Oft-maligned, poorly understood and apparently a powerhouse in spending, once again the Millennial generation comes into focus with the release of a report by market research group Turn, noting that advertisers spend up to 500% more when trying to reach the generation. The spending is mostly concentrated in digital avenues, which makes sense, given the generation's love for technology.
Despite my previous statements telling you to focus on Generation Z, there's still a profit to be made in marketing towards the Millennial generation, and this report breaks Millennials into four distinct categories.
Struggling Aspirationals: This category represents about 57% of Millennials, according to the report, and they also have the lowest income of all members of the generation, quantified as being more likely to earn under $50,000 annually. Currently, this group is the most targeted by food/CPG marketers, as they are healthy, fit and love to go green. In addition, they love good food and hunt for bargains. Marketers, take note: promotions, limited-time offers and memberships typically appeal to this comparatively fiscally challenged group.
Comfortable TV Watchers: Representing 8% of Millennials, this group loves to watch TV, whether its drama, sports or news. Another group that is currently most targeted by food marketers, opportunities exist by diving deeper into the data regarding TV preferences that may reveal specific interests.
Active Affluents: Representing roughly 17% of Millennials, this group is composed of many new parents and are considerably more family-focused than the rest of their cohort. Active affluents are also outdoorsy and fit foodies. Marketers can reach this group by increasing spending on mobile to reach this on-the-go audience.
Successful Homeowners: With 18% of Millennials fitting the category, this subdivision boasts the highest income among millennials, with $100,000 or more annually. To reach this group, video advertising is thought to be under-utilized. Using high-impact visual media can help bring your brand to their attention.
But don't forget: all Millennials hate being categorized as Millennials. Perhaps we will hate being subdivided even more.