As a retailer, you’ve probably heard more than enough about millennials, the demographic segment that most researchers classify with birth years in the early 1980s through to the mid-1990s and early 2000s. You know, those difficult to pin down 18- to 30-year-olds.
Although some retailers are getting sick of hearing and reading about millennials, they might as well settle in for the long haul, because millennials are going nowhere … other than the very top of the priority list. Millennials – at 80 million strong – are the largest demographic segment in the U.S., represent the only segment with growing disposable income and wealth, and in a little over three short years will account for 30 percent – $1.4 trillion! – of total retail spend in the country.
Retail marketers had better understand that effectively reaching millennials takes different strategies and tactics than reaching millennials’ parents, the baby boomers – chief among them being mobile engagement, as the infographic below, from the University of Southern California, illustrates how millennials have the highest rate of ownership of smartphones of all generations, and that personalization matters in that 85 percent of millennials are more likely to make a purchase if it is personalized to their interests.
Millennials hold the key to retailing success for the foreseeable future, and the key to connecting with millennials on a personal, relevant and timely basis is through effective mobile strategies like those empowered by RetailNext’s Mobile Engage platform. For the lowdown on engaging millennials, check out the infographic “The Psychology of Successfully Marketing to Millennials and How They Compare to Other Generations.”
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