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An ongoing assertion is that millennials, the generation of people now 18 to 34 years old, are fleeing Facebook. While it’s no secret that millennials’ social activity is more fragmented, Facebook remains the strong leader in the competition for their attention. When looking at the total time spent among leading social networking sites, millennials spend at least three-quarters of their time on Facebook, indicating that they are expanding their use of social media but not at the expense of Facebook. Marketers looking to reach millennials should positively include Facebook as part of their marketing mix.
Millennials are bigger discount shoppers than any other generation. They spend cautiously with deals accounting for 31% of their shopping dollars. And the top 20 apps used by millennials are retail or discount focused with Amazon Mobile and Groupon among the top two. They are fond of the latest and greatest products but given that they have smaller paychecks than older generations, they are savvy and thrifty when they shop. Millennials spend heavily on clothing, food electronics and entertainment but have little interest in owning automobiles or homes.
Millennials are influenced by celebrity endorsements and respond to advertising that features celebrities, relatable characters or strong visuals. They particularly like endorsements by music artists they like. According to Nielsen, an endorsement campaign with a music artist has been shown to increase buy rates of a product by as much as 28% among the artists fans.
Cause marketing can help form a connection with millennials. They are more likely than older generations to spend more for goods and services from companies that give back to society. Over 60% are willing to pay more for a product if it’s good for the environment.
Mobile is an effective way to reach millennials. They are tied to their smartphones more than any other generation with 84% admitting that they sleep with their smartphones! They are 1.5 more times likely than average to own an iPhone. They are huge adopters of second screening, using their devices while watching TV shows and movies. Facebook mobile tops the charts for Millennial app usage in terms of unique reach and time spent, followed by Instagram and Twitter.
Millennials like social reassurance for purchase decisions they are making. As stated above, 91% revealed they would consider making a purchase if a friend recommended it on Facebook. It’s also important to keep in mind that 20 percent of millennials update their Facebook status multiple times a day in contrast to 36% of Boomers who report never updating their status. Marketers will win by creating content and offers that they are excited to pass along to their networks. When it comes to Facebook advertising, Millennials value an authentic, customized experience so it’s crucial to show you are aware of their product interests.
Facebook marketers are quickly recognizing the value in marketing to millennials. They are the digitized demographic, spending more time with social media than any other demographic. As this generation enters their peak earning and spending years, understanding how to market to this unique demographic segment is vital to brands looking to the future.