Coca-Cola Analyzes the Millennial
ATLANTA – Millennial consumers hardly know what they want. So how are you supposed to?
Cracking the millennial buying code can be an exercise in futility without the proper data and analytics to craft a well-rounded and focused merchandising plan. However, even a solid plan must be flexible. Millennials send mixed messages of what’s most important to them, so an easily tweaked plan is a must.
The Coca-Cola Co. added some additional muscle to crystallizing the effort in June. “The Coca-Cola Co. Knowledge & Insights iSHOP Tracking Study” details key insights and takeaways to help retailers fulfill millennial shopping desires.
The following are some key nuggets on mastering the art of millennial merchandising and a graphic illustrating the company’s findings:
- Per individual, millennials have a $281 average monthly spending budget. In the aggregate, they account for $200 billion in annual grocery spending. Some 25% more beverages land in their shopping baskets than other demographic groups and they make 20 billion grocery trips a year across all channels;
- Of the 70 billion millennials living in the United States, 51% are male. Fifty-six percent live on less than $50,000 a year per household;
- Millennials make 28% of their shopping trips between 5 p.m. and 10 p.m., with more than 30% of their grocery trips occurring during the weekend. The most common shopping day is Sunday;
- This group shops quickly, as 9.9 million are primarily errand runners, and one out of every three trips lasts five minutes or less. They also shop impulsively as 74% of trips include no preparation, and 63% are more likely to buy a meal or snack to eat immediately. Thirty-five percent of their trips include a nonalcohol ready-to-drink beverage;
- From a social-media perspective, 13.3 million are interested in the interaction around shopping and 5.8 million use websites, smartphones and social media to facilitate and talk about their shopping.
For retailers, these findings mean “marketing to millennials in the moment,” according to the study. In that spirit, the weight placed on “in-store POS, displays and shelf talkers [to] drive bigger impact with them, and point-of-purchase shopper marketing is critical,” according to the company.