1990s) expect your advertising to face an uphill battle – this according to a new report which has found that millennial consumers are the least I influenced by retail advertising.
The report, carried out by Euclid, concluded that while every generation has its own consumption and consumer purchase habits, the millennials are notable for setting the advertising bar much higher than their predecessors when it comes to advertising. They are however much more likely to be early tech adopters.
The study called “The Store of the Past Meets The Shopper of the Future” was carried out in March of this year and involved 1500 American shoppers. It found that millennials are much more likely to use technology, with 47% opting for buy online with in-store pickup (compared with 30% of Generation X and just 13% of Baby Boomers).
What’s more, the report discovered that millennials were less focused on the standard instore experiences that mattered to the other generations – namely things like waiting times for checkouts, ease of returns and availability of products. Euclid’s research was able to conclude that millennials were more likely to interact with retailers across a range of channels, including social media and were more likely to embrace virtual assistants and voice search as part of their shopping habits. This compared with a very small percentage of Baby Boomers.
When it comes to social media channels that retailers should focus on, millennials were most likely to interact with brands via Facebook (40%) closely followed by emails (39%). 31% would use the brand’s own website as a communication conduit, followed by 28% who would connect via Instagram and 23% who communicated via Twitter.
Despite this willingness to use digital tools more than Baby Boomers and Generation X, millennials are also quick to recognise the input of knowledgeable in-store assistants, but were less likely to respond when specifically targeted by an advert or a promotion. Retailer adverts are still effective in this manner for Baby Boomers and Generation X – though these two groups were less tolerant of email marketing than millennials.
The conclusions of the study where clear:
- Millennials expect the bar to be raised for them, and only retailers able to meet these higher expectations will succeed
- Millennials approach channels of communication and use technology differently in the buyer journey
- The expectations of in-store experiences differ greatly #
If your adverts are failing to hit the spot with millennial shoppers, speak to Admoo about pay per click advertising management.