|by Eric A. Becher, Ph.D. Director – Cause Marketing
Although there is some debate about the exact age range of millennials, there is no debate as to their buying power. With over 80 million millennials somewhere between 18 and 40 years of age in the U.S., they average $200 billion in purchases every year (Forbes 2017). They also exert a great deal of influence on the buying tendencies of older generations. Given their general skepticism about traditional advertising, millennials rely on social media for purchasing decisions more than previous generations and strongly champion causes they believe in.
Some other statistics that should influence your marketing decisions include:
· They control 25% of spending dollars in the U.S. and will increase to 65% by 2032 (Goldman Sachs 2017)
· They are brand loyal with over 60% of millennials purchasing goods from the same company
· 91% of millennials want to buy from a company that gives back to social causes (Applied Psychology, University of Southern California 2018)
· 87% are willing to purchase products with an environmental or social benefit
· Almost two-thirds of millennials use two or three devices for social media
Millennials see it as important to support corporations and brands who support their community. Companies benefit from a multi-platform approach to marketing their products and the causes they support. The 4DV Cause Marketing Team is uniquely positioned to help nonprofits and corporate interests come together for a common good. Our years of experience in marketing, making visions a reality, can help you connect with the right audience at the right time with the right message.