Today at Levo we are thrilled to announce the launch of our most recent Levo Institute report in partnership with performance marketing agency Merkle on Why Millennial Women Buy. This research report reveals the behaviors and motivations of the largest generational cohort in the market today and the most powerful purchasing segment, Millennial women.
Millennial women represent a $170 billion market
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 percent 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.
83% of Millennial women state that a brand's sustainability practices influences purchase decisions
“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. “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.”
Millennial women want a deeply personal experience with brands...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."
To explore more insights and learn practical recommendations for effectively engaging this game-changing, economically powerful audience, click here to access our Why Millennial Women buy report.