Millennials are the largest generation; possess a significant buying power that marketers are appropriately paying attention to. More importantly, women of this generation. They’re demonstrating significant spending power – more so than any other demographic. If you are not focusing on this generation and the female sub-set of it, then count yourself among those who are missing out on a very profitable audience.
Merkle in a partnership with Levo has released a new research report investigates “Why Millennial Women Buy”. The research report reveals the behaviors and motivations of the largest generational cohort in the market today and the most powerful purchasing audience, millennial women.
A Glance at the Millennial Women Behavior:
- Millennial women are controlling and influencing 85% of all the US spending power with an estimated market size of $170 billion.
- 42% of them are moms, have a budget to spend, which means they have significant influence, if not authority, over household purchase decisions.
- The top 60% of millennial women spenders are 19% more likely to spend during a given time frame, and they will spend an amount 25% higher than the corresponding proportion of the US population in the same spend rankings.
- 81% of millennial women agreed that more brands are designing products with their needs in mind.
- 70% of millennial women agreed that brands are listening and responding to their needs.
A Figure Shows the Spend Volume of the US Millennial Women in 2018
The Content of “Why Millennial Women Buy, 2018” Report:
- The Millennial Woman Is a Purchasing Powerhouse.
- Her Strong Work Ethic Fuels Purchase Behavior.
- Her Experiences Motivate Purchase Decisions.
- Social Drives Her Product Awareness Like No Other Channel.
- Her Financial Might Is on the Rise.
- Research Methodology
- Meet the Authors
Number of Pages:
Merkle and Levo surveyed 884 Millennial women aged 18-37 years old and asked them over 35 questions about their shopping behaviors, brand preferences, and charitable giving. 78% of the respondents were in the 26-37 age range, the millennial “sweet spot,” and 22% were 18-25.