According to Wired, The U.S. Bureau of Labor Statistics predicts that by 2015 millennials will overtake the majority representation of the workforce and by 2030 this hyper-connected, tech savvy generation will make up 75% of the workforce.
The tech savvy generation that grew up watching ‘Are You Afraid of the Dark’ and ‘Boy Meets World’ will eventually have even more purchasing power than they do today.
According to Forbes, the purchasing power of millennials is estimated to be $170 billion per year. If businesses want to capture market share from Generation Y, they should take note of these ‘8 interesting online purchasing trends from Millennials.’
The theme is consistent when it comes to online shopping in that millennials value reviews, spontaneity and companies who not only care about their bottom line, but also support for good causes.
- 64% of millennials feel that companies should offer more ways to share their opinions online.
Generation Y clearly values the opinion of what strangers have to say when it comes to online shopping. Long gone are the days when you solely relied on a referral from a friend. With access to thousands of reviews, millennials can gauge the sentiment of a product quickly based on what other strangers have to say.
- When shopping for products, 50% of millennial parents say they try to buy
products that support causes or charities.
If you open a Pink Ribbon Banking Account, Bank of America will make a contribution to Susan G. Komen® — a global leader of the breast cancer movement. These are the types ofcampaigns that millennials value. It shows that a business cares about good causes, not just the profit from last quarter.
- 52% of millennials were more likely to make impulse purchases than any other generation.
According to AdWeek, Compared to their elders, Millennials tend to use less coupons and circulars. They are also more likely to shop without a budget and make impulse purchases. Such behaviors derive from the fact that these shoppers are both time strapped and aren’t as savvy as older shoppers when it comes to looking for deals.
- Millennial moms spend 4 hours more per week than the average mom spends on social networks.
We’ve all seen baby photos take over the newsfeed. Millennial Mother’s love social networks more than anyone! Additionally, more people from Generation Y are renting as opposed to buying a home. With the popularity in apartment living, this means that millennials have more time to browse on social networks instead of taking care of tasks associated with home ownership. Not to mention, millennial mothers grew up technologically savvy, so this doesn’t hurt either.
- 60% of millennials say that it is convenient to have a smartphone or tablet to research or purchase a product or service on the go.
It is surprising that this statistic isn’t even higher considering millennials value their smartphone more than there significant other (ok, maybe that’s a slight exaggeration). All websites should have a strong emphasis on responsiveness and mobile friendliness and make it as easy as possible to shop online.
- Millennials, ages 18-34, were more likely to share their location to receive coupons from nearby businesses:
According to MSN, some of the most popular cities for millennials are Seattle, San Francisco, Nashville and Austin. Millennials could care less if marketers knew where they lived They are perfectly content knowing that they have to give a little to receive a little. Especially if they were to receive a 20% off coupon at their favorite restaurant during happy hour!
Understanding the wants and needs of millennials will help businesses thrive in the future, as the purchasing power of Generation Y will continue to grow. With the popularity of online shopping for millennials and their strong understanding of technology, it is safe to assume that online purchasing will continue to grow in the near future.
**Statistics from this article were obtained from the following website: **