The Way to a Millennial's Wallet? A Smartphone
CREDIT: Smartphones via Shutterstock
When it comes to marketing to millennials, advertisers are finding out their mobile plan is key.
That's because millennials are far more likely than other age groups to be influenced by their mobile devices and new technologies. In fact, researchers have found that adults between the ages of 18 to 34 spend 14 percent more time each week engaged with their mobile devices than peers from other generations.
In addition to spending more time on their mobile phones than other generations, millennials are also more likely than other generations to be early adopters of new technology. In fact, half of millennials say they would pay "almost anything" to be the first to have the latest electronic equipment.
Millennials' desire to always have the newest technology has changed the way many members of that group shop. Researchers found that millennials are more likely than other age groups to search social websites and check email and rewards sites before heading directly to a retail website. That presses marketers and advertisers to be ahead of the curve when it comes to crafting ads and campaigns that reach millennials.
"Brands and marketers are taking notice of millennials and the fact that they communicate and behave differently than other generations," said Bill Tancer, general manager of global research for Experian Marketing Services, which conducted the research. "Marketers increasingly understand that they need innovative marketing programs in order to engage this important segment of the population."
Millennials will become an even more important target area in coming years as younger members of that age group begin to enter the workforce full-time and start to get married. The researchers found that 24 percent of millennials have a college degree and just 34 percent are married.
The research was a part of the 2013 Digital Marketer Report conducted by Experian.