Millennials Turn to Video When Making Purchases Says New Animoto

Jun 25, 2015

Generation Y is a demographic coveted by retailers and marketers for its purchasing power. Millennials, the generation born between 1980-2000, will spend more than $200 billion annually starting in 2017, and $10 trillion in their lifetimes. Animoto, an online video creation application that empowers anyone to create and share videos, announced new data from the 2015 Animoto Online and Social Video Marketing Study.

The study revealed seven in 10 millennials are likely to watch a video when shopping online and 80% of millennials find video helpful when researching a purchase decision online.

Increasing exposure to video has impacted Gen Y's view on video in the purchasing process. Compared to Baby Boomers, Millennials are 150% more likely to comparison shop with video while in-store, and 146% more likely to watch a video if it's available on a company's site while shopping online, and four in every five millennials find video helpful during initial research for a purchase decision.

Businesses must ensure video content is optimized across the devices and channels millennials frequent most. Nearly half of millennials (48%) only watch videos on their mobile device. Millennial engagement with brands on social media is high; on Facebook, 84 percent of millennials follow brands.