Understanding millennials can be a daunting task for brands and businesses given their unfathomable behaviour. Many brands find hard to reckon their buying preferences and eventually establish loyalty. Millennials don’t go around and become loyal to brands at random, instead, they chose the story that a brand tells. They contemplate their options with emotions which eventually aids the branding process in the long run.
Millennials, mostly young consumers born after 1981, know what’s going in and around and that’s what makes them the most important than any other demographic for businesses to miss out on. After all, companies evoke branding, but it’s the consumers that build the brand by pushing them inadvertently to deliver better brand experiences. According to a study, by Charles Schwab, millennials spend more money than other generations on comforts and convenience – industry most of the emerging brands belong to.
Markets that have their target audience under-30 or those companies who perform better with millennials is ought to be successful. Using the internet, smartphone apps, hi-tech gadgets, social media – name any domain, millennials are beyond par than any other generation. A brand committed to its environment can never afford to overlook the needs of the millennials.
In the below infographics, USCDornsife – the College of Arts and letters, has curated few interesting and valuable facts and figures that depict how brands could make millennial falls in love with them. Before you directly take a dive into the infographics, we have listed down few key highlights and takeaways from it:
- Out of 87.5 million millennials (aged 18-29) in US 26% are categorised as ‘digital socialites’ due to their high online engagement. While 23% of millennials are highly tech-savvy and heavily consume streaming media.
- 85% of US millennials own a smartphone, 78% own a PC or a laptop, and 50% own a tablet. Also, they constitute the smallest group of magazine and newspaper readers and radio listeners. They also spend the least time watching TV.
- In the US, 38% of Gen X (aged 30-49) are internet users, followed by Millennials at 35%.
- 89% of American millennials are on social media, 38% use social media to discover brands and 49% follow their favourite brand or retailer via social media.
- Millennials tend to spend more on food, clothing, education, socializing, transport, etc. 53% of them prefer to make purchases online.
- 87% of millennials have expressed the desire to make purchases that have an environmental or social benefit. Companies like Toms, a shoe retailer, has associated its brand with a philanthropic cause and taken advantage of social media to reach millennial consumers.
- 91% millennials prefer brands who support a good cause. Uber, the cab aggregator, has capitalized through ride sharing and ambivalence of millennials towards car ownership to grow business.
- Publishing information blogs and being authentic can help brands attract more millennials.