How to Get Millennials to Part With Their Precious Dollars
A new study finds that despite the improving economy, millennials remain cautious.
By most estimations, the oldest millennial is just 35 years old. Millennials are a young generation of consumers who, many times, are strapped for cash. In fact, a recent report from the Pew Research Center has some interesting findings. Even though we're more than five years into the economic recovery, unemployment is down, and full-time work is up, millennials are still less likely to be living apart from their families than they were during the Great Recession. In other words, about a third of millennials live with someone else, and about 26% are living at home with their parents.
What does this mean for brand marketers? It means that marketers have a great opportunity to stump for the millennial dollar and earn their loyalty. How? By showing them they understand their still-stringent situations and needs to be cautious with their spending. Brands like Kraft Foods have devised entire marketing strategies around appealing to cash-strapped millennials with campaigns like “Twist That Dish," which is centered on a content hub that gives new spins on recipes aimed at helping cooks at home stretch their budgets. Simple things like rewards, loyalty programs, and even a brand ethos can encourage millennials to part from their precious dollars.
Below you'll find more about what truly matters to this coming-of-age generation, how to win their loyalty, what they expect in return, and some crucial steps you can take to woo the hearts, minds, and of course dollars of Gen Y.