Millennial parents, their impact on the next generation and what it means for Loyalty
Millennial parents are changing the way they raise their children compared to previous generations. These changes are affecting how they spend their money and make purchasing decisions, as well as influencing the opinions of future generations.
It is important for businesses that target Millennial parents to understand them to reach and engage with them effectively. Recently Euromonitor International issued a report focusing on the overall lifestyles of global millennial parents, with specific emphasis on how their values and priorities impact their behaviour as parents and what this means for business.
We draw on these findings and look at what it means for loyalty programs.
Millennials value time spent with their family very and they value life experiences rather than physical things. Companies with loyalty programs or setting up a loyalty program should keep this in mind when considering rewards and competitions for their loyalty program.
Millennial are more likely to engage or be motivated by rewards and competitions that align with these values. Online shopping has changed in-store shopping dramatically. Customer experience in-store for Millennial parents is crucial. The use of technology like VR and digital signage that make shopping for them and their children enjoyable is important.
Millennial parents are more often working parents juggling busy working lives and trying to prioritise family time too. Convenience is essential for Millennial parents. Ensuring your loyalty program is easy to access and register to, simple to understand how it works and effortless to engage with is vital to its success.
Self – Care
As busy as their lives are, Millennial parents, value self-care in the form of time for themselves as a priority for their overall happiness. Consider this when using rewards or competitions to engage with customers.
Brand values are important to millennial parents as they relate them to their values and lifestyle choices. Strong branding often penetrated using loyalty programs is more likely to attract millennial parents.
Millennial parents are the digital natives “63% of global millennials parents visit or update social networking sites almost every day via mobile phone.”
If you have not included a mobile aspect to your loyalty program, you could be missing out on a huge chunk of your target audience.
Creating an omnichannel loyalty program ensuring your customer can interact with your loyalty program multiple ways that ads another layer of convenience to their loyalty experience with your brand.