Is your business marketing to millennials properly?
The way young people shop and live their lives has changed radically in the last five years. In advance of Sydney’s Millennial 2020 summit, Mumbrella presents five surprising facts about twenty and thirtysomethings.
Australian millennials have the second-lowest rate of home ownership in the world
A smaller percentage of Aussie millennials own their own homes compared to every other country in the world bar the UAE, according to HSBC. A survey of 9,000 young people found only 28% of Australians aged 18-36 had a place to call their own, compared to 70% in China and 35% in the US. While 83% said they intended to buy in the next five years, the bank predicts that is unrealistic in today’s market.
A clothing brand’s online store has a huge impact on its popularity
Nike, Victoria’s Secret and Sephora are the most popular fashion labels among young US shoppers, so says publisher Conde Nast and investment bank Goldman Sachs. However, the research found that it is a brand’s online shop that is one of the biggest contributing factors to favourability.
The Millennial 2020 summit visits Sydney between 14–15 November 2017 and will examine the future of nextgen commerce from the perspective of a digitally savvy young consumer.
Raise your hand if you’re tired of generational buzzwords like “millennials”, defined as people born between 1981-2004 (giving an age range of 12-35), being thrown around by old hat marketers who can’t relate to what is now a sizable proportion of our population.
Millennials aren’t an elusive unicorn that this article makes them out to be and this type of content only serves to spread false ideas and dumb its readers down.
“millennials” are an age group, but not a distinct audience segment that is relevant for marketing. They do not have materially different drivers for purchase than any other age group.. look at the data and studies proving this.
Not just millienials, but all age groups consume less print and magazines today, all age groups look online for research before buying things like holidays, etc.
Unless you can point to a markedly different audience segment characteristic that millenials have that no other age group has, then what you are doing is just marketing.
@Mark
That is exactly what I thought. I did look again at the content source and this is a paid paid piece by ‘Millennial 2020’ – What an original name for an event? Totally agree that everyone’s habits have changed.
This has less to do with Millennials and more to do with Digital Savvy.
Couldn’t agree more.
Millennials#amiright!