The three major shifts discovered by Facebook IQ and Nielsen were:
- Generational: In 2015, for the first time, more millennials are parents than not.
- Cultural: The U.S. Hispanic population is seen skyrocketing from 55 million in 2014 to 119 million in 2060.
- Behavioral: Light TV viewers now make up 65 percent of the television-viewing population.
The full report from Facebook and Nielsen is available here, and highlights of their findings follow:
- Millennials are 3.5 times more likely to have children in their households than baby boomers are.
- U.S. Hispanics currently account for $1.2 trillion in purchasing power, with an average basket size per trip of $53, compared with $49 for white non-Hispanics.
- Light TV viewers are 10 years younger than heavy TV viewers, and they are more difficult to reach via traditional channels.
- 57 percent of millennials enjoy browsing around stores for new products.
- 44 percent of U.S. Hispanics change brands often “for the sake of variety and novelty.”
- 77 percent of light TV viewers enjoy trying different types of foods.
- Millennials are 2.4 times more likely to shop online than baby boomers are, while U.S. Hispanics are 1.3 times more likely to do so than non-Hispanics.
- Millennials are three times more likely than baby boomers to purchase groceries, candy or other food products online, and 1.9 times more likely to buy health and beauty products online.
- 77 percent of millennials, 72 percent of U.S. Hispanics and 70 percent of light TV viewers say they always carry their mobile phones.
- Millennials are 2.7 times more likely than baby boomers to use their mobile phones regularly for in-store payments.
- U.S. Hispanics are 1.1 times more likely to wish more stores accepted mobile payments than non-Hispanics are.
- Light TV viewers are 1.2 times more likely than heavy TV viewers to wish they could find coupons in digital form.
- Millennials are 1.6 times more likely than baby boomers to use digital channels to discover new CPG products, while light TV viewers are 1.4 times more likely to do so than heavy TV viewers.
Facebook IQ also provided the following takeaways for marketers:
- Meet the newly defined CPG consumers on their terms: As increasing numbers of millennials, U.S. Hispanics and light TV Viewers become core CPG shoppers and buyers, brands need to adjust to their modern preferences and digital habits. The tactics used to reach boomers in the past will not resonate with these younger, light-TV-viewing, mobile-savvy shoppers, nor with the generation quickly nipping at their heels.
- Take advantage of “new to me”: As millennials quickly move from college graduates to young professionals and then to spouses and parents, it’s a great opportunity for CPG marketers to take advantage of their swift life-stage transitions and introduce products that are new to them (but perhaps not new to market) at key moments.
- Understand that the journey of discovery happens in the palm of their hand: Recognize both that the next shiny new thing is being discovered online, increasingly on mobile, and that it’s never been easier to reach consumers where they are spending their time … outside of the sitting-on-my-couch moment.
Readers: What did you think of the findings by Facebook IQ and Nielsen?