Millennials are roughly seen as the age group incorporating those born between 1982 and the early 2000s, which means anyone aged between 15 and 33. It is, therefore, not an especially narrow or precise demographic for marketers to be looking at.
When we look at young people we’re primarily looking at consumers who are striking out on their own and making choices for the first time about the brands they buy. On paper it seems like a golden marketing opportunity. But young people consistently prove themselves to be thrifty and resourceful in the way they shop. They often behave unexpectedly, regularly heading to the high street to purchase clothes and shunning loyalty schemes or points that are often favoured by other consumer groups.
So what do brands need to know about the youth market to ensure they make the most of this small window of opportunity – where young people make choices about brands that could stay with them for a lifetime? Here’s what we found when we surveyed 10,500 students for our 2013-14 annual lifestyle survey.
- They buy clothes (69.8%), books (61.6%) and holidays (66.3%) on the high street
One of the reasons for this trend is that for people of all ages, shopping is still an experience and a social venture. An entire day out shopping with friends or family is still very much part of the weekend, which is one of the reasons that some online-only retailers such as Asos have struggled. We also have to think about the mindset of young people, where they may make a snap decision to go out that evening and want a new outfit. This means that waiting for delivery is not an option. The lesson for brands is that offline is still as important as online, even to a generation of digital natives.
- Discounted price upfront matters most to nearly half of students (42.5%)
Loyalty cards and club cards fundamentally don’t appeal to young people, who are looking to save money instantly as they make the end of their student loan last. For many, buying into a loyalty card scheme may also feel like too much of a commitment to keep shopping at a particular supermarket, for example. However, they will pay attention to the fact that they get consistently cheaper prices upfront from a particular retailer and so keep returning to its stores. Specific student cards that offer these upfront discounts are often a good way to offer these benefits to young people in a way that works for them.
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Only one-third own tablets (33%) and they prefer to shop via a PC than any other device (74.0%)
A multi-channel marketing strategy (eg PC, tablet, mobile, in-store) has become an important feature on many a marketing plan. However, it’s important for brands to consider that young people may well be priced out of these markets. While they will certainly be glued to their phones, most of those still in education will be spending long periods of time on their laptops or desktops, where they find it easier to make purchases. In this instance, top-of-the-funnel branding activity (efforts aimed at brand awareness) will work well on mobile, but direct-response marketing is likely to perform best on desktops.
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92% are on Facebook, 42.1% on Twitter and 37.5% on Snapchat
It’s crucial for brands to understand the way young people use social media and take a nuanced approach to market to them across different platforms. While 92% of students report being active on Facebook, recent research from GlobalWebIndex suggests that around four in 10 of the site’s user base use it passively. This number is on the rise. However, platforms such as Snapchat encourage active use and are rapidly increasing their brand offering with innovations such as Discover. These could be a more successful route for brands to pursue.
The fact is that social media usage is high among the youth market, so marketers need to get their heads around each platform in order to connect with young people.
Jeremy Phillips is UK managing director at Ucas Media
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