Page 279 - Social Media Marketing for Dummies

So, what exactly are Millennials spending their money on? An infographic by the
University of Southern California (USC) Online Master of Science in Applied
Psychology (https://appliedpsychologydegree.usc.edu/blog/psychology-
of-successfully-marketing-to-millennials/) found that they spend their
money on:

» Socializing: This includes “food away from home” and transportation.
» Education: Their substantial debt is well-known.
» Apparel: They care about their appearance.

» Services: They want to make their life easier and more convenient.
» Food: They buy groceries for “at home eating.”

These preferences paint the picture of a shopper that is interested in spending
time socializing with friends, dressing well, eating out, and generally focusing on
convenience. If you’re marketing to Millennials, be aware that they value experi-
ences over goods.

Smaller budgets and the ability to find the lowest price online has turned Millen-
nial shoppers into seekers of experience over the collections of things. Previous
generations were excited to find coupons and would be likely to buy when they
had one. On the other hand, Millennials are adept at finding discounts and are
looking for an experience or event that they can enjoy and remember.

BUT ARE THEY REALLY SHOPPING?

According to HubSpot, Millennials enjoy Fauxsumerism (https://blog.hubspot.com/
marketing/marketing-to-millennials?__hstc=185882614.ddd60d13feb6
f888fb3f9ef4935689ef.1559601376373.1559674260383.1562183250867.
3&__hssc=185882614.2.1562183250867&__hsfp=953835470). That is, searching for
items to buy more than actually buying them. This may be a clue as to why platforms
like Pinterest are so attractive to them. Because of their limited budgets, they like to
make lists on Pinterest of all the things they’d like to buy. In fact, according to Pinterest
Business 2017 (https://business.pinterest.com/sub/business/business-
infographic-download/2017-11-07-millennial-report-final.pdf) fifty
percent of Millennials use Pinterest every month. They find sourcing pictures of
products to be a fun pastime. The buying part not so much.

CHAPTER 17 Marketing to Millennials 263