Millennials are an exceptionally unique demographic group, as they are the first to be raised in an era of instantaneous and universal information access. Given that they are the single most sought-after demographic group by email and social media marketers everywhere, any insight which may be garnered into the way that they relate to the online world can be extremely valuable. These top statistics drawn by a recent study by Barkley Research can be applied to the further comprehension of the Millennial mindset in order to craft marketing campaigns which most closely adhere to their requirements and preferences.
A different view on shopping
While only 21% of other age groups believe that it is important to research products and services via a smartphone or tablet when they are shopping, a net majority of 51% of Millennials agree with that statement, an almost 150% higher result! Shopping is a valued lifestyle activity for Millennials, as 53% say that shopping is a great way to relax, versus only 38% of other age groups. Furthermore, Millennials tend to make impulse purchases to a greater degree, 50% vs. 36% for the other ages. One of the highest responses by Millennials in this aspect of analyzing shopping psychology is that fully 67% state that the convenience of online shopping is very important to them.
Collaborative shopping is central to the Millennials
Millennials tend to place considerably weight on the social aspect of purchase determination. Fully 65% of them will rely on the opinions of friends and family members before deciding to purchase a product or service as compared to just 42% for other age groupings. They also consider co-workers and school mates to be an extremely influential group as 43% state that they rely on them prior to purchase as compared to just 22% for other age groups. Sociality is critical to their entire shopping process and it has impacts onto their lifestyle which by far transcend the similar influences onto the lifestyle of other age groups. A total of 70% of Millennials state that when their friends and colleagues agree with what they want to buy, they are more motivated to purchase it (versus 48% of other age groups) and 68% state that they don’t make a major buying decision until they have discussed it with trusted peers (versus 52% of other age groups).
Online literature can make an impact
Online literature also makes a considerable impact on Millennials as 39% rely on consumer online reviews and blogs, 33% on professional reviewers, and 31% on brand websites and reports. Although these online literature figures are far less than in friends and family, it still demonstrates that if a brand is providing and quality, there is still ample convincing power to be had when dealing with the Millennial buying equation.
Millennials are value conscious
Of the Millennials surveyed about their view of generic brands, 63% stated that store and other private label brands are a much better value for the dollar, 61% said that they’re proud of how much money they have saved by purchasing private labels, and 60% stated that they will opt to buy a generic brand if it’s on sale over a regular brand. Fully 56% stated that they would be happy to switch brands in order to utilize a discount coupon, which wraps up the majority preferences to generics. However, Millennials are discerning as 72% stated that they believe that generic store and private label brands are fine for some products but not suitable for others, and image plays a considerable role as well. 51% say that they purchase brands which reflect their own personal style and personality and 37% stated that they would gladly pay more for a product that is consistent with the image that they are personally trying to convey. Altruism plays a major role in the Millennial purchasing mentality as 45% stated that they would be more likely to buy a brand which they knew supported charitable organizations.
Millennials are an unusual generation which breaks from previous ones in many ways, especially in consumer behavior. Marketers who comprehend the differences are best positioned to achieve Millennial success.
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