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.
Next up, Thanksgiving. With 80% of babies born to Millennial parents, they’re hosting more family gatherings and/or traveling home to give the folks time to gush over their grandbabies. But it’s not just the traditional family Thanksgiving anymore.I’m talking about Friendsgiving-The celebration of Thanksgiving dinner with your friends, usually occurring on the Wednesday before or the Friday after Thanksgiving Day. Ask your Millennial colleagues and peers - they’ve probably attended a Friendsgiving. From food to drink to décor, Millennials are spending up for this hot holiday.
Lastly, Christmas. The time for giving. We’ve seen advertisers start earlier and earlier in an effort to capture those growing Christmas dollars. With last year’s holiday spending showing an increase of over 4% per NRF, we look forward to another increase this year. For a great breakdown of average spending, check out this NRF Chart from 2014. See the upper end of the Millennial cohort spending at levels near the Boomers.
All this holiday talk funnels into what’s happening in retail. And a recent report from Nielsen shines a ray of sunshine on radio when it comes to retail sales effect. The study shows radio ad campaigns delivered a 17-to-1 ROI for four department store chains during Q3, 2014. Wow!