Generation Y, or the term “Millennials” refers to teenagers and twently-somethings born roughly between the early 1980s and the early 2000s. Forbes goes as far as to describe them as the “Next 1 percenters,” highlighting their preferences towards expensive and luxury products. Not only are there approximately 70 billion Millennials in the U.S. today, but they possess an annual average of $200 billion of direct purchasing power and $500 billion of indirect spending.
According to a recent study:
- 90% of Millennials engage in online shopping.
- 58% rely on peer reviews when deciding on online purchases.
- 28% refer to online reviews occasionally.
- 57% are open to sharing email addresses with retailers to receive news about discounts and sales.
Marketing professionals are seeing a shift in shopping trends based upon the habits of Generation Y and their preferences towards online buying. Due to the fact that Generation Y will make up 75% of the world’s workforce by 2025, it is extremely important to understand their buying behaviors in order to better adapt to erratic social patterns.
Feeding the world’s data:
- 90% share photos on Internet sites.
- 62% upload videos to share and store on Internet sites.
- 56% have a Twitter account, and 21% tweet at least once a day.
- 87% have a Facebook account, and 10% have the site constantly open in their browser.
- 41% update Facebook daily and 20% update the site several times a day.
Generation Y has proven to be difficult to reach, proposing several new challenges for marketers. One thing we know for certain is that they are highly connected to social networks. Many would argue that this generation holds the power of dictating future eCommerce trends, therefore making it essential for retailers to not only have an online presence, and actively engage with this traditionally inaccessible audience.