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Understanding the Millennial Consumer

Millennials have a significant influence and serve as trendsetters in various industries, ranging from food to fashion. With this, businesses find the need to compete for millennial mindshare to have a competitive advantage.

However, these businesses somehow find it challenging to grab the attention and connect with millennials. Time and again, it is proven that the traditional approaches in marketing, sales, and advertising do not work for this generation.

Aside from this inability to establish a solid relationship with them, a lot of companies also make the mistake of believing in what we can say “myths” about this generation. One example of these common misconceptions is that millennials are not loyal to a brand.

So to understand the millennial consumer, a research study was conducted on 1,300 millennials from the database of Elite Daily. Here are the most interesting findings:

  • Advertising doesn’t have a significant influence on millennials. Only 1 percent of the participants of the survey report that an attractive advertisement would entice them into trusting a brand more. Moreover, the study shows that this generation is not convinced of the authenticity of advertisements, which is why they tend to frequently skip ads and avoid banner ads on news sites and Facebook.
  • The millennial consumer would prefer to purchase a car and rent a house. Out of the participants surveyed, 71% responded that they would rather buy a car instead of renting it, and 59% would choose to lease a house instead of purchasing one. Moreover, 61% admit that they can’t afford to buy a home.

A substantial number of millennials still live with their parents, are underemployed, and are still paying for their student loan. As millennials are getting married, having kids, and are getting better paying jobs later in life, this generation tends to put off purchasing their own house. Instead of being cheaper, a car is also perceived to be necessary for them to get around.

  • Out of all the participants, 33 percent review blogs before making a purchasing decision, while only 3% rely on magazines, television news, and books. While older consumers depend on traditional forms of media, this generation use social media sites to obtain information on what’s going on. Furthermore, they trust content that is produced by their peers.
  • Millennials value authenticity compared to content. When reading news, 43% of the participants consider authenticity as more important than content. In addition, they need to trust a website or company first before they would even consider consuming their content. Blogs must be authentic to appeal to millennials, and this generation connects more effectively with people than logos.
  • They are interested to engage with brands on social media sites. The study revealed that 62% of millennials surveyed stated that they will tend to become a loyal customer if a brand engages with them through these sites.
  • The results of the research indicate that millennials want to co-create products and services with businesses. A considerable 42% want to get involved with the development of companies’ future offerings. Those which allow millennials to take part or have a say in the process of product development will likely to be more competitive and preferred by millennials.
  • Millennials use multiple devices, with 87% of the participants stating that they use around two to three tech devices daily. Moreover, 39% are likely to buy a tablet in the next half a decade, while 30% are planning to purchase a wearable device. If you want your brand to stay relevant in this consumer world dominated by millennials, it would be a great idea to engage them with new platforms as they are launched. For example, an app that runs on smartwatches could be a sound long-term investment that could engage millennials.
  • Contrary to common belief, millennials are actually brand loyal, with 60% of the participants saying that they are often or always loyal to certain brands that they currently use. Hence, it would be awesome to establish a solid relationship with this generation sooner, because they will likely to stay loyal to your brand and purchase your products even as they grow older.
  • Millennials expect companies to give back to society, as a whopping 75% of the participants stated that they are sick of corporate greed and that it is important for brands to give back. Furthermore, they prefer companies that provide support to local communities in one way or another.

With all the information shared in this article, we hope you’ll be able to understand the millennial consumer much better. By keeping these things in mind, you will surely be able to develop better strategies for your business, or simply connect with this generation more effectively.

Here’s How Millennials are Shaping the Food Industry

Millennials love food, as evident by the growing popularity of food blogs and food-related videos. For this generation, food is much more than a basic necessity for survival—it is a way of self-expression, and eating is an enjoyable activity.

For millennials, it is trendy to be a passionate foodie. Moreover, they are willing to spend significant amounts of money to have an awesome food experience. In this article, we will take a closer look at how the millennial generation eats, as well as how millennials are transforming the food industry.

  1. Millennials prefer communal tables.

Whether they are out with friends or hosting a party at home, millennials prefer eating with company. Because they consider eating as a social activity, a lot of restaurants are considering communal dining when developing a plan for the restaurant seating.

  1. This generation values customizability.

Because millennials want to have things their way, they prefer restaurants which offer a certain degree of customization when it comes to their offerings.

Restaurants adapt to this new trend by having highly customizable menu options and experimenting with other means by which they can offer customization and appeal to millennials. For instance, Pizza Hut already has a customizable pizza program.

  1. Millennials like to have new food experiences.

Millennials are generally adventurous when it comes to food. Because of their willingness to try new artisanal flavours, food trucks have become more and more common nowadays. These food trucks offer people the chance to try out new types of food or classic food with a twist in a casual social setting.

  1. They prefer healthy and environmentally friendly options.

Another positive characteristic that millennials typically possess is their concern for the environment and their personal health. What’s more is that they are ready to spend more money on food items that are not only healthier, but also taste better. Because of this, certified organic products are gaining traction in the food industry.

So there you have it, the new trends in the food and behaviour industry driven by millennials. While some may argue that the things mentioned in this article may not necessarily be true for all millennials, one thing is for sure—the most important thing is the quality of food.

According to research, about 60 percent of millennials believe that great food is the most vital factor to consider when choosing a restaurant. With this, if you have a restaurant business, you should never serve sub-par food if you want attract more millennials.

7 Interesting Facts About Millennials

Millennials are called entitled, selfish, demanding, and many other negative things. However, all these things are not necessarily true and are definitely not true for all of them. To help you understand them a bit better, here are a few facts.

Many of them still live at home – Approximately a third of the people aged between 18 and 34 still live with their parents. According to the experts, this is due to the high cost of housing and the lower income they receive. Many of the millennials who live on their own, spend about half their salary paying for rent.

They make up a large part of the workforce – It is estimated that 30% of the millennials are in management positions. They make up a large part of the workforce and have overtaken the number of Generation X-ers who are present in the workforce.

They earn 20% less than their parents did – People between the ages of 24 and 36 are making approximately $10 000 less than their parents did when they were the same age.

They are very charitable – Despite the fact that most people believe them to be very selfish, the Gen Y kids are the most charitable compared to previous generations. Many donate regularly to charities or give their time and talents to important causes.

They know how to save for retirement – Millennials have more debt than the generation before them. However, they are well-educated on saving for retirement and are doing so at almost the same rate as their parents did.

They care about the environment – The millennials are more concerned about climate change and living green than they are about any other global issue.

They are more inclined to disconnect than others – The generation that grew up with the internet and is addicted to their phones, seem to be more willing to disconnect when they go on vacation.

Stereotypes don’t depict the millennials correctly and we should pay more attention to the good they do and the circumstances they are in. They may just be the best thing to happen to the world.