There has been a lot of research conducted, looking into the consumer needs and desires of the Millennials. It’s well worth taking a look at the results of this research as we can learn a lot from it. From it we can refine and tailor our marketing strategies.
This is the largest generation, it is the most highly educated generation and it is also the most racially diverse generation. So, this is a huge consumer group, and their needs need to be met in a way that engages them. Research shows that the majority of the generation is not religious, they are optimistic about their future, but they are wary and sceptical. They are also getting married and having children later in life. This means that they are likely to have a larger disposable income in their 20s and 30s than other generations did at that time of life. Millennials in the US alone already account for 1.3 trillions dollars of direct spending.
Over half the US Millenials surveyed said they would share their consumer experiences via social media. If that’s a good experience, that’s a lot of advertising done for you, at no cost to yourself. It has also been shown that Millennials have a greater influence on the purchasing habits of friends and family than Baby Boomers do. Word of mouth recommendations are very valuable, but they can be hard to come by. Targeting this generation that is more likely to recommend than other generations is going to be well worth it. Millennials are 2.5 times more likely to share a link or a tweet with a brand reference than Baby Boomers. There is little reticence to aid a company in their advertising, if it is a brand they feel they have a connection to. And it gets better! 52% state that they share their favourite brands’ posts on Facebook, and 21% said they share the posts every time, or nearly every time. That’s a lot of brand loyalty, spreading your message for you!
The Millennials are also the blogging generation. These online diaries bring people’s personal lives into the public eye. 39% of Millennials post online product reviews, and 27% stated that they make reference to brands in their blog posts. Millennials are mainly influenced by their peers. A recommendation from someone their own age is more influential than that of an older person. They are also highly likely to avoid a brand if their peers have suggested that they do.
