A new report from Information Resources, “Winning with Millennial Women Shoppers,” found that women ages 20 to 30 are impulse shoppers. This is a $54 billion marketing opportunity for package goods companies if they understand what helps these Millennial women guide their impulse buys. Some of the key behaviors the study highlights include that women born from 1979 to 1989 tend to shop less, buy more during each trip and frequent supercenters and Walmart more than the preceding generation. The economy as also taught these consumers to cut back on items like frozen poultry, gum, salty snacks and frozen pizza.
Other interesting findings from the study include:
- 70% of Millennials perceive store brands to be of “excellent quality,” challenging the general belief that private label acceptance evolves over time. This suggests that traditional advertising mediums, such as TV and print, may not be as effective as they once were in reaching younger consumers, and marketers should turn to more non-traditional means
- Millennial women are seeking retailers that can provide better-for-you and healthy options, though the health factor becomes less important when purchasing beverages
- Millennials tend to use less coupons and circulars. They are also more likely to shop without a budget and make impulse grocery purchases
- Millennials also value characteristics, such as a store’s “value proposition, location, user-friendly layout and variety” when it comes to deciding where they’ll shop
Millennial women are going to surpass baby boomers in consumer packaged goods spending in the next few years because they are at a time in their lives where they are buying homes, thinking about marriage, parenthood and career development. But the study also found that packaged goods companies need to think outside the box if they are going to market to this group. For more information on the study and its findings, go to: http://www.brandweek.com/bw/content_display/news-and-features/direct/e3ia626985c88bb6872c94a1e8c202584d4