More and more millennials are finally earning and spending serious money. But millennials’ finances often remain fragile, constraining their expenditures. When they make purchase decisions, marketing is just part of what influences where their money goes.
Given the multiple factors that influence millennials’ purchase decisions, marketing can only go so far—especially since millennials’ digital orientation does not translate into enthusiasm for digital ads. Given many millennials’ tight budgets, bargains can be one way to reach them. Then again, some will pay a premium for brands on the basis of ethical corporate behavior.
According to the US Department of Labor Bureau of Labor Statistics, millennial-headed households earned real money last year, averaging $65,373 (vs. $74,664 for total households)—though this leaves out the many millennials who have yet to establish households.
Older millennials are moving into a phase at which people become big-ticket consumers. Last year, millennial-headed households spent an average of $48,576 (vs. $57,311 for total households).
Jay & Julia Taylor own and operate Caney Creek Studio. Caney Creek Studio is a video production, digital marketing, and social media management agency.