Millennials Trillion Dollar Buying Power
While millennials are already a very potent buying force, they will truly come into their own by 2020, when it is projected that their spending power in the United States will grow to $1.4 trillion annually. Just imagine what this will represent in opportunities and challenges for the Hospitality and Alternative Healthcare Industry (and others).
As you might already know, millennials are hungry to achieve success and get the rewards of that success sooner than later. They have shown to appreciate being appreciated and, per statistics, are likely to take action when given a gift such as promotional item and least likely to take action from print advertising. Millennial are also hungry for real connections which an intrinsic product can give them.
Millenials also like stuff!
When Splashthat surveyed 785 million millennials across the globe, 47% of millennials said the top reason why they decided to go to a brand event is for the free stuff or swag. Just make sure to select a good & memorable swag.
Fact is, we all like free stuff, no? And again, the "stuff" creates this real intrinsic bond between two people that other media cannot accomplish as well.
And here is an idea for you on one way to blend digital with promotional products and giving free stuff . A company named Sunny Co Clothing wanted their brand known. So, they offered a free bathing suit to anyone who reposted their image on Instagram and tagged it within a 24 hour period.
It worked and it worked really well!!!!
In 24 hours they went from 7,500 Instagram followers to over 750,000 followers!
And to top that, they stated “For any customers who inadvertently paid full price for the Pamela swimsuit since the promotion’s inception, customers could file a claim for a refund.
With all this viral success can come problems. In your offers always be specific as to the rules to follow and include important disclaimers.
Free promotional products work at gaining millennial buyers because promotional products offer something that nothing else in other advertising channels do.
Promotional products are much more personal, thoughtful and they create a bond, a connection between a brand and consumers.
Once an individual receives a promotional product, they are very likely to remember the brand.
What Promotional Products Do Millennials like Best?
As with us all, they do not mind being pleasantly surprised with an item they may not have thought of owning (like playing cards for example) but they do have their preferences.
First of all, over 80% of millennials own a smartphone and anything technology is likley to make a good and lasting impression.
After that comes t-shirts, water bottles (tech style look is best), bags and glasses.
In conclusion, promotional products work and work very well. Ultimately, you still need to put great thoughts into your selection of promotional products. This is where we can help!
Tell us what your goals are or which promo (swag) items you need, and we will look for amazing options for you.
We wish you great success in all your marketing efforts!