Merkle, a leading technology-enabled, data-driven performance marketing agency, has released a new research report, Why Millennial Women Buy, in partnership with Levo, the network for millennials in the workplace, providing young professionals with resources to help them navigate and advance their careers. The research report reveals the behaviors and motivations of the largest generational cohort in the market today and the most powerful purchasing segment, millennial women.
The population of millennials, which totals 75.5 million, represents a major market force in terms of buying power, spending $200 billion a year. It is estimated that millennial women represent approximately $170 billion of that market. According to the report, millennial women are exceptionally hard workers, with 40% having a "side-hustle" in order to fund their big purchases and projects. And when making purchases, 88 percent of respondents cited price as a top factor in their choice, with 83 percent sharing that a brand's sustainability practices influenced their decision.
“We found that millennial women do not fit many of the stereotypes other generations have imposed on them,” said Adam Lavelle, chief solutions officer and global CMO at Merkle. “But millennial women want a deeply personal experience with brands, and those relationships come with high expectations. Brands need to do their own listening and take a people-based approach to their marketing and experience delivery.”
To win in a millennial woman world, brands must listen to their audience, craft a story that resonates on an individual level, and deliver this story across channels in a meaningful way.
"Millennial women are a forcing function for innovation, both as consumers and in their careers. They are now both chief earner and chief spender, and it is critical for brands to understand and recognize the role career plays in their consumer habits,” said Alisa Leonard, President at Levo. “Brands who understand and execute upon the values of diversity and inclusion, personalization, transparent and sustainable practices and meaningful engagement will win with this audience."
The report’s analysis of spending patterns of millennial women was based primarily on two sources of data, the survey of millennial women combined with Merkle’s proprietary national consumer data repository, and was supported by several supplemental data sources.
To read the full report, visit www.merkleinc.com/millennialwomen.