Millennials, the largest generation in the United States, encompass over 72 million people and hold substantial purchasing power of $600 billion

A recent ESW study predicts a surge in millennial e-commerce spending in 2023, with over 27% of millennials planning to spend more online than in-store. 

Acknowledging this shift, let me share with you the most crucial millennial marketing statistics that you need to know immediately, without delay. 🛒💻

Millennial Marketing Statistics: Key Findings

  • Millennials have $1.4 trillion in global purchasing power and $600 billion in the United States.
  • Over 27% of millennials plan to spend more online than in stores.
  • 40% of millennials read online reviews before making a purchase.
  • 61% of millennials have made a purchase via email in the last year.
  • 45% of millennials have made a purchase from an SMS message in the last year.
  • 62% of millennials prefer to engage with brands on social media. 
  • 64% of millennials make impulse purchases.
  • 95% of millennials are social media followers of a brand.
  • 80% of millennials trust influencers, which is 15% more than the average consumer.
  • 80% of millennials intend to do more shopping at small and local businesses.

Sources: (BigCommerce, CNBC, Sailthru, Forbes, EnsembleIQ, Flowbox, GWI, Serpwatch.)

Millennials Command $1.4T Global, $600B U.S. Purchasing Power.

Source: BigCommerce

Significance of the Data: Very High

Mentioned By: Truelist, Avanade, Thrive Myway, LiveRamp, Khoros, Podium, North American Signs, Javelina, Linkedin, Social Media Examiner, Yahoo, Forbes, and more.

What Does the Data SuggestJustification
Millennials Lead SpendingMillennials control a major portion of global funds, notably $1.4 trillion. Their financial influence should be a primary focus for marketers.
U.S. Market is CrucialWith $600 billion in purchasing power in the U.S. alone, marketers should prioritize targeting this demographic in the United States.
Global Reach is EssentialAside from the U.S., the remaining $800 billion signifies a widespread global influence, suggesting a need for international marketing strategies.

Over 27% of Millennials Prioritize Online Over In-Store Spending.

Source: CNBC

Significance of the Data: High

Mentioned By: Onlinedasher, Internet Retailing, Shop Association, Yahoo, Retail Customer Experience, Fibre 2 Fashion, Chain Storeage, Linkedin, Apparel Resources, Fashion Network, Retail Technology, and more.

What Does the Data SuggestJustification
Online spending ascendsMillennials’ inclination towards digital platforms highlights the urgency for businesses to optimize their online presence.
Physical stores face riskWith over a quarter of millennials preferring online spending, brick-and-mortar establishments need to reinvent the in-store experience or integrate with digital solutions.
Digital strategy pivotalEnsuring a seamless and efficient online shopping experience is crucial to cater to this large segment of the market.

40% of Millennials Consult Online Reviews Pre-Purchase.

40% of millennials read online reviews before making a purchase

Source: BigCommerce

Significance of the Data: Very High

Mentioned By: ResearchGate, Onlinedasher, Power Reviews, Search Engine Journal, Getweave, Website Builder Expert, Truelist, Forbes, and more.

What Does the Data SuggestJustification
Online Reviews MatterA large portion of millennials consult reviews prior to purchasing, influencing their buying decisions.
Target Millennials OnlineGiven their reliance on reviews, millennials can be reached more effectively through online strategies.
Build Credibility DigitallyEnsuring positive online reviews can enhance brand reputation among this demographic.

In Past Year, 61% of Millennials Purchased via Email.

Source: Sailthru

Significance of the Data: High

Mentioned By: Linkedin, Fortune, Mediapost, Insider Intelligence, Marketing Dive, Wp Forms, Maropost, Bluecore, Theinsurancem, Survey Monkey, and more.

What Does the Data SuggestJustification
Email Drives SalesOver half of millennials are engaging in email-based transactions, indicating a strong purchasing channel.
Millennials Trust EmailTheir willingness to purchase via this medium shows confidence in email as a secure and effective platform.
Optimize Email MarketingTailoring marketing strategies towards this trend can yield better results for businesses targeting millennials.

45% Millennials Made Purchases Following SMS Messages Last Year.

