As technology changes the way consumers live their lives, so does it affect the way marketers reach coveted groups such as Millennials.
David Rich, vice president of North America sales and business development at MasterCard Advisors, the professional services arm of MasterCard, said big data can provide a new look beyond the usual marketing parameters based on geography, demographics and psychographics. Specifically, MasterCard Advisors uses the data from 80 billion anonymous credit card transactions to better understand Millennials. Compared to the general population, for instance, Millennials spend three times more on beauty products and at department stores, 3.5 times more on shoes and five times more on women’s apparel. They tend to make more transactions but spend less per transaction. Furthermore, in 2011, Millennials between the ages of 16 and 34 numbered 79 million in the U.S., or 3 million more than the Baby Boomers, ages 47 to 65. By 2030, the number of Millennials will hold steady at 78 million, while the Baby Boomer population will diminish to 56 million.
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