Why are marketers obsessed with the millennial generation? Millennials (aged 19-35) now number 75.4 million, surpassing the 74.9 million Baby Boomers (ages 52-70). They make up 27 percent of the US population and are effecting brands like never before. Valuing self-expression and diversity, these creative consumers get involved with the issues and let their hearts lead their wallets. Want to get to know them better? Let’s take a look at some of the most revealing statistics of 2016.
Millennials are:
Self-Aware
Multicultural millennials are influential, and they know it. According to a study by Buzz Marketing Group, 78 percent of those surveyed feel that they have power as a consumer to influence big brands. If a brand agrees with those same millennials on a social issue, even better—83 percent like it when brands make a public stand for or against issues they believe in.
Nearly three-quarters (70 percent) of affluent millennial internet users said their favorite brands play an integral role in their life, according to a survey from BBC Advertising. While 51 percent of non-affluent millennials felt the same way, there is a significant drop in whether or not brands define one’s person. For affluent millennials, 60 percent said that they are defined by the brands they purchase, compared to 44 percent of those not considered affluent.
Discerning Shoppers
According to Mary Meeker’s internet trends report, 48 percent of millennials prefer to be contacted via the internet or social media. AdWeek reported that email yeilds a higher response than social media and other advertising models. In fact, 43 percent of millennials, compared with 32 percent of other shoppers, have said they’ve looked at retailer emails more often over the previous six months. In addition to these findings:
- 51 percent of millennials used searches across brand sites more often than average consumers.
- Nearly 53 percent of millennial shoppers used daily deals, compared to 38 percent of other groups.
- Nearly 56 percent used price comparison sites more often.
- Around 47 percent of the millennial audience printed out coupons for use with purchases over the past six months. That’s higher than the 34 percent of other audiences.
Seriously Social
With copycats abound, do users still prefer Snapchat? Adweek commissioned a study by Survata to find out and discovered that users aged 13-34 still prefer the original. Sixty-four percent of those surveyed said Snapchat is “cooler,” 67 percent said that Snapchat had better features and if they could only have one app, 51.1 percent named the original ghost.
Nielsen’s report entitled, Young, Connected and Black: African-American Millennials Are Driving Social Change and Leading Digital Advancement reveals a strong and growing demographic.more than half (55 percent) of African American millennials report spending at least one hour a day on social media, which is six percent more than all millennials, and 29 percent say they spend at least three hours a day on social media—nine percent more than all millennials.
Fans Of Keeping It Simple
Fifty-four percent report to have “show dumped,” that is, given up on a show they previously enjoyed because it became too difficult to access the content. A report by TiVo reveals that 91 percent of millennials pay for at least one subscription streaming service, 73 percent have streaming devices at home and 55 percent would pay to simplify search across platforms.
When it comes to reaching customer service, 70 percent of millennials feel good about chatbots, according to a recent study by Aspect. In addition, 54 percent prefer all customer interactions via electronic means and 49 percent feel that texting is the most effective communication for customer service.
Ready To Be Entertained
Twenty-two percent of all millennial males watch eSports, according to a study by Newzoo. In fact, American millennial males watch as much eSports as they do baseball and more than ice hockey. When it comes to playing video games themselves, millennials pick up a PS4 controller over any other console, PayPal found. Across all platforms, action games are the preferred genre for this age group. The same study revealed that when millennials buy an eBook, 90 percent do so from Amazon and romance is the most popular genre, while consumers over 35 prefer mystery thrillers.
While 55 percent of US millennials pay for digital entertainment, only 25 percent are willing to pay for some kind of digital news service. A new report by Business Insider notes that publications are questioning their pay-for-content models in order to reach this demographic.
So now you know a little bit more about this elusive creature that turns out not to be elusive at all. In fact, everyone is either a millennial or has seen a millennial. Mind. blown.