Source: Sailthru

Significance of the Data: Medium

Mentioned By: HubSpot, Simple Texting, Ddiy, Slicktext, Webinar Care, Accourt, Texty, Dexatel, Marketing Dive, Internet Retailing, Eztexting, and more.

What Does the Data SuggestJustification
SMS Marketing is EffectiveAlmost half of millennials acted on purchasing prompts from SMS, showcasing its potency.
SMS Engages MillennialsTheir response rate to SMS indicates a notable level of engagement and receptivity.
Harness SMS StrategiesCompanies should integrate SMS into their marketing mix to tap into this buyer behavior.

62% of Millennials Opt for Brand Engagement on Social Media.

Source: Forbes

Significance of the Data: Very High

Mentioned By: ZDNET, ResearchGate, ICS Learn, Acmconnect, Sprout Social, Medium, Warc, Content Science, Thetilt, Hootsuite, Freshers Festival, and more.

What Does the Data SuggestJustification
Social Media is CrucialA majority of millennials gravitate towards social platforms for brand interactions.
Millennials Seek ConnectionTheir preference underscores a desire for more personalized and interactive brand relationships.
Prioritize Social StrategyBrands must emphasize their social presence to resonate and connect with this demographic.

Impulse Purchases Dominant: 64% of Millennials Admit to Them.

Source: EnsembleIQ

Significance of the Data: High

Mentioned By: Chain Storeage, Marketing Charts, Millennial Marketing, Images Retailme, Channelx, Linkedin, Soocial, 99 Firms, Magezon, Brian Honigman, and more.

What Does the Data SuggestJustification
Impulse Buying is PrevalentA clear majority of millennials often make spontaneous purchasing decisions.
Harness Quick AppealsTheir buying behavior suggests the effectiveness of limited-time offers or flash sales.
Tailor Marketing AccordinglyStrategies that evoke immediacy can capitalize on this inclination to buy on impulse.

95% of Millennials: Loyal Social Media Followers of Brands.

95% of millennials are social media followers of a brand

Source: Flowbox

Significance of the Data: Very High

Mentioned By: PR Newswire, Ship Station, Hootsuite, Digital Branding Institute, Peachy Essay, Linkedin, Marketing Sherpa, Forbes, ResearchGate, and more.

What Does the Data SuggestJustification
Brand Loyalty is DigitalAn overwhelming majority of millennials choose to follow brands on social platforms.
Engage Through Social MediaThis preference indicates that social channels are pivotal touchpoints for brand loyalty.
Maximize Digital PresenceFor effective reach and influence, brands should prioritize robust social media strategies.

Millennials 15% More Likely to Trust Influencers: 80% Trust Rate.

Source: GWI

Significance of the Data: Very High

Mentioned By: HubSpot, Wpromote, PR Newswire, Marketing Beat, Thedrum, Digital Marketing Institute, Grin, Influencer Marketing Hub, Neal Schaffer, Market Splash, and more.

What does the data suggestJustification
Millennials trust influencers80% of millennials rely on influencer opinions and recommendations. This is notably higher compared to other demographic groups.
Shift towards influencer marketingThe distinct trust millennials have in influencers underscores the potential for marketers to prioritize influencer partnerships.
Traditional advertising less effectiveWith millennials’ trust in influencers surpassing average consumer trust, conventional advertising methods might be less impactful for this group.

80% of Millennials Eyeing More Small, Local Business Shopping.

Source: Serpwatch

Significance of the Data: High

Mentioned By: HubSpot, Globe Newswire, Bankrate, Online Dasher, Smart Werksusa, Cathay Bank, 99 Firms, Market Splash, The Sun, Martech, Global News, Intuit Mint, Search Engine Journal, Help Scout, and more.

What does the data suggestJustification
Millennials support local ventures80% of millennials express a clear intent to increase their purchases from small and local businesses.
Shift towards community-focused buyingThis trend indicates a conscious move by millennials toward supporting community businesses, possibly for ethical or sustainability reasons.
Big retailers may face challengesGiven this inclination, large-scale retailers might need to adapt their strategies to stay appealing and relevant to the millennial demographic.

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