With the arrival of Black Friday, we’re entering into the thick of the holiday shopping season. However, one thing to note about retail is that it moves at the speed of culture. With much of the Millennial generation reaching their prime working and spending years, this demographic is changing the way businesses are targeting consumers during the holidays.
Here are several ways that Millennials are re-shaping the holiday shopping season:
1. Convenience and Flexibility
Millennials are tech-savvy and are notorious for always having a mobile device in their hands. From catching a ride via Uber to making a date on Tinder, technology is how they get things done. This demographic is so plugged into technology that they’re making big waves in traditional purchasing patterns.
Because Millennials have grown up with access to mobile technology, they expect to be able to use it in just about every aspect of their lives. From their perspective, a mobile device offers convenience, and marketers need to appeal to this preference.
To have success with the Millennial demographic, you must have a mobile-friendly website. Giving consumers the option to make purchases from your website is also a necessity. If you have an e-commerce website, consider ways to enhance the payment process, such as accepting Apple Pay and PalPal as forms of payment.
2. Personalized Experiences
Millennials want and expect the brands they do business with to understand their preferences and personalize their services to meet their needs.
Businesses that find a way to show their interest in consumers this holiday shopping season, whether through social media or targeted email campaigns, will win Millennials over. Reviewing analytics and determining how consumers are behaving on your website will help you to deliver a more personalized experience.
3. Experience Over Tangible Product
Research shows that Millennials place more value on the experience that the brand offers rather than the tangible product itself. Athleisure brand Lululemon resonates well with this demographic because it curates a customer experience through complimentary in-store fitness classes. Starbucks is another Millennial-friendly brand and engages with this younger generation by frequently sharing user-generated content on social media platforms like Instagram.
The Millennial generation’s buying power is rapidly growing and will soon surpass that of previous generations. Finding a way to appeal to Millennials will be crucial to your success this holiday shopping season and beyond.