How they spend: Millennial Women
Since the group came of age in the mid-2000’s, marketeers have struggled to decode the purchasing behaviours and the inherent motivations of millennial women, specifically, those who spend and spend big. The way this affluent, often self-made set of millennial women reconcile the aspirations of their parents and grandparents¹ with their own trends and impulses is unique.² Still, in what some have dubbed “late-stage capitalism,” beauty³ and financial independence reign supreme⁴ for millennial women. While their experiences may be dimmed by the rise of the alt-right, a climate of terrorism and rampant mental illness,⁵ it has indeed made their hunger for material success even stronger,⁶ and their struggle for options bolder. Success, of course, defined by the aforementioned beauty and financial independence.⁸
From their smart devices to their streaming behaviour,⁹ the industry has struggled to see more in this demographic than as a fashion-obsessed,¹⁰ source of disposable income¹¹ with an affinity for ethically sourced cosmetics¹² and body modification.¹³ In fact, advertisers have lost the forest for the trees entirely. Surprisingly, women millennial consumers follow a traditional funnel; awareness,¹⁴ consideration,¹⁵ intent,¹⁶ purchase,¹⁷ and advocacy,¹⁸ they simply move through more rapidly and repeatedly than older generations.¹⁹ Desire, and instant gratification.²⁰ Desire, and instant gratification.²¹ Ad infinitum.²² But to what end? The answer; personal brand.²³ The manifestation of their values is the ability to identify and strengthen their personal brand through purchasing power.²⁴
But aesthetics and personal brand isn’t enough in and of itself for millennial women. They revel in the trappings of domesticity²⁵ (again, a nod to previous generations), but without conventional family groups.²⁶ Instead, choosing to make deeper commitments to friendship, community and identity groups.²⁷ In this way, their embrace of capitalism becomes not only a form of care for others,²⁸ but also a mechanism of self-indulgence in their personal brand,²⁹ and thus a method of self-care.³⁰ Despite economic downturn,³¹ we find that Millennials are more than willing to part with their hard-earned money, without limit, for the things they truly desire.³² For this audience, luxury items become a reflection of a more positive inner self,³³ with much of their income going to items pertaining to health and beauty.³⁴ While previous generations may balk at the concept of spending such a high percentage of income on the non-necessities, Millennials flaunt their purchases;³⁵ after all, they have rejected the traditional pattern of raising children³⁶ and marriage,³⁷ instead choosing to put their own (some might say frivolous) needs first.³⁸
Millennial women have been touted as materialistic,³⁹ capitalistic,⁴⁰ materialistic,⁴¹ and even immature.⁴² Their commitment to personal aesthetics⁴³ through spending⁴⁴ is unprecedented.⁴⁵ While it’s easy to see them as nothing more than spending machines,⁴⁶ I urge you to look deeper so as not to misconstrue their motivations.⁴⁷
Purchasing⁴⁸ is an act of defiance,⁴⁹ a demonstration of confidence in the face of adversity,⁵⁰ and a way that millennial women can reclaim power⁵¹ in a system stacked against them.⁵² They are the geniuses of late-capitalism. This lucky few are not only financially stable, but adept code-switchers⁵³, seamlessly generating industry and participating in it,⁵⁴ and are thus demonstrating absolute control over the market.⁵⁵ We’ve seen numerous brands live and die by their habits,⁵⁶ in industries as far-reaching as 90’s revival jewelry⁵⁷ and air travel.⁵⁸ This is the “girl power” generation, and their true currency transcends commerce.⁵⁹ Advertisers should spare no expense in converting this audience into fans,⁶⁰ as, at least in this moment, they are the biggest decision makers in the market.⁶¹
TLDR; They see it, they like it, they want it, they got it.
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¹ Yeah, breakfast at Tiffany’s and bottles of bubbles
² Girls with tattoos who like getting in trouble
³ Lashes and diamonds, ATM machines
⁴ Buy myself all of my favorite things
⁵ Been through some bad shit, I should be a sad bitch
⁶ Who woulda thought it’d turn me to a savage?
⁷ Rather be tied up with calls and not strings
⁸ Write my own checks like I write what I sing, yeah
⁹ My wrist, stop watchin’
¹⁰ my neck is flossin’
¹¹ Make big deposits,
¹² my gloss is poppin’
¹³ You like my hair? Gee, thanks, just bought it
¹⁴ I see it
¹⁵ I like it
¹⁶ I want it
¹⁷ I got it
¹⁸ (Yeah)
¹⁹ I see it, I like it, I want it, I got it
²⁰ I want it, I got it
²¹ I want it, I got it,
²² I want it, I got it, I want it, I got it
²³ You like my hair? Gee, thanks, just bought it
²⁴ I see it, I like it, I want it, I got it (Yeah)
²⁵ Wearing a ring,
²⁶ but ain’t gon’ be no “Mrs.”
²⁷ Bought matching diamonds for six of my bitches
²⁸ I’d rather spoil all my friends with my riches
²⁹ Think retail therapy my new addiction
³⁰ Whoever said money can’t solve your problems
³¹ Must not have had enough money to solve ‘em
³² They say, “Which one?” I say, “Nah, I want all of ‘em”
³³ Happiness is the same price as red-bottoms
³⁴My smile is beamin’, my skin is gleamin’
³⁵ The way it shine, I know you’ve seen it (You’ve seen it)
³⁶I bought a crib just for the closet
³⁷ Both his and hers,
³⁸I want it, I got it, yeah
³⁹ I want it, I got it,
⁴⁰I want it, I got it
⁴¹ I want it, I got it, I want it, I got it
⁴² (Baby)
⁴³ You like my hair?
⁴⁴ Gee, thanks, just bought it
⁴⁵(Oh yeah) I see it, I like it, I want it, I got it (Yeah)
⁴⁶ Yeah, my receipts, be lookin’ like phone numbers
⁴⁷ If it ain’t money, then wrong number
⁴⁸ Black card is my business card
⁴⁹ The way it be settin’ the tone for me
⁵⁰I don’t mean to brag, but I be like, “Put it in the bag,” yeah
⁵¹ When you see them racks,
⁵² they stacked up like my ass, yeah
⁵³ Shoot, go from the store to the booth
⁵⁴Make it all back in one loop, give me the loot
⁵⁵ Never mind, I got the juice
⁵⁶ Nothing but net when we shoot
⁵⁷ Look at my neck,
⁵⁸ look at my jet
⁵⁹ Ain’t got enough money to pay me respect
⁶⁰ Ain’t no budget when I’m on the set
⁶¹ If I like it, then that’s what I get, yeah
