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.
"I think that all anyone really wants in life is to have people understand us for who we actually are, despite everything," says Ruth Negga. The actress talks "Preachers" season 2 and more on WWD.com. #wwdeye (📷: Dan Doperalski)
"That's something that resonates with me too because I'm so locked into a number. If I go over that number it completely ruins my day so it's nice to get detached from the number on the scale." - Chelsea Handler on Kelly LeVeque's book "Body Love." #wwdeye (📷: John Salangsang)