30 May 2018

Understanding Millennials’ Consumption Habits

Consumer trends are crucial for companies to understand what appeals to their audience. Understanding that millennials make up the large majority of the consumer population, businesses are challenged into looking for what works best with this generation.

Millennials are a mysterious species. They have changed the business industry in more ways than one could have ever expected before. Unlike the baby boomers and generation X, millennials are known to be tech-savvy, have short attention span, and they demand for their voices to be heard.

With that, companies are changing their strategies in order to keep up with the consumption habits of millennials and to retain their interest and attention.

Gone are the days where businesses spoon-feed consumers, millennials like to keep in touch and leave their mark, and be part of a company’s branding.

Experience

Millennials expect an experience.
Millennials support local.
Millennials enjoy customer service more than the product itself.

Fluidity – unisex products

Not one product could be too feminine or too masculine anymore.
Females are purchasing men shirts and males are enjoying the cut of women’s jeans.
Labels are so last century.

Building relationships

Millennials love engagement.
Millennials are emotionally invested.

Social media

No one spends more time with their eyes glued to the screens than millennials.
Millennials are extremely web-savvy.

Convenience

And that means going cashless.
With the growth of iBanking and bank transactions, millennials no longer pay in paper dollars.
Online ordering and delivery.

Personalisation

Millennials love the companies that knows and understands their needs and wants without having to say anything else.

Transparency

Trust is key.
Millennials would call you out should something go wrong.

Millennials welcome experiences and are always seeking out new trends. Selling to millennials might be hard but it sure is rewarding when you win them over.