Making The Most Of Millennials’ Purchasing Power
The odds are on that millennials are about to bring about major changes to the economy but the question is this: is your brand ready to reap the rewards of this change?
People born between 1981 and 1997 – known as millennials – comprise the biggest generation in US history, and it’s this group that currently wields the power to reshape the entire economy. As millennials reach their peak spending years, companies with the right retail strategies stand to make significant gains.
At SPK, we work with brands to reach out to millennials through targeted retail displays, packaging and visual merchandising, making sure you’re noticed for all the right reasons. With the relevant information, experience and knowhow from SPK, you can target millennials in their prime and build up your business in the process.
Here are some top tips for adding appeal to your visual merchandising with millennials in mind.
Do it digitally
Millennials are tech-savvy shoppers with a penchant for online shopping, and there’s no reason your brand can’t incorporate digital elements into POP displays or other retail signage to continue the consumer journey online. They may be less likely to make a purchase in store but millennials are more likely than other demographics to research products and brands over the Internet, so point them to your social media pages, your website or blog via your in-store displays.
Be fashionable (or funny)
Millennials are even more likely than baby boomers to place importance on trends and fashions, so appealing to this desire to be up-to-the-minute can help your brand build up a strong name and reputation. Alternatively, amusing or quirky elements can be worked into retail displays to make your consumers smile – research has shown that a brand’s ability to make shoppers smile is a third more important to millennials than to other generations.
Design daring displays
To draw in millennials, create compelling retail displays with a strong focal point. Millennials are hard-pressed to part with their cash and with so much competition around, coming out on top is no easy feat. Catch their attention with a focal point, be it a strong color, odd angle or moving object, and build on this with carefully-chosen words, images or products that help your brand tell a story and keep the consumer’s attention.
Focus on point of purchase
When shoppers are standing in line at the checkout, they’re essentially a captive audience. Give them a distraction in terms of a captivating POP display and you could make some all-important last-minute sales. Studies have shown that millennials are up to 52 per cent more likely than other generations to make impulse purchases – your brand can cash in on this buying behaviour with well thought-out, appropriately-positioned retail displays.
Arm yourself with information
To make the most of the millennial generation’s purchasing power, it’s vital to know your audience inside out. There’s lots of information within the public arena that can help you tailor your efforts to suit millennials. For example, this generation of shoppers prioritizes wellness, exercise, eating well and sustainability, so working these themes into your retail displays and packaging can help persuade shoppers to engage with your brand.
At SPK, we’ve got all the information your brand needs to make the most of the millennials’ prime buying period – we know just how to target the biggest generation in the US. Get in touch with us today to find out how our dedicated team can help you achieve your retail goals.