As Millennials begin to shift the behavior of consumers, advertisers have started to invest the money to reach them. Turn, an advertising technology firm based in Silicon Valley has analyzed advertiser’s spending, and found they are now spending nearly 500% more to reach millennials. This spending breaks down to four times as much spending on display, four times as much on social media, four and a half times as much spending on mobile, and six times as much on video advertising targeted at millennials than all other age groups combined, as reported by Adweek. The industries most actively targeting millennials includes financial services, travel, autos, health, and electronics, amongst others.
According to Adweek, there are 75 million millennials in the U. S. Turn compiled their research based on buying habits and interests of millennials across various backgrounds including: income level, political affiliation, lifestyle interests, entertainment interests and homeownership. From their research, Turn was able to break the large millennial group into four different groups.
- The first group, the “Struggling Aspirationals,” emcompasses the majority of millennials, about 57%. The Struggling Aspirational millennial is “green, healthy, and fit,” according to the Turn. He or she seeks bargains and good deals, and is an excellent target for promotions and limited-time offers. Currently, the food industry and the auto industry is spending the most on Struggling Aspirationals.
- The second group is designated as the “Successful Homeowners,” and includes 18% of millennials. Those with the highest income among millennials, and individuals most likely to be homeowners, fall within this group. These millennials are the prime audience for “high-impact media,” and video advertising, since they are “ready to spend.” Companies within the financial services industry, as well as the telecom industry are spending the most trying to reach Successful Homeowners.
- The third group, the “Active Affluents” includes millennials who are have families, or are new parents. They are typically athletic foodies who enjoy leisure travel. This group is most accessible through mobile campaigns, and is the target for many electronics and financial services companies.
- The final and smallest group, the “Comfortable TV Watchers” love TV, no matter the genre. They are currently the target for many auto, food, and travel companies.
Millennials have become a valuable target for advertisers, and the research compiled by Turn reflects their importance in the digital advertising realm. The shift in their behavior is a call to advertisers to change their strategies and reach this indispensable group of influencers.
To read more about Turn’s findings, visit their site, here.
To read more on Adweek, click here.