Shoppers selected from among the ranks of Millennials and Generation X are now being dubbed Household Enthusiasts, and are said to impact retail beyond the strength of their numbers.
“These savings-minded individuals span generations, and they wield the purchasing power for their households," says Marissa Tarleton, chief marketing officer for RetailMeNot, Inc. The company’s research.also shows how important it is to cross generational lines to target these consumers, she stresses.
"In today's competitive retail environment, it's more important than ever for retailers and brands to reach Household Enthusiasts with relevant, timely and personalized messages and offers."
The Household Enthusiast is part of a unique audience that spans Millennial and Generation X demographics. They live in a household with at least one other person, often including children and spouses, and they are responsible for making the final decision about items that are purchased within the home for multiple people.
These savvy shoppers generate 15% more income than the average consumer, RetailMeNot points out. Household Enthusiasts shop online an average of 3.6 times per month and make purchases in a physical store at least five times per month.
On average, a Household Enthusiast spends 51% more than the millennial consumer and 18% more than the general deal-seeker in a six-month period.
More often than not, receiving an offer or discount is the largest factor in decision-making for this individual. In fact, 76% of Household Enthusiasts say an offer or discount will be the deciding factor in a product purchase they are on the fence about – more so than free shipping (58%), positive online reviews (35%) or even a “dire need” (33%).