While Millennials may spend less money than other holiday shoppers, this sizeable bloc of consumers will spend more than last year, forecasts show. So marketers can learn from this research about how to specifically target the young group, as well as the higher spenders, and pull a victory out of what USNews.com is terming a “stagnant” start to holiday sales.
“Nearly half (49 percent) of shoppers surveyed plan to spend at least $500 on holiday shopping this year,” according to research released on Tuesday by Los Gatos, Calif.-based Wanderful Media, the company behind the Find&Save cash-back shopping app. “While closer to one-third (36 percent) of Millennials plan to spend at least $500.”
On Saturday, CNBC cites a survey by PricewaterhouseCoopers that shows a far higher dollar amount for the Millennials, 47 percent of whom said they plan to spend more this holiday season; as well as the shoppers ages 35 and older, 25 percent of whom will spend more.
“Millennials plan to spend on average $834 this year [and] shoppers ages 35 and older will spend $1,097,” according to CNBC.
Wanderful Media’s “2015 Annual Holiday Shopping Survey” aimed much of its research at the Millennial segment. Wanderful Media and CNBC offer marketers insights here:
- At the Very Least, Mobile Optimize. Industry watchers from IBM to Facebook have been saying Millennials are leading the way to mobile holiday buying, but marketers haven’t made it easy. This year, Millennials may not give marketers a choice, as Wanderful Media discovered 92 percent of them use their mobile devices while shopping. About 73 percent of the rest of shoppers do so.
“All shoppers, including Millennials, primarily use mobile to find deals, coupons and/or promo codes for stores nearby; compare prices from other stores or online; and find store locations,” Wanderful Media finds. “The survey also found
- Be Ready for More E-commerce Traffic. “According to Nielsen, 21 percent of Millennials indicated they will spend more online than they did last year, compared to just 15 percent of Generation Xers and 10 percent of Baby Boomers,” CNBC says.
- Create Apps or Partner With One. “Mobile shopping apps are popular, since 78 percent of Millennials said they are willing to use shopping apps this holiday season — compared to 67 percent of all shoppers surveyed,” Wanderful Media finds.
- Offer Rebates Via Mobile. Almost everyone Wanderful Media surveyed said “yes” to taking pictures of receipts and submitting them for Rebates. Among Millennials, only 2 percent said “no.”
- Newspaper Ads Are No. 1. Marketers probably didn’t see this one coming. Wanderful Media survey-takers said newspaper circulars were their No. 1 resource for finding holiday sales.
- Emails Convert. No. 2 among average holiday shoppers surveyed by Wanderful Media, emails from stores provide valuable insight into sales. However, emails from stores are No. 1 among Millennials.
How are marketers coping with the mobile shift? On Tuesday, TotalRetail covered Macy's mobile strategy for the holidays.
Please respond in the comments section below.
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