US Millennials shop differently from other generations, according to research.
A cynical bunch? Image: Digital Info World
Despite having more student debt and less wealth than their parents or grandparents at a similar age, 85% of 18-33 year olds in the US expect to have enough money to lead the lives they want, according to Pew Research Center.
But the group represents a challenge to marketers.
Less likely to be married and more racially diverse than any previous generation, this group of young people is "low on social trust" which means they are brand aware but cynical. Repeat purchase is not dependable, says Larry Chiagouris from Pace University.
With 81% of the group having a Facebook account, Chiagouris says: "They don't do as much research evaluating purchases as previous generations. … Social media is their form of research."
Millennials spend around an hour a day on retail websites but require more subtle marketing, according to Jason Baker from Baker Katz, a retail consulting firm.