Millennials surpassed baby boomers as the largest living adult generation in 2019. This means that millennials make up a huge percentage of consumers and have immense buying power. It's estimated that millennials will spend $1.4 trillion in 2020.
According to a new Forbes report, millennial consumers (18-34-year-olds) are notably impacted by internet influencers and the people they follow on social media platforms like Instagram and Facebook.
Their daily use of Facebook is 77%, compared to 68% usage by 35-to-54-year-olds and 52% of the 55-plus age group. However, their daily influence on the purchasing behavior of Instagram is substantially higher. The daily usage by the 18-34 year old is 72%, 41% by the 35-54-year-old, and only 9% by the 55-plus age group. YouTube use compared to Instagram is more by older age groups. Less popular sites such as Twitter, Snapchat, Reddit, Pinterest, and TikTok (in decreasing order of use) are also listed with similar patterns of use.
The report on the 2020 consumer culture, just released by 5WPR, reaffirms that brick-and-mortar stores still have a role in the purchase channel. Dara A Busch, president of 5WPR, indicated to me how impressive showrooming is to sell merchandise to the millennials today. She pointed to Nordstrom’s Local stores in New York and Los Angeles as being effective communicator and she lauds Nordstrom’s display of fashion merchandise. According to the report, customers talk about how much usage they have gotten out of an item and how they did not know how they got along before purchasing that item. It validates that even something bought on a whim can become a favorite.
Millennials are the dominant generation using social media and the most likely to make online purchases. This group is shaping the future of how we do business. They are influenced by online advertising as well as the people they follow on platforms such as Facebook and Instagram.
Learn how to brand yourself or your business with social media marketing during this chat with Dr. Diesel.
Joe Davis was the first at http://www.BryanHonda.com/ the dealership he worked at to get over 200 personal reviews for DealerRater. This and his other personal branding helped him become a salesman of the month and salesman of the year several times!
After being "watched" thru Social Media for almost a year by corporate managers at https://www.AmericanCarCenter.com/contact-american-car-center a 70+ used cars dealerships.
With social media marketing and a lot of hard work, Joe is now General Manager of American Car Center of Fayetteville, NC!
Join us as we discuss his success and failures with social media marketing.