Millennial shopping behaviors uncovered by new research
Recently, we conducted a 15-minute online survey of 1,628 millennials and 906 GenXers. Our goal with the research was to gain a more thorough understanding of the differences between how each generation approaches shopping and is making purchase decisions across a number of categories. Angela Woo’s latest article on Forbes, puts the research – and the unique millennial set – in context.
In the article, she writes about the millennials’ rocky journey to adulthood and how their specific set of generational circumstances helps to explain the data uncovered by the new study. What the data showed us was that millennials…
…want their purchases to make them feel good. We found that 60% of millennials tend to gravitate toward purchases that are an expression of their personality — the brand must speak to them at this level and make them feel good. Unlike baby boomers and Gen Xers, who consume based on quantity, millennials value their dollar more and value products that meet both a logistical and emotional need.
…place value on experiences. Half of millennials prefer to spend their money on experiences over material things — and they are willing to pay extra for it.
…like sharing with their friends. We found that millennials are 13% more likely than Gen Xers to share their purchases on social media. This provides them with the perfect forum for their opinions to be heard — good or bad — as well as a place to hear from others they trust.
…shop promiscuously. Millennials have no problem trying new, innovative brands rather than turning to a brand seen as old and reliable. In fact, our research found that they are almost twice as likely to say this than Gen Xers.
…trust peer-generated endorsements. More than one-third of millennials prefer to wait until someone they trust has tried something. While they like trying new things, they actively avoid paying attention to company-generated advertisements and place more weight on word of mouth and product reviews.
…seek relevancy. Almost half of the millennials surveyed appreciate when brands make ads and social media relevant to them.
In the complete article on Forbes, Angela gives recommendations to brands on how to address each point of these findings. Check it out here: https://www.forbes.com/sites/forbesagencycouncil/2018/06/04/understanding-the-research-on-millennial-shopping-behaviors/2/#793a928d738f
Thought Leadership Updates
Get updates in your email.