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 Suggest | Justification |
| Millennials Lead Spending | Millennials 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 Crucial | With $600 billion in purchasing power in the U.S. alone, marketers should prioritize targeting this demographic in the United States. |
| Global Reach is Essential | Aside 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 Suggest | Justification |
| Online spending ascends | Millennials’ inclination towards digital platforms highlights the urgency for businesses to optimize their online presence. |
| Physical stores face risk | With 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 pivotal | Ensuring 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.
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 Suggest | Justification |
| Online Reviews Matter | A large portion of millennials consult reviews prior to purchasing, influencing their buying decisions. |
| Target Millennials Online | Given their reliance on reviews, millennials can be reached more effectively through online strategies. |
| Build Credibility Digitally | Ensuring 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 Suggest | Justification |
| Email Drives Sales | Over half of millennials are engaging in email-based transactions, indicating a strong purchasing channel. |
| Millennials Trust Email | Their willingness to purchase via this medium shows confidence in email as a secure and effective platform. |
| Optimize Email Marketing | Tailoring 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 Suggest | Justification |
| SMS Marketing is Effective | Almost half of millennials acted on purchasing prompts from SMS, showcasing its potency. |
| SMS Engages Millennials | Their response rate to SMS indicates a notable level of engagement and receptivity. |
| Harness SMS Strategies | Companies 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 Suggest | Justification |
| Social Media is Crucial | A majority of millennials gravitate towards social platforms for brand interactions. |
| Millennials Seek Connection | Their preference underscores a desire for more personalized and interactive brand relationships. |
| Prioritize Social Strategy | Brands 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 Suggest | Justification |
| Impulse Buying is Prevalent | A clear majority of millennials often make spontaneous purchasing decisions. |
| Harness Quick Appeals | Their buying behavior suggests the effectiveness of limited-time offers or flash sales. |
| Tailor Marketing Accordingly | Strategies that evoke immediacy can capitalize on this inclination to buy on impulse. |
95% of Millennials: Loyal Social Media Followers of Brands.
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 Suggest | Justification |
| Brand Loyalty is Digital | An overwhelming majority of millennials choose to follow brands on social platforms. |
| Engage Through Social Media | This preference indicates that social channels are pivotal touchpoints for brand loyalty. |
| Maximize Digital Presence | For 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 suggest | Justification |
| Millennials trust influencers | 80% of millennials rely on influencer opinions and recommendations. This is notably higher compared to other demographic groups. |
| Shift towards influencer marketing | The distinct trust millennials have in influencers underscores the potential for marketers to prioritize influencer partnerships. |
| Traditional advertising less effective | With 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 suggest | Justification |
| Millennials support local ventures | 80% of millennials express a clear intent to increase their purchases from small and local businesses. |
| Shift towards community-focused buying | This trend indicates a conscious move by millennials toward supporting community businesses, possibly for ethical or sustainability reasons. |
| Big retailers may face challenges | Given this inclination, large-scale retailers might need to adapt their strategies to stay appealing and relevant to the millennial demographic. |
