Millennials

Consumers increasingly value high-quality customer service and the ability to co-create their brand experiences with the companies themselves, which has led to brands implementing more immersive technologies to create more customized loyalty program experiences

August 15, 2018

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Samantha Massaglia

Samantha is director of communications at the Minnesota University Alumni Association. Samantha is also a communications and brand strategist with expertise in public relations, marketing and advertising.

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Deena Varshavskaya

Deena Varshavskaya is the founder and CEO of Wanelo (“wah-nee-lo,” from Want, Need, Love), the world’s largest mall, curated by people. Millions of shoppers use Wanelo to discover and buy from over 20 million products and over 350,000 stores, which include big brands and independent boutiques and sellers you’ve never heard of, all in one place on your phone. Deena started Wanelo after being frustrated with shopping in traditional malls. Her personal style didn’t fit a simple category, and she wanted to shop in more unique places. She decided to create a social network that would make it easy to discover amazing stores and products from anywhere online. Deena worked on Wanelo for more than two years using her personal savings to build the site and attract its first users. In 2011, she moved to San Francisco, and she launched Wanelo in 2012 after receiving 40 investor rejections before finally closing her first round of funding. Deena has been named one of the "Most Intriguing Entrepreneurs" for two years in a row by Goldman Sachs and was recognized by Forbes as one of "The Power Women Who Are Reinventing The Way You Shop Fashion Online." She has also been highlighted in Fast Company’s "Most Creative People in Business" list and is named as one of 15 “up-and-comers to keep an eye on” in Vanity Fair’s "Next Establishment" list. The National Retail Federation recently recognized Deena as an “Influencer” reshaping the retail industry. Originally from Siberia, Deena moved to the U.S. at the age of 16 and dropped out of Cornell University two classes short of graduating. She currently lives in San Francisco and can be followed on Wanelo, Twitter and Instagram at @siberianfruit. Check out her exclusive interview with PSFK & HP/HP Matter here!

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Statistics

73% of millennials bill themselves as being savvy travelers, and, of that percentage, about 60% use travel hacks to get best deals

Digitally savvy millennials make up a greater portion of Best Buy's online buyers (23%) than they do for Amazon (18%)

Millennials are 118% more likely to pay extra for same-day delivery for a gift

70% of millennials said they checked their credit score more than once in the past year, compared to 67% of Generation X and 61% of baby boomers

The 5 most loved brands by 18-29 year-olds: (1) Youtube, 82% (2) Google, 81% (3) Netflix, 80% (4) Amazon, 74% (5) Sony, 72%

68% of millennials say they have at least some brands they look to buy from first

40% of millennial consumers say quality is most important factor in luxury products, almost double the proportion who say uniqueness is next most attractive aspect

Millennials trust user-generated-content 50% more than other types of media

52% of millennials and 48% of gen Xers believe it's important that a brand's values align with their own

90% of millennials like when a brand's messages match its actions

77% of millennials are turned off by advertising that portrays their generation using clichés

1/3 U.S. millennials are swayed by music when picking travel destination

Gen Xers 321% more likely to buy meal kits than older generations (not including millennials)

More than 17 percent of Millennials have purchased crypto coins, compared to 8 percent for Gen Z

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Target debuts 'Made By Design' home decor line targeted at millennials

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Millennials are leading the surge in pet retail sales

Millennials more apt to seek excitement, experience in physical stores

Establishing eSports at the high school level could normalize video games for both teens and adults

Nestle chases an uptake in frozen foods by millennials

44% of millennial parents only shop at brands that reflect their social or political values (unlike 23% of parents from other generations).

Millennials least influenced by retail advertising, but are most active tech adopters

Expert Quotes

“Target is on a journey to reimagine our portfolio of owned and exclusive brands. We’re examining every aspect of our business to identify opportunities to better serve our guests. Through our research and in speaking with thousands of guests, we found that we could fill a white space in the market by bringing Gen Z and Millennial guests brands and experiences that are authentic to them, regardless of how they choose to shop. Wild Fable, Original Use and Heyday offer of-the-moment style and quality, two things that are important to these guests, as well as value.”

Mark Tritton. Executive Vice President & Chief Merchandising Officer, Target

“All of the demographic trends are pointing to continued growth in the ‘do it for me’ market—with baby boomers’ aging in place, millennials entering the housing market in greater numbers, and more customers looking for time back in their lives.”

Nick Smith. Spokesperson, Home Depot

“For brands, there’s a lot of upside to college product. College has really become a lifestyle brand, in and of itself. It’s not just a game-day brand anymore; people are wearing it out socially. Plus, college is year-round—you’ve got football, basketball, baseball, graduation—which sets it apart from [seasonal] pro leagues. And college fans are very loyal to their brand.”

Tammy Purves. Senior Director of Communications, IMG Licensing Apparel

”We think there’s a big audience [for self-heating cans and technology], but we’re targeting Millennials, who are interested in convenience, innovation and portability. We also think this will really resonate with commuters. Some of our partners are looking at four-packs to take home, where you’d grab one as you leave the house to take with you to enjoy on the way to work, whether it’s in the car or on the train.”

Mark Tuner. CEO, HeatGenie

“Since these founders are usually Millennials themselves, DTC companies speak the mother tongue–Instagram, experiential marketing, brands as lifestyles.”

Kartik Hosanagar. Professor of digital business, Wharton

“Whereas most millennials have access to two screens, Gen Zers use five. Undoubtedly, incorporating digital into packaging is no longer an option, but a required way to remain relevant.”

Victoria Pekarska. Agency Innovation, HP