With times changing and millennials making up a big chunk of the consumer market, one question comes to mind: what type of consumers are millennials, and how should firms target and cater to their needs?
Based on an article featured in Forbes Magazine entitled “10 New Findings About the Millennial Consumer,” millennials are known for certain traits when it comes to the way they tackle consumerism.
Below are five of the top findings.
1. Advertising does not work much for millennials.
Many millennials don’t believe in the authenticity of advertising, which is why you always find them fast-forwarding through TV and website commercials.
2. They review blogs before making any purchases.
This follows the above point completely. Seeing that millennials don’t have much trust for advertising, they would rather read blogs and reviews before making any purchases. They spend a substantial amount of time researching before they commit to any new service or product. So companies ought to make sure they keep that in mind.
3. They want to engage with the brands.
Brand social media presence and engagement is crucial for millennials. Forbes Magazine stated that around 62 percent of millennials want to feel they can interact with their brand online, making it a definite to-do list task for any firm.
4. They are loyal to their brands.
Once they do interact with the brand and find themselves able to pitch ideas and opinions, millennials tend to be brand loyal and won’t opt for switching. The sooner firms build brand loyalty, the better. That means millennials will keep buying that brand all through adulthood.
5. The brands they support need to give back to society.
Although millennials are known to be selfish, they, in fact, care for their society and want whatever brands they buy to have a bigger social impact and work on bettering their surroundings. That is why Corporate Social Responsibility has boomed recently given the huge impact it has on customer opinion and purchases.