Millennials Partial to Small Business

Millennials Partial to Small Business

The local, community cornerstone ofSmall Business has grown on and with Millennials. After feeling like they were burned by big business during the recession, the Shop Localmovement continues to resonate well with the young consumer. AnEdelman Digital study reported that some 40% of Millennials prefer to buy local even if it costs a little bit more than mass-market alternatives.

 

With the AmEx event - Small Business Saturday - coming up here next month, some ideas of how you can drive more Millennial traffic into your store November 28th and beyond…

  • Make it new and exciting with an in-store event (young adults and youth shop in groups)
  • Bring in a ‘special guest’ for entertainment or education
  • Tap into your live and local media (like radio:) to accentuate your reach
  • Team up with other small businesses around you for a block party or store to store scavenger hunt
  • Utilize your current customer database to help spread the word
  • Tie in a great cause with a portion of proceeds supporting a community non-profit
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Changing of the seasons

Changing of the seasons

As we enter the Holiday season, we wanted to highlight some Millennial trends and information for some upcoming holidays...

Let’s start with Halloween. It’s for the younger kids, right? Little trick-or-treaters in their fun and frightening costumes, going door to door loading up for that week-long sugar-high. Well, yes – but what about those Millennials? They have a love for Halloween that can rival your gradeschooler. In an article from The m/Age 30% of consumers engage in online research for Halloween costume inspiration. And the NRF estimates that 23% of millennials will wear costumes inspired by celebrities, TV shows and movies. They’ll be dropping serious dough for that one-of-a-kind costume and Halloween party.

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Automotive F&I Called to Attention

Automotive F&I Called to Attention

In a recent article from Protective Asset Protection, they spoke to 3 Top F&I Trends You Need to Know.

From this whitepaper, there were quite a few items that were important as it relates to Millennials and their car buying and financing. But a few stats/graphics that really draw attention to the need to target Millennials.

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It’s a snack attack!

It’s a snack attack!

I don’t know about you, but I love snacks. And I’m certainly not alone - with the category achieving about $375 Billion worldwide.

A new Nielsen report sheds some light on what the snacking habits and preferences are across the globe and another recent Mintel report summary provides some additional insight.

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Non‐Essential Becomes Essential

Non‐Essential Becomes Essential

I came across this great article on AdAge that brings up some important food-for-thought as you consider the ‘experience’ that you are creating for your Millennial (and non-Millennial) consumers.

Some thoughts and highlights of what’s shared in the article that you can immediately integrate into your current marketing activities. And as referenced above and the article adds – Millennials are proving to be cultural trailblazers for older and newer generations – so this applies to generations above and below Millennials.

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What do Millennial customers want?

What do Millennial customers want?

I saw this article the other day in QSR Magazine – Down to a Science: Wendy’s, Dairy Queen open R&D labs to test new, Millennial-forward ideas – and it was just a nice little reminder of the importance of stopping down every once in a while to listen to your Millennial customers. They are often the driver of innovation in your category and they can keep you ahead of shifting trends and interests. Best of all – they love to share and aren’t afraid of giving you the no-bull feedback you deserve.

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What Makes a Millennial?

What Makes a Millennial?

If you’re curious as to some of the nuances of being a Millennial, here’s an intriguing new look from Money at where this generation differentiates from X’ers and Boomers – ‘10 Things Millennials Buy Far More Often Than Everyone Else’. Following are a look at 4 of the 10.

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Back to School time already.

Back to School time already.

So what’s the current outlook for back to school – NRF recently came out with a first look at their survey results and they’re predicting spending to increase. They found 29% of respondents with school-age kids plan to spend more than last year for back to school. That’s a 5% increase from the 2014 report. And from the 2014 report – nearly 25% start shopping 2 months prior to school starting. So they’re starting right about NOW!

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Millennials have overtaken Gen X in workforce

Millennials have overtaken Gen X in workforce

With a projected 75% of the workforce being made up by Millennials by 2025, it was only a matter of time for Gen Y to outnumber their seniors. Per Pew Research, “over 1-in-3 American workers today are Millennials (adults ages 18 to 34 in 2015), and this year they surpassed Generation X to become the largest share of the American workforce.”

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Millennials Dig Food & Beverage Festivals

Millennials Dig Food & Beverage Festivals

If you're managing a food or beverage product/service, a new study from Eventbrite reminds us of the power of in-person experiences to engage the Millennial consumer. From their survey, 60% of Millennials say they will purchase a food or wine they enjoyed at an event again in the future. And for beer, 82% say they will frequently or always purchase a beer they loved from the event later at a local retailer. And don't forget the social influence these folks have.  99% say that they are likely

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Millennials are purchasing insurance in-person

Millennials are purchasing insurance in-person

Reported on Insurance Business America from an Applied Systems survey of 1,000 Millennials of those that carried auto insurance policy, 35% completed their purchase online, but another 37% reported buying auto insurance in person. So while a majority believe that Millennials live and breathe solely by doing business through the web or via their mobile phone, the importance of in-person relationships should not be forgotten. While having a well-planned digital presence is important, 

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Millennials are doing better at saving for the future.

Millennials are doing better at saving for the future.

It seems that millennials are working smarter to put themselves in a better financial position. Featured in a Bloomberg article, the eighth annual America Saves Week survey by the Consumer Federation of Americas shared the percentage of 18-34 year olds who saved at least 5% of their income increased to 56%, from 50% in 2014. Additionally, 

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Promoting social responsibility resonates with Millennials.

Promoting social responsibility resonates with Millennials.

The success companies have seen from promoting their socially responsible initiatives, think Toms Shoes & Warby Parker is simply outstanding, and it's a method that Millennials have grown to love, respect and respond to. Per a study from Boston Consulting Group, 48% of young Millennials reported that they try to use brands of companies that are active in supporting social causes. 

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Fast Food vs Fast Casual

Fast Food vs Fast Casual

The Fast Casual insurgence is getting a lot of attention from players in both the trade and consumer publishing realm. With reports like Brand Key's/FastCasual.com - "Millennials reported a 20% decrease in visits to QSR chains. Conversely, 42% increased visits to fast casual restaurants in the past year." There is no doubt why it's such a popular topic. A great majority of this groundswell towards Fast Casual is led by Gen Y. In a recent Piper Jaffray Semi Annual Report, Teens were reported spending 20% of their money on food, up from 15% 10 years ago.

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Millennials agree... Pets are family. And they spoil them rotten.

Millennials agree... Pets are family. And they spoil them rotten.

Per APPA, about 68% of US households have pets, and over $50 Billion is spent on them each year. And it's no doubt that for the vast majority of us that are pet owners pets are family. Research recently has only reinforced this notion. An October 2014 fMRI study from Massachusetts General Hospital, and partner organizations, showed that mothers reported similar emotional ratings for their child and dog, which elicited greater positive emotional responses than unfamiliar children and dogs. For Millennials, 

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