The surge of Millennials into the marketplace, their affinity for mobile devices and their finely tuned sense for marketing baloney has led to a major shift in branding strategies. Brands that make the shift from “return on investment” to “return on involvement” in today’s social economy with the largest generation on the planet...will surely win.
Today’s branding strategies are shifting from a reactive, interruptive, big promise model to an interactive, engagement, personal gesture model. Millennials increasing spending power and influence on older generation's purchase decisions make Millennials a prime target for building brand loyalty. Leverage the below U.S. statistics to rethink and retool your strategy to connect with tomorrow’s top consumer.
28 Revealing Millennial Statistics To Help Boost Your Next Generation Branding Strategy*
- 60% of Millennials (vs 46% of non-Millennials) are engaged in rating products and services.
- 60% of Millennials (vs 29% of non-Millennials) are engaged in uploading videos, images and blog entries to the Web.
- 43% of Millennials prefer to shop the brands they grew up with, however, 56% are willing to switch brands in favor of a good deal.
- 50% of Millennials say they are more likely to buy a brand they know supports a cause.
- 52% of Millennials use their mobile devices on social media to note they like a brand.
- 43% of Millennials check for coupons or promotions on their smartphones while in a store.
- 59% of Millennials list friends as the people who influence their purchase decisions.
- 59% of Millennials buy brands that reflect their style and personality.
- 40% of Millennials are willing to pay extra for a brand that reflects the image they wish to convey about themselves. (Compared to 25% of non-Millennials.)
- 22% of Millennials said that brands must “stand behind” their product. (Compared to 42% of Boomers.)
- 81% of Millennials are less about “friendly” service than “fast” service.
- 56% of Millennials report that they are usually among the first to try a new technology.
- 84% of Millennials report that user-generated content on company websites has at least some influence on what they buy.
- 34% of Millennials have been raised by wealthy parents who are still willing to foot the bill.
- 50% of younger Millennials and 47% of older Millennials trust retailer websites. (Compared to 33% of GenX and 36% of Boomers.)
- Millennials are 2.5x more likely to be an early adopter.
- Millennials are influencing purchasing decisions to the tune of $500 billion each year.
- Millennials are currently the largest demographic purchasing new technological gadgets and fashion apparel.
- Millennials say price is the most important factor when it comes to making a purchase decision.
- Millennials are 2.5x more likely than Boomers to share a social-media link that references a brand.
- Millennials are 44% more likely to trust experts (who happen to be strangers).
- Millennials are 262% more likely than the average shopper to be influenced by smart-phone apps.
- Millennials are 247% more likely to be influenced by blogs or social networking sites.
- Millennials are 216% more likely to be influenced by in-store touch screen displays.
- 11.8 million Millennials ages 18-30 are currently living in U.S. households with annual incomes exceeding $100,000.
- 74% of 12-17 year olds use social networks to talk about products with friends and make recommendations.
- The top 5 purchases Millennials won’t make without user-generated content are major electronics (44%), cars (40%), hotels (39%), travel accommodations (32%), and credit cards (29%).
- Brands 24/7 availability is significantly more important to Millennials than to others.
Question: Which statistic is most applicable to your branding strategy and why?
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*Jeff Fromm & Christie Garton, Marketing To Millennials: Reach the Largest and Most Influential Generation of Consumers Ever (New York: Barkley Inc, 2013)
*Christine Barton, Lara Koslow, Christine Beauchamp, The Reciprocity Principle, How Millennials Are Changing the Face Of Marketing Forever (The Boston Consulting Group, Jan 2014)
