Last Month I wrote a blog post for TFM&A Insights called ‘I’m a Millennial and this is How I Buy Things’. http://tfmainsights.com/im-millennial-buy-things/ The original post generated a lot of interest, turns out businesses are obsessed with how to sell to millennials. As a generation we cop a lot of flak about being flighty and narcissistic, but that doesn’t mean that businesses don’t want a piece of us! Businesses know that as a generation we have massive buying power, and they need our business to ensure their own survival. They totally want us, and no, I’m not being narcissistic when I say that; it’s an undeniable fact.
The key takeaways from the original post were:
Forbes reported that millennials have an annual buying power of $170 billion.
Price matters a lot to millennials. As a generation we were burned by the financial crisis. A lot of us are unemployed or underpaid. We have money to spend but we know how to make it stretch.
Online shopping is a big part of our lives. We shop at work, at home, on holidays, during the week, on weekends, on the bus, pretty much anywhere that we have mobile internet on our smartphones.
Convenience is also a really big factor in millennial shopping. Technology is making our lives easier, and we expect convenience as standard now, not an added extra.
I have a few additional points to share with my Talented Heads readers. Here are a few more tips for businesses who want a slice of my spending pie:
Make it easy from me to buy from you. I don’t want to spend 5 minutes filling out my details in your form. You have 2 minutes before I look elsewhere to buy it. SportsDirect.com lets me pay for their stuff using my amazon login; I love this, it’s the easiest checkout process ever.
No I don’t want to receive your newsletter, unless of course it’s really funky and fun. If you make it fun I will read it and I will buy items from it. If it’s full of text I will unsubscribe first time and you won’t get another shot.
High St Stationary stores are a total rip off in the UK, and everything, I mean everything, is available on eBay cheaper, even with those sneaky 2 for 3 offers you guys try to trick us with.
Sometimes I buy grocery items at Poundland instead of at the supermarket because it’s SO much cheaper. I hate going to Poundland, but I still go because it’s cheap. To Poundland’s credit I usually walk out with 20 more items than I planned on buying.
I also shop at Primani, aka Primark, for the same reason. They have great cheap basics such as stockings and plain t-shirts. Shame they don’t do online shopping, this means that I am forced to go in-store; brutal. People spend so much more at Primark than they intend to. I watch people at the checkout (because the line is always so slow), and everyone literally has about twenty items each. I’m fascinated by this, most of it is total rubbish and falls apart after the first wash, but some millennials just can’t resist buying more when something’s a bargain.
When you stuff up you should apologise to me nicely. If your customer service staff are rude, annoying, slow, I will hound you on Twitter and I will hate you even more when you don’t respond to my complaint tweets. (Unless of course you are Primark, in which case I have come to expect zero customer service!). The higher your prices the better your customer service needs to be.
Cute packaging works. Sometimes I will buy something just because the packaging is cute, even if I know that it’s the same product as the home-brand product. But the packaging has to be really cute for me to do this.
If you didn’t read Part 1 check it out here: http://tfmainsights.com/im-millennial-buy-things/
Are you a millennial? How do you buy things?