Is your business marketing to millennials properly?
The way young people shop and live their lives has changed radically in the last five years. In advance of Sydney's Millennial 2020 summit, Mumbrella presents five surprising facts about twenty and thirtysomethings.
Australian millennials have the second-lowest rate of home ownership in the world
A smaller percentage of Aussie millennials own their own homes compared to every other country in the world bar the UAE, according to HSBC. A survey of 9,000 young people found only 28% of Australians aged 18-36 had a place to call their own, compared to 70% in China and 35% in the US. While 83% said they intended to buy in the next five years, the bank predicts that is unrealistic in today’s market.
A clothing brand’s online store has a huge impact on its popularity
Nike, Victoria’s Secret and Sephora are the most popular fashion labels among young US shoppers, so says publisher Conde Nast and investment bank Goldman Sachs. However, the research found that it is a brand’s online shop that is one of the biggest contributing factors to favourability.
Millennials now look to social media for inspiration before booking a holiday
Research by trends monitor Skift found 87% of millennials look to Facebook for travel inspiration and 97% post about their experiences on social media. The findings reveal how young people increasingly value recommendations from their friends over shiny brochures and travel-agent tips.
Aussie businesses will spend more on digital ads than print and TV as millennials’ habits change
Australian businesses will spend more money on digital advertising than traditional media for the first time in 2017 (now 52% from 48%), according to media buying agency Zenith. Last year Aussie companies spent $14bn on promotions. The shift comes as separate data shows that a majority of millennials have shared advertising on social media.
Young Aussies are now happy to import goods if they can’t get what they want at home
The Australian Bureau of Statistics estimates that $6.2bn worth of retail goods are imported each year by customers. This is likely to consist mostly of millennials as 67% say they prefer to shop on the internet than in-store. The figures come as international brands such as Amazon, Lidl and Debenhams are rumoured to be opening in Australia.
Finance, fashion, marketing, E-commerce and travel will be key themes at Sydney’s Millennial 2020 summit held at Carriageworks between 14-15 November. For more information visit: millennial20-20.com/sydney2017/
Below, see this recap of what happened when the show hit London earlier this year.
Raise your hand if you’re tired of generational buzzwords like “millennials”, defined as people born between 1981-2004 (giving an age range of 12-35), being thrown around by old hat marketers who can’t relate to what is now a sizable proportion of our population.
Millennials aren’t an elusive unicorn that this article makes them out to be and this type of content only serves to spread false ideas and dumb its readers down.
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“millennials” are an age group, but not a distinct audience segment that is relevant for marketing. They do not have materially different drivers for purchase than any other age group.. look at the data and studies proving this.
Not just millienials, but all age groups consume less print and magazines today, all age groups look online for research before buying things like holidays, etc.
Unless you can point to a markedly different audience segment characteristic that millenials have that no other age group has, then what you are doing is just marketing.
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@Mark
That is exactly what I thought. I did look again at the content source and this is a paid paid piece by ‘Millennial 2020’ – What an original name for an event? Totally agree that everyone’s habits have changed.
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This has less to do with Millennials and more to do with Digital Savvy.
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Couldn’t agree more.
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Millennials#amiright!
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