In 2022, millennials are a demographic aged 26 to 41. They are considered digital natives and well-versed in the Internet age and all things technological. But as this group reaches their zenith, so has its buying power. According to recent data by the US federal reserve, millennial wealth doubled during the pandemic.
Despite this, Deloitte reports, more than half of millennials live monthly. This has driven a buying culture vastly different from previous generations.
An informed marketer or content agency knows that understanding millennial insights is crucial to market research and effectiveness. So if you’re wondering how to target the millennial market this year, this article is for you.
BNPL – buy now, pay later is a financing option that’s been gaining a footing on the market. In the UK, 37% of Brits used a BNPL service in 2021. Interestingly, this trend is being driven by millennials. In fact, 50% of millennials reported using a BNPL service, more than any other generation. With the rising living prices, more people have come under financial strain. BNPL presents an avenue for millennials to buy purchases they may not have otherwise been able to afford.
Another huge trend is buying through a mobile device. More millennials use a mobile phone than any other generation. Statistics show the mobile commerce sector now accounts for 60% of all online retail sales in the UK. It also shows that younger millennials aged 25 to 34 are the biggest audience for mobile buying – with roughly 50% being Amazon mobile shoppers. What’s more, in 2020, 67% of UK consumers followed this trend by turning to mobile buying.
In the UK, the average adult spends as much as 102 minutes on social media. This can happen while out and about, watching TV or even at work. The knock-on effect of our social media consumption means many social media companies are gearing towards making social media shopping the next big thing. From Instagram and Facebook marketplaces to new in-app purchases in TikTok, there are many opportunities to buy on social media. Bazaar Voice reports that 74% of UK consumers find themselves more influenced to shop via social media now than they did pre-pandemic.
Now, more than ever, getting the right insights is essential to marketing to Millenials. If you work in advertising, media or marketing. Or, if you’re simply looking to get critical industry insight on the millennial market, we’ve got the goods.