The holiday season is fast approaching, and brands everywhere are strategizing how to capitalize on the massive spending period that’s about to take place.
Last year, Cyber Week set record high sales with consumers spending nearly $10 billion over Thanksgiving Day and Black Friday and another $7.9 billion on Cyber Monday, which was the highest eCommerce sales day in U.S history. 1 Even more impressive, more than half of those dollars were spent on mobile devices. 2
This year, Cyber Week is predicted to generate $29 billion 3 , and needless to say, mobile advertising should be a crucial part of your overall marketing strategy. But who are the people spending money on mobile, and why are they important? Let’s take a look at the purchase power of mobile-first generations: millennials and Gen Z.
Understanding the spending influence of millennials and Gen Z
Millennials represent the largest generation in US history and are expected to drive over half of the increase in expenditure growth over the next decade. 4 This comes as no surprise, as millennials are known for their impulsive spending habits, especially when compared to generations that have preceded them.
Gen Z also plays a significant role during the holiday season with a huge impact on household spend. According to Cassandra Research, 87% of Gen Z say they have influence on their family's purchase decisions, and 92% of their parents agree. 5
Together, millennials and Gen Z have over $1 trillion in direct spending power. 6 This presents a compelling business opportunity for marketers, particularly when considering where to spend ad dollars this holiday season.
Driving sales with millennials and Gen Z on Snapchat
Reaching 90% of all 13-24 year-olds and 75% of all 13-34 year-olds in the U.S. 7 , there's no better place to engage with millennials and Gen Z than Snapchat. Not only are Snapchatters active during the holidays capturing memories, connecting with friends and having fun with the Snapchat camera, they’re also ready to spend. In fact, over half of Gen Z Snapchatters plan to spend $250 USD or more on Black Friday and Cyber Monday. 8
Snapchat offers brands an opportunity to advertise products and holiday promotions to a unique audience that is primed to take action with full-screen, shoppable ads.
The simplest way to create your first advertising campaign is through Instant Create, Snapchat’s self-serve buying flow that allows you to create a single Snap Ad in minutes. A Snap Ad is a single image or video that allows your audience to swipe up and take action immediately — such as visit your website to make a purchase.
Snapchat also offers Advanced Create, which allows you to create multiple Ad Sets with more advanced targeting and bid types. Through Advanced Create, you can build Collection Ads to showcase a series of products and give Snapchatters a tappable, frictionless way to shop and buy, as well as Story Ads to get your brand’s message across through a series of Snap Ads.
Additionally, you can implement the Snap Pixel to help track events and build an audience of Snapchatters to re-engage and convert into purchasers.
Last holiday season, RSVLTS, an apparel company specializing in conversation-starting clothing, and JUICE, a full-service digital marketing agency, partnered with Snapchat to reach a new, differentiated audience and drive sales during the holiday season. By implementing the Snap Pixel, RSVLTS was able to leverage Snap Ads targeting Snapchatters who had previously visited their website with holiday promotions around Thanksgiving, Black Friday and Cyber Monday. The results exceeded RSVLTS expectations, driving a significantly larger ROAS compared to any other marketing channel for their campaign. 9
Snapchatters are 64% more likely to start holiday shopping on Black Friday, and are 20% more likely to make purchases via mobile. 10 With the 2019 holiday shopping season forecasted to reach $1 trillion in US revenue, and mobile commerce predicted to drive almost half of all US eCommerce sales 11 , Snapchat is here to help you achieve your advertising goals. Sign up for a business account and create your holiday ads today!