Based on recent IRI research, we discovered a mammoth marketing opportunity for the CPG industry based on the shopping habits of “Millennial” women. This is the largest young demographic group and represents women 20-30 years of age, who will soon enter a period in their lives in which they begin make more income and spend more. These “Millennial” women are a complicated and unique consumer segment, but if a CPG retailer understands their needs, desires and potential shopping habits, they can get a bite out of a $54.3 billion opportunity.
IRI’s report “Winning with Millennial Women Shoppers” explores this large demographic and the specific challenges they present in order to uncover deep insights that will help CPG retailers market to them and get them to their stores.
Millennials are the largest demographic in the country and will spend more in the next decade than Baby Boomers and are more diverse than Generation X.
Some interesting points in the report include that Millennials are:
- Very keen on private label products and consider them “high quality”
- Looking for retailers to provide a variety of “healthy living” diet and lifestyle options
- Don’t pay much attention to print advertisements, coupons or circulars
- Spend more time online
- Don’t really have a set grocery budget and tend to make impulse purchases
- Most concerned with location, product variety, layout and value proposition when selecting their preferred grocery store
What opportunities do you feel will arise from the maturation of this group of consumers?
As a consumer, perhaps a Millennial woman, what are you looking for at the grocery, pharmacy or convenience store? What brings you through the door?
As a retailer, what strategies will you implement to target Millennial women? Share your thoughts and comments with us below. We’d love to keep a conversation going here or on Twitter, @infores.
We are also hosting a webinar on this topic if you’re interested in learning more. Details are included below.
Happy marketing!
Best,
Sean Sietzinger
Senior Vice President, Consulting & Innovation, IRI
IRI is offering a free webinar, entitled “Driving Millennial Women to Your Store” at 1 p.m. CT on Nov. 17. To register for the webinar, hosted by consumer trends expert Sean Seitzinger, please visit: http://us.infores.com/NewsEvents/EventsWebinars/DrivingMillennialWomenShopperstoYourStore/tabid/221/Default.aspx
