Target Market Research: Millennials and Etsy
My project for this term is aimed at the millennials target market, with a specific focus on Etsy as its platform to sell on. I have previously done research into millennials in this post, however, I will be giving another summary of the information in this post.
Millennials are the largest generation of people and are born between 1980 and 1994. This generation is the most likely to recommend products to other people and they care about sustainability.
Etsy is one of the largest ecommerce platforms as of right now, it is an online marketplace where people can set up their own shop. However, people are only allowed to sell products that are rightfully theirs, making mass production intentionally difficult. People tend to search for handmade and personalised items, such as gifts. Its search engine is designed for shop owners to be able to be found easily, making it a perfect starter platform for small artists.
The statistics above show that Etsy is a platform that people put their trust in, this is especially shown in the 7.1 million habitual buyers in 2023.
Home and living is the best selling category on Etsy, which my project falls into with the cups and mugs.
Outside of the United States the United Kingdom has the largest amount of downloads of the Etsy app for both buyers and sellers with over 10 million downloads. These numbers span from 2015 to 2023. The seller fees remain on the lower side compared to its competitors, for example Depop.
The largest group of users is aged 25 to 34 years, however, the surrounding age groups are not far behind with 18 percent for 35 to 44 year olds and 17 percent for 18 to 24 year olds. It is mostly millennials that use Etsy, my target market for this project.
In conclusion, Etsy would be the best place to sell my products for the millennial target market since Etsy is the biggest ecommerce platform for handmade products with buyers that consists mostly of millennials. Its best selling category is home and living, where my creations fall into. With lower selling fees it makes it an attractive platform for starter shops.
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