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.
Even within the Millennial segment, subgroups exist. Old-school Millennials who prefer to meet in person rather than connecting on Facebook and Millennials who like to live “clean and green” both make up 10 percent of the segment. The gadget-guru Millennials form 13 percent, whereas the anti-Millennials who are too busy taking care of their business and family, 16 percent. Millennial moms who love to work out, travel and pamper their baby make up 22 percent and the remaining 29 percent comprises Millennials who think they can make the world a better place. Millennials also leverage technology to do things differently, such as consuming media and shopping.
“Millennials typically will start watching a movie on one device and finish it three devices later,” Rich said. “The same is true with the shopping experience and the integration of the online shopping experience with the brick-and-mortar purchase.”
The challenge for marketers and brands, he said, is to determine “how do you focus on the clients that you want to have and retain the clients you’ve already got.” They also must keep abreast of the changes enabled by technology, which is only going to be accelerated. “Looking at purchasing behavior of your customers and what is relevant to them is a really good way of getting a better return on investment for your marketing spend,” he said.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)