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Millennial consumer research, part of portfolio

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Millennial consumer research, part of portfolio

  1. 1. DIVERSITY&CHANGE CURRENTLY AGED BETWEEN 18 AND 34 (Pew Research Center, 2014). MILLENNIAL CONSUMERS Millennials and Generation Z are more diverse than previous generations; as a result they are also more tolerant. They have a sense of shared responsibility for the world and society. A new wave of optimism and hope appears to be evident within this generation. With a buzz for activism we are seeing a time where Millennials express their political views through social media whilst Generation Z favors social activism over indulgence (Davis, 2015). These generations are more compassionate and far more liberal than any of their predecessors. They are a selfless generation that demand integrity and honor from all aspects of life (Davis, 2015). They have brought around great changes in gender equality, gay rights and education. Driving great shifts in societal opinion through their sheer size and online presence, these generations have become key political influencers(Davis 2015). Their online identity is shaped through the sharing and expression of beliefs and con- cerns (Davis, 2015). In July 2015, over 26 million Facebook users changed their profile pictures to rainbowfied versions in support of the US Supreme Court passing same-sex marriage. The mass support for this social issue provides evidence for the seismic change in attitudes, highlighting opportunities for marketers and brands to build relationships with Millen- nials and Gen Zers through joining in and engaging with their conversations on a societal level (Davis, 2015). Millennial values are changing; a shift has occurred from a carefree, rebellious approach to a well-behaved positive outlook. Motivations focus on education, careers and building long-lasting relationships with friends and family. A sense of community and care has become essential for this consumer group (Walpita, 2015). The younger generations are ‘do-gooders’; they reject the traditional stereotypes for the teenage/young adult age group and instead embrace the prospect of making a positive change for the world and its community (Davis, 2015). MARKET SEGMENTATION & RESEARCH 57
  2. 2. CARE&COMPASSION “ALMOST 50% OF MILLENNIALS WOULD BE MORE WILLING TO MAKE A PURCHASE FROM A COMPANY IF THEIR PURCHASE SUPPORTS A CAUSE” (Millennial Marketing, 2015). “BRANDS THAT STAND FOR MORE THAN THEIR BOTTOM LINE RECEIVE GREATER MILLENNIAL BRAND LOVE” (Millennial Marketing, 2015). 58
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  4. 4. DIGITALLYNATIVE Millennials are digitally fluent and very comfortable using all forms of mainstream technology. They are the first cohort to be born into a world that’s relies on technology to communicate, socialise and simply do everyday activities, they do not think of it as something separate from society, it is inherently linked to all that they do (Pew Research Center, 2014; Kotler et al., 2013). This generation are the drivers for media consumption and social media, and are activists for its use (Fromm and Garton, 2013). They are social media driven, with Facebook and Pinterest most favored platforms, and Instagram and Snapchat gaining momentum (Wu, 2015). This cohort has the largest network and influence within the social media platforms, and believe that their use enriches their everyday lives, as they provide the opportunity for validation and interaction (Fromm and Garton, 2013). Millennials express their thoughts, beliefs and experiences online and as a result are able to drive and influence social movements (Fromm and Garton, 2013). Millennials mainly use phones to communicate. This is done through social media apps, messaging programs and texting (Wu, 2015). Their digital time is split 57% on phone, 27% on tablet, 18% on computer, subsequently providing a lot of digital ground of which they expect brands to use and market within (Wu, 2015). Millennials also strive to build relationships with companies and brands as this furthers their engagement and interaction with the brands they love. Millennials expect a brand to have a presence across social media platforms and to use them to interact directly with consumers, allowing for engagement and understanding of brand values (WGSN, 2013). The use of these platforms and their engagement with consumers greatly contributes to a customers purchasing decision (Fromm and Garton, 2013). “62% OF MILLENNIALS STATE THAT IF A BRAND ENGAGES WITH THEM ON SOCIAL NETWORKS, THEY ARE MORE LIKELY TO BECOME A LOYAL CUSTOMER” (Schawbel, 2015). However it must be noted that this generation are no longer persuaded by traditional advertising techniques such found on such channels. They voluntarily cut out this noise using ad blockers; instead they seek interaction and information (Wu, 2015). They don’t want to be talked to, but rather talked with. Millennials are not “passive consumers”; they wish to be actively involved within the brands of their choice (Fromm and Garton, 2013, p27). They want to be involved in their marketing to the shopping experience (Fromm and Garton, 2013). Fromm and Garton suggest digital advances drive this desire (2013). It is not just about providing this consumer group with a product or service anymore, this target market want to be given a voice, and if achieved, brand preference and loyalty will see a big boost (Fromm and Garton, 2013). 61
  5. 5. BUYLESS,CHOOSEWELL 62

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