Millennials are a broad generation of consumers, with birth dates spanning from the early 1980s to the early 2000s. Let’s take a closer look at today’s teens on the younger end of the millennial spectrum and what marketing to them means for the future of businesses.
Today’s Teens are Multicultural
The under-20 crowd these days is made up of a diverse bunch. Millennials are 65% more likely than their grandparents to be biracial or bicultural. More and more young adults are filling out the “other” box when asked their racial identity on the census and other data forms. 42% of teens in the United States are Latin American or Hispanic, African American or Asian American.
The Purchasing Power of Teens
Marketing to millennials, as you may be aware, is a whole new ball game. But the purchasing power of teens in particular is nothing to shake a stick at. In 2012, 29% of teens lived in homes in the high-income bracket (over $100k per year), compared to 25% of young adults. More teens fell into the middle class than did young adults; fewer teens were members of low-income homes than their young adult counterparts.
Digital Marketing for Millennials
Teens are going mobile. In fact, among the teenage demographic, smartphone and tablet use is growing faster than any other devices, including laptops and even video gaming consoles. Additionally, their content viewing on devices other than television is also on the rise, which means that video marketing for teens is one of the best ways to reach this audience. Millennials are also a lot more inclined to trust reviews for purchase decisions. They check out stores when they see their friends “check in.”
What does this mean for marketing? Well, it’s pretty simple. Getting the word out to teen consumers means going mobile and keeping content interactive. Teens watch more mobile video than any other demographic, and they’re also far more inclined to document their own lives online using platforms like Instagram and Vine. Never underestimate the power of social networking with teens: after interacting with a brand, they are more likely than any other demographic to let their peers know.
Does your business target teens or younger millennials?