Millennials: how to win over the biggest living generation
By 2025, Millennials are predicted to comprise 75% of the global workforce1. Learn what your business can do to attract the massive purchasing power of this generation.
Millennials are the world’s largest living generation, and they’re shaping the world’s economy. As they establish careers and grow their income, they’re gaining increasing purchasing power. If you’re not already, now is the time to look to this age range as the consumers who can drive your business forward.
Clothes are where Millennials are most likely to spend their money
In the US, Millennials have overtaken Baby Boomers in generation size and by 2025, they’re predicted to comprise 75% of the global workforce. With this shift, more and more brands are focusing on the Millennial market.
What are Millennials buying?
- Worldwide, Millennials are willing to treat themselves to luxury items2.
- In China, Millennials are spending more on luxury items, prioritising quality and opting for the most expensive, especially in consumer electronics3.
- Millennials in the US spend more freely than previous generations, focusing on comforts and convenience, such as taxis, coffee and dining out4.
- 35% of British Millennials are most likely to spend money on clothes5.
Haven’t branched globally yet? Find out how to start by reading The beginner’s guide to going global.
How to reach Millennials
62% of Millennials are more likely to stay loyal to brands who use social media8
Millennials have grown up in a time of huge change. Labelled as the first ‘digital native’ generation, they’re heading online to consume information, spending more time online than their Gen X counterparts6.
Half of Millennials are on their smartphone for at least 3 hours a day7, enthusiastically embracing social media, making purchasing decisions and interacting with brands. 62% say they are more likely to become a loyal customer of a company if the brand engages with them across social networks8, so it’s vital to have a presence online.
How to attract Millennials
1. Have a human approach
Build a connection with brand authenticity
Millennials are savvy when it comes to marketing, and are toughened to sales speak. This generation values authenticity and transparency, so keep your tone of voice human to build a connection.
Being meaningful when marketing to Millennials can boost sales, brand awareness and increase share of wallet by up to 9 times9.
2. Make it personal
Millennials want a personalised experience
Millennials expect a personalised experience with a brand, with product suggestions based on their own profile. Make the most of customer data to provide an experience exclusive to them. They also look for uniqueness in purchases, especially high value goods10, and they’ll be the first age group to share a personalised offer from a brand online.
3. Be available at every touch point
An active, engaging social media presence is a must
Millennials are multi-channel buyers. Whether it’s searching and comparing products online before heading in-store, or buying online with click and collect, make sure their customer journey is aligned across the channels.
It’s also key that you’re where your customers have conversations: social media. 50% of German Millennials agree that social media is an essential method of communication11, and brands need to be visible in the native space of a consumer to be part of the conversation, respond to enquiries and take feedback.
4. Let customers touch and try
Bricks-and-mortar stores are still important to Millennials
E-commerce is one of the fasting growing industries, with sales amounting to 1.86 trillion USD globally in 201612. But Millennials are still heading through the doors of stores. Why? To feel and try products before deciding to purchase.
They’re used to the choice and convenience e-commerce has enabled. The option to buy with a single click has made today’s consumers more impulsive, and more likely to buy and return after trying at home.
Millennials are an important market to crack, and as they gain in influence and purchasing power, getting your brand in the minds of this generation could mean the growing success of your business. With FedEx Express, you can offer Millennials next-day delivery in countries/territories across the world and the seamless experience they demand.
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