With comScore reporting that ‘Millennials’ (those born between 1981 and 2000) now control $170bn in the US alone, brands that haven’t already woken up to the buying power of this tech-savvy generation must now finally be paying attention. Hopefully.
This 79m strong group (again, just in the US) doesn’t trust what it sees on TV – and 88% are now online. But what part does social play in changing their buying habits?
By 2017, these consumers will have more spending power than any generation has ever had, but they shop differently, are hyper-social and endlessly curious about what other people are doing.
Bazaarvoice has looked more closely at the buying habits of this group in the infographic below; a group that’s savvy to PR tactics, ad averse and suffering from being jaded due to over-marketing.
Bazaarvoice’s manager of content & social strategy Ian Greenleigh says that at the same time, they’re interested in engaging with brands – and most feel that companies should offer more ways for customers to share their opinions online.
The bottom line is, Millennials shop and interact with brands differently. As they start to control spending, their habits will inevitably change the ways businesses sell – and with it, the way consumers buy.”