Millennials read, they just read differently.
Apparently, so does Gen X.
Millennials rapidly abandoning print: 50+% decline over ~10 yrs.
Surprisingly, this 50+% decline extends up to 45-54 bracket.(5)
THE SHIFT AWAY FROM PRINT HAS NOT SLOWED...
Spending in print is out of balance with consumer attention.
Mobile ad growth will be fueled by the shift away from print.(6)
...AND DOLLARS ARE SHIFTING STRAIGHT TO MOBILE
The attention shift to digital came largely at
the expense of print.
Over the next 5 years, look for advertisers to
pull roughly 15 billion out of print and
redeploy straight to mobile.
#3: CONSUMERS USING MOBILE
FOR LOCAL DISCOVERY
“In the digital age, Internet listings and directories
initially gave way to general-purpose search
engines such as Google and Bing. But with
increasing smartphone adoption, local search is
changing once again.”
—IDC “Unleashing Local Search” (7)
Reported year-over-year growth rate in Google searches with the
term “near me” in the query.(8)
CONSUMERS + SMARTPHONES + LOCAL DATA = HUGE AD OPPORTUNITY
64% Start local
~2/3 of local purchasing decisions don’t begin w/ a search engine.
Non-search leaders include topic-specific sites/apps.(7)
MULTIPLE STARTING POINTS = DISTRIBUTED AD STRATEGY/REVENUE OPP.
36% Start local
with search engine
- 15% topic-specific site/app
- 7% customer reviews
- 7% online directories
-e.g. Google, Yahoo, Bing
Consumers increasingly turn to their phones
to make local purchasing decisions...
...but search engines are far from the only
base that local advertisers need to cover.
Topic-specific websites/apps and online
directories together drive nearly as much
local traffic as search engines. Advertisers
must cover all the relevant bases.
“For [millennials], happiness isn’t as focused
on possessions or career status. Living a
meaningful, happy life is about creating,
sharing and capturing memories earned
through experiences that span the spectrum
of life’s opportunities.”
—Harris: Millennials Fueling the Experience Economy(10)
Millennials have the wheel of the modern economy, and they are
spending with brands that create memorable experiences.
SOCIAL WEB + FOMO = INCREASED DEMAND FOR EXPERIENCES
Spending on experiences
& events increased 70%
Millennial spending = 1.3
trillion/yr = #1 driver of
8 in 10 millennials would
rather spend $$ on an
experience than a thing.(9)
The Experience Economy is the lens that will
help local advertisers and marketers
understand the millennial consumer.
Local (and national) advertisers have a
window of opportunity to create meaningful,
unique experiences that attract the attention,
loyalty and future spending of millennials.
“The promise of measuring [in-store]
attribution across any advertising medium is
within reach...the Bluetooth beacon becomes
the next cookie, or more appropriately, the
real-life equivalent of a digital tracking pixel.”
in the US, 2013
in the US, 2018(11)
>50% of major US retailers using in-store iBeacons. Why? Online
to offline (O2O) tracking = holy grail of local advertising.
INTERNET OF THINGS WILL (EVENTUALLY) ENABLE ATTRIBUTION
As local advertisers begin tying ad performance
to in-store visits, local ad spending will
consolidate around channels that can deliver
results and loyalty. The effects on under-
performing channels will be Darwinian.