The ability to hold a millennial's attention are they keys to the kingdom for advertisers. Growing up with a society bombarded by ads they have become desensitized, you need to be bold and different. You can no longer think that the product will market itself through features and designs. You need to weave it into the fabric of lives of everyday millennials. There are 80M+ millennials in America alone and they represent about a fourth of the entire population, with $200B in annual buying power. Do you know what you're doing?
Here are some stats for you to digest about millennial spending:
- 71% of millennials would rather buy than rent a car
- 33% of millennials rely mostly on blogs before they make a purchase
- 60% said that they are often or always loyal to brands that they currently purchase
Different than the previous generations for sure. But how about some statistics on the mindsets of these consumers?
- 87% of millennials use between two and three tech devices at least once on a daily basis
- 42% said they are interested in helping companies develop future products and services.
- 75% said that it’s either fairly or very important that a company gives back to society instead of just making a profit
- 62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer.
- 39% are either very or completely likely to purchase a tablet computer in the next five years, while 30% are for wearable devices.
Companies branding is more than just their product. It's about staying current with today's technology and making sure they are part of the greater good. You cannot succeed to this generation by beliving your bubble is the only one that matters.