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Thursday, October 19, 2017

Millennials’ purchasing power growing – study

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By Madelaine B. Miraflor

The purchasing power of millennials — those that are born between 1980 and 2000 — is increasing rapidly, supporting the sales growth of certain products in the country, especially those that are in the personal care, home care, and food sections of retail stores.

Kantar Worldpanel, the global expert in shoppers’ behavior, said in its recent survey that the capacity of Filipino millennials, otherwise known as Generation Y, to purchase goods are growing.

The survey also showed that top products being purchased by millennials right now highlight their desire for personal and home cleanliness, convenience and fun.

“Our data highlights the great purchasing power of millennials that marketers can take advantage of. Understanding who the real millennials are, what stage in life they are in and their value system can guide brands as they develop products and strategies to drive growth in sales,” Diwa Manila, Kantar Worldpanel Account Director said.

“Not only are they the top baby needs of buyers, it is interesting to note that they are driving significant growth in the oral care, meal mixes and beverage categories,” she added.

Data show that millennials increased purchases across all mega-sectors in 2016: personal care (11.2 percent); home care (10.1 percent); food (5.5 percent); and beverage (9.7 percent).

Dental hygiene is also important to the age group as their value sales for toothbrushes and toothpaste have risen by 25 percent and 21 percent, respectively.

The same can be said with personal and household cleanliness evidenced by the 35 percent increase toilet tissue, while pest control purchases rose by 21 percent, closely followed by dishwashing agents, which increased by 20 percent.

 

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