Looking ahead to 2017, millennials are expected to spend more than $200 billion annually and $10 trillion in their lifetimes. Seven in 10 millennials are likely to watch a video when shopping online and 80 percent find videos helpful when researching a purchase online, according to new data from the "2015 Animoto Online and Social Video Marketing Study".
Compared to baby boomers, millennials are 150 percent more likely to comparison shop with videos while standing in a store and 146 percent more likely to watch a video if available on the retailer's site.
In addition, four in every five millennials report that video is helpful while doing product research. But even after product research, 92 percent of millennials plan to shop in-store in 2015, as often or more often then they did in 2014, according to a recent TimeTrade study.
Throughout the shopping cycle, video plays a role for millennials. The report showed 85 percent of millennials find product demonstration videos helpful, while three-quarters of this generation find videos helpful when comparison shopping. And even after a purchase, 69 percent of millennials find video helpful in order to research additional items from the same retailer.
The company that makes the product itself is important, as one-third of millennials find it helpful to watch a video to learn more about the business before making a purchase.
Sixty-two percent of millennials prefer video over reading text, and 53 percent are more likely to read a newsletter if a video is included.
Mobile is an increasingly important channel for millennials, as almost half only watch videos on their phones. Millennials also want to engage with brands on social media: 84 percent follow brands on Facebook; 76 percent follow companies on YouTube; 47 percent follow brands on Twitter; and 42 percent follow retailers on Instagram.
-See this Animoto press release
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