bazaarvoice millennials infographic
DESCRIPTION
By 2017, Millennials – those consumers now in their mid-teens to mid-30s – will have more spending power than any other generation. This generation, sometimes called “Generation Y,” shops differently than their predecessors. Millennials are hyper-social, constantly connected to social and endlessly curious about what others are doing, buying, and enjoying – strangers as well as friends. They’re marketing savvy and ad averse, having been marketed to more than any other generation. And at the same time, they’re still interested in engaging with brands – most feel companies should offer more ways for customers to share their opinions online.The bottom line is, Millennials shop and interact with brands differently. As they start to control spending, their habits will inevitably change the way businesses sell – and with it, the way all consumers buy.TRANSCRIPT
HOW SOCIAL INFLUENCES MILLENNIALS’ SHOPPING DECISIONS
WELCOME TO
POPULATION 1,688,526,106
By 2017, the Millennial generation will have more buying power than any other. But how do they make purchase decisions? As early social media adopters, they o�en understand social better than the brands trying to reach them. So Millennials make their own rules of commerce, and it’s time for brands to catch up… or perish.
USER-GENERATED INFLUENCEUSER-GENERATED INFLUENCE
MILLENNIALS TRUST STRANGERS OVER FRIENDS & FAMILYMILLENNIALS TRUST STRANGERS OVER FRIENDS & FAMILY
A BRAND’S MOTIVES ARE IRRELEVANT TO MILLENNIALSA BRAND’S MOTIVES ARE IRRELEVANT TO MILLENNIALS
84% of Millennials report that user-generated content (UGC) has at least some influence
on what they buy, compared to 70% of Boomers.
51% of Millennials say consumer opinions found on a company’s website have a greater impact on purchase decisions than recommendations from family and friends.
The majority of Millennials believe that other consumers care more about their opinions than companies do – and that’s why they continue to share their opinions online.
HOW MUCH DOES UGC PLAY IN YOUR PURCHASE DECISIONS?
WHEN MAKING A PURCHASE, WHICH OF THE FOLLOWING IS MOST LIKELY TO INFLUENCE YOUR OPINION?
TOP PURCHASES THAT MILLENNIALS WON’T COMPLETE WITHOUT UGC
M B
RECOMMENDATIONS FROM FRIENDS & FAMILY
MILLENNIALSMILLENNIALS
49%49%
BOOMERSBOOMERS
66%66%
71%71% 64%64% 87%87%
RECOMMENDATIONS FROM STRANGERS THROUGH UGC ON A COMPANY WEBSITE
MILLENNIALSMILLENNIALS
51%51%
BOOMERSBOOMERS
34%34%UGC
...of Millennials continue to share opinions because they feel other consumers value those opinions.
...of Millennials feel that companies should offer more ways to share their opinions online in the future – and they’ll continue to participate.
...of Millennials believe that companies shouldn’t edit customer feedback by correcting spelling or grammar errors—intact feedback is more helpful to other consumers.
M
SOURCES:
TALKING TO STRANGERS: MILLENNIALS TRUST PEOPLE OVER BRANDS
GEN BUY: HOW TWEENS, TEENS, AND TWENTY-SOMETHINGS ARE REVOLUTIONIZING RETAIL
US CENSUS BUREAU
PRESENTED BY
CARS HOTELS39%40%44%
MAJOR ELECTRONICS
TRAVEL ACCOMMODATIONS
INSURANCECREDIT CARDS32% 29%29%
When looking for opinions about products to buy, Millennials are more than three times as likely as Boomers to turn to social channels like Facebook and Twitter.
Simply asking for opinions just isn’t enough anymore. Winning Millennials takes a whole new way of selling. How is your brand working to become more social, transparent, and engaging?
TALKING TO STRANGERS
BOOMERSBOOMERSMILLENNIALSMILLENNIALS
25% A LOT3% NONE
13% A LITTLE
59% SOME
21% A LOT9% NONE
21% A LITTLE
49% SOME
M B84% 70%
WWW.PEOPLEOVERBRANDS.COM