Millennial. Millennial. Millennial. You must be coming across these three words repeatedly in your daily reads, related to marketing or workplace. And you must be having question in mind that who are these Millennials that everyone is talking about? According to American think tank Pew Research, people born between the year of 1981-1996 and have attained age of 23-38 in 2019 are identified as “Millennial” generation. These millennials are tech savvy digital citizens with spending power more than their predecessor generation but spending pattern completely different. Young millennials aged 18-29 have greater price sensitivity and lower brand loyalty than previous generations, presenting a challenge for brands aiming to sync with this demographic, according a to survey by Swift Prepaid Solutions. This poise the question that are these millennials having any brand loyalty?
Brand loyalty in simple language is the consumer’s association with a particular product or brand over its competitors. Recent study by Daymon Worldwide global surveyed more than 7,000 millennials and generation Xers in five continents and 14 countries showed that only 29% of millennials usually buy the same brand, compared with 35% of Gen Xers, says the report. Some of the other findings of the survey are:
- Shopping Missions and Consumption Behaviour: Millennials are found to be unstructured shoppers that shop frequently and for a long period of time. When shopping for groceries, Millennials shopping missions are for immediate needs compared to Gen X who shops in order to stock up for a few days.
- Brand and Private Brand Perception: Millennials are less loyal to and are disaffected by brands compared to Gen X. Twenty-nine percent of Millennials and 35 percent of Gen X say they “usually buy the same brand, but will try others on occasion” and 26 percent of Millennials say they are likely to “buy whatever brand they feel like at the time.”
The study also reveals impactful data around Millennials’ attitudes and beliefs, their online habits, parenting and family trends, work/life balance and health and wellness behaviours.
“Generally speaking, millennials are less loyal to and are disaffected by brands than Gen X. Twenty-nine percent of millennials and 35 percent of Gen X say they usually buy the same brand, but will try others on occasion and 26 percent of millennials say they are likely to “buy whatever brand they feel like at the time,” said a release on the study results.
“By the year 2030, there will be more millennials than any other generation, including baby boomers, in the U.S.,” said Daymon Worldwide President of International Vasco Brinca, in the release. “We have never experienced a generation like this, in large part because they have grown up with economic uncertainty, high unemployment, and are always ‘on’ digitally. It is critically important to study this generation and their culture today to discover the impact they’ll have on the world’s future in the years to come.”