Millennials comprise a large, influential consumer group with significant purchasing power and increasing incomes. The generation became digitally savvy during the internet and social media rise, favoring e-commerce and direct-to-consumer brands. Longstanding relationships with internet personalities have driven product loyalty and new product lines. Millennials are prioritizing wellness and longevity in purchases and are willing to spend on health-focused goods. Parenting choices show nostalgia tempered by a demand for safer, healthier materials for Gen Alpha children. Businesses that align products, subscriptions, and marketing with these preferences can build stronger brand loyalty and capture millennial spending.
Millennials, also known as Generation Y, grew up during the internet boom and witnessed the inception and rise of social media. While not quite digital natives, they became the first digitally savvy generation, accustomed to the convenience of new technologies, including e-commerce and the quality-on-a-budget formula of direct-to-consumer (DTC) brands. They also formed longstanding relationships with internet personalities that came of age alongside them, such as beauty and food-focused YouTubers who then went on to develop their own lines.
Given the generation's size, it makes sense that millennials comprise a large share of purchasing power. Despite having come of age during the 2008 Great Recession, millennials are now in their prime spending years, with 16% of U.S. millennials earning $100,000 or more per year, per YouGov. Understanding millennial shopping habits can help you foster brand loyalty and drive sales.
Some 70% of Gen Alpha's parents are millennials, PR agency DKC reports. Millennial spending habits are specific when it comes to their children: They are nostalgic for their own childhoods, while seeking safer, healthier materials in the food, toys, and clothes they purchase for their kids.
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