The influx of Millennials into the market, their love for mobile devices, and their sharp eye for marketing nonsense have caused a big change in branding strategies. Brands that transition from focusing on “return on investment” to “return on involvement” in today’s social economy with the largest generation in the world…will definitely succeed.
Today’s branding strategies are moving away from a reactive, interruptive, big promise approach to a more interactive, engaging, and personal one. With Millennials gaining more spending power and affecting the buying choices of older generations, they have become a key target for fostering brand loyalty. Use the U.S. statistics below to reconsider and adjust your strategy to reach the consumers of the future.
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?