All stereotypical jokes aside, women really are the shoppers of their households. They are the ones that will typically decide when they and their families will try new products and will decide which of their options will help them reach their desired lifestyle. Whether they are shopping for their groceries for the week, planning their next travel and leisure experience, entertainment, or healthcare, women categorically outspend men in almost every consumer vertical.
Millenials are outspending previous generations and are impacted by their personal needs.
With a generational interest in trying products, they are demanding variety. Millennials look for experiences and experimenting with new flavors, foods, and combinations. For example, 50% of millennials would buy pizza with pineapple as compared to 28% of people over the age of 30 according to a The Washington Post survey.
Specifically, Millennial Women take sustainability, the quality of the products, and the company’s ethics into consideration and are willing to pay more for these products. With a concern towards chemicals they are putting in and on their body, its impact on the environment, they care about the way their products are produced and they want to be able to trust the companies they are supporting.
From craft beer, organic produce, and socially aware brands, millennial women are leading a change in consumer spending focusing on products that make us feel better about buying.
Price savvy women will spend extra for quality and healthier options!
Targeting women is imperative for any company as they are powerful shoppers. They want variety and they want it now, going straight to the source! Companies will need to consider their product lineup and how they might be able to create a brand message that will resonate with the requirements millennial women are requiring to capture those valuable consumer data.
Jayme Hill is Chief Operating Officer for Diamond Media Solutions.