A Shocking Statistic about Millennials and Digital Shopping

By Michelle McIntyre

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In recent months, business partners and clients have been using the term “Millennials” a lot.

Millennials, also called Generation Y, are young adults who are now around 18 to 34 years old.  They are social. They are mobile. They are a target for those marketing to a group with uber online buying power.

I’ve been wondering why this group of consumers has become so important so I did some research and found one fact that shocked me.

“Hooked on Social Networking” Blogger and mom to two young Millennials, Holly Nielsen said that some have more buying power because they are living at home with their parents longer and therefore have more disposable income because they are not paying rent.

On the other hand, Nielsen says, some have less extra money because they are paying off their student loans. She added that Millennials grew up with social networking and smartphones so they are totally comfortable on-line.

The Chief Marketing Officer Council just published some facts and figures about this category in a story introducing a new initiative called “Turning Social Feeds into Business Leads.”

The description of the program on the council’s website uses the automotive industry as an example.

It says that Millennials are a lucrative target for automobile manufacturers because they make up 40 percent of the total available car buying population, contributing $200 billion to the U.S. economy annually.

It adds that there’s been a massive acceleration of social media usage, with 70 percent of consumers using social media to learn about other customer experiences when making car-buying decisions. Visit this link for more details about this CMO Council initiative.

Lastly, a recent eMarketer story discusses Millennial online buying trends including one that surprised me.

It said that male Millennials were more into mobile shopping than their female counterparts.

I used to think that women beat men in all areas of shopping but it’s just not so.

The report discussed a January 2013 survey of U.S. Internet users and uncovered these facts about male Millennials:

  • They currently earn more* than, and are happier at work, than their female counterparts. 
  • 43% said they typically shop on auction sites, while only 31% of females gave this response
  • 40% said that in a perfect world they would buy everything online while only 33% female said this
  • 24% typically shop and buy using their mobile devices while only 19% of females said they do so

This definitely shows that young men are a hot target for digital marketers.

Feel free to follow the Twitter feeds of people and organizations mentioned in this story including @CMO_Council, @eMarketer, @HollyNielsen, @FromMichelle. 

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*One part of this is not so surprising. Men have always earned more than women for the same jobs. The ratio is 77 cents to the dollar so that wasn’t overly shocking. By the way, this is unfair and it needs to change.

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Three Trends Driving Demand for PR Now

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I attend a lot of business networking events and talk to a lot of smart, experienced and educated people who are on top of industry trends. I also enjoy talking to people who have just a little work experience. Sometimes the ones who have only a couple of years of work under their belts are more in the know about what’s hot and what’s not. 

The Silicon Valley Public Relations Society of America Future of PR round table earlier this year in East Palo Alto was excellent with Facebook, Dell and others on the panel, as was a meeting I recently had with Global Fluency, a marketing communications and strategy firm headquartered in Palo Alto, Calif. That firm runs the Chief Marketing Officer (CMO) Council.

I used to work at Global Fluency in the early 90s when it was called something else. It was awesome to touch base with Donovan Neale-May who runs both Global Fluency and the CMO Council again after such a long time. The firm seems to be doing just fine and has evolved over the years along with the market.  It was great to see that Executive VP Dave Murray is still there and doing well.

Additionally, I enjoyed the Silicon Valley International Association of Business Communications (SV-IABC) event on gamification in Santa Clara in November.

I took notes at all of these gatherings and have put together the top three trends driving for PR now.

1. The new IR is influencer relations. 

There’s a new acronym in town. It’s IR. No, not investor relations. I mean influencer relations. Because so many people blog now, from large corporations executives and industry analysts to consumers posting on Yelp, organizations should be focused on influence and not necessarily “press relations,” “analyst relations,” or “client relations.” Typically the acronym for external relations is public relations but the term is often misused.

 Public relations actually means “changing someone’s mind.” But over the years, most of us in PR mostly came to know it as press relations.

I advise that all communications departments at organizations globally reorganize their staff and put all of their PR and external communications people in a group called influencer relations. Rumor has it that SAP done a bit of this already and if that’s true, good for them. Nice job IBM for calling its PR team “external relations” because that is a nice start in moving in the direction of the trend.

2. Content marketing is white hot. 

In order to gain attention and make noise in a crowded market place, companies must focus on being great content creators and communicators. It’s called content marketing. They need to hire people who can come up with timely and interesting content.  People with a journalism background do great at this task. Kudos to Global Fluency’s Dave Murray for his recent white paper related to this topic. Here’s the link:  http://www.globalfluency.com/news/index.html

3. Digital marketing is top of mind.

CMO Council and a partner firm recently released a survey (http://tinyurl.com/cckvb3e) that said, among other things, that the thing that most marketers are concerned about is digital marketing. Digitizing everything is a “modern” communications task and it’s an interesting change from decades ago when we just had to hire a graphic designer, write some prose, slap them together, get them printed and mail everything to the intended audience.

I believe the CMO Council survey was much more complicated and meaningful than my summary here, but that was still my key take away from it.

Today the communications expert or marketer creates smart and interesting content and then digitizes it so it can be properly socialized.

It’s wild when you think about communications 20 years ago versus today. Back then, you’d fax a press release to your top 10 reporters or mail a hard copy invitation to 100 customers. Today, you’d socialize survey results on Youtube, LinkedIn, Twitter and Facebook and use the online invitation tool to get everyone to the party.

The funny thing is, I remember asking someone 20 years ago, “What did we do before faxes?”
My 12-year-old who is now begging me for his own Youtube account just asked me, “What’s a fax?”

If you want to keep up on the latest trends, join me and my other IABC colleagues at our March 21st luncheon at Michael’s at Shoreline in Mountain View, Calif. I’m a director with the SV-IABC and I personally invite you to come.  It’s not free but it’s also not expensive and the networking benefits are priceless.

This month’s speakers will talk about the pros and cons of consulting for a big IT corporation. To register, visit: http://www.sv.iabc.com/

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