Tailoring Sales Strategies to Attract the Millennial Generation



As the years progress, America’s spending habits are shifting. In regards to consumer spending, what used to be dominated by the Baby Boomers (born from 1946 to 1964) and Generation X (1965 to 1979), the Millennial (1980 to 2000) generation is quickly emerging as a spending powerhouse. According to a report by Advertising Age, beginning in 2017, Millennials will spend more than $200 billion annually, thus beginning the framework to become the largest consumer generation in history, spending an estimated $10 trillion in their lifetimes.

How can you tailor your sales strategies to tap into this new generation of consumer spenders? Many Missouri Lottery retail locations already have a leg up. According to a 2014 study by General Mills Convenience and Foodservice, which analyzed shoppers aged 18 to 64, millennials are more likely to visit a convenience store on a regular basis than shoppers over the age of 35. The study also found that millennials are more likely to purchase food and beverages while visiting a convenience store.

Regardless of age, the study found that the number one reason consumers visit convenience stores is for the inherent "convenience" factor. However, Millennials also cite additional factors, such as the availability of breakfast foods, better-for-you alternatives and quality beer and wine selection, among other factors, as reasons for shopping at convenience stores.

Other interesting shopping habits of the Millennial consumer include:

  • Remaining exceptionally loyal to their favorite brands and participating in loyalty programs, but only if they feel like they have been treated right.
  • Rewarding companies that are viewed as socially responsible.
  • Using debit and credit cards for payment more often than cash.
  • Convincing their parents to adopt their spending habits.
  • Giving preference to retail locations that make them feel welcome, as opposed to shopping online.

 

Additionally, a majority of Millennial shoppers favor an integrated shopping experience. This type of shopping incorporates the digital world with a physical shopping experience. A common example of this is downloading an online coupon to a smartphone and redeeming it at a retail location.