Millennials are on the road to affluence and will begin to hit their peak earning years in 2020. Even today, the roughly 80 million millennials in the US alone spend approximately $600 billion a year.
If your small business is trying to get in front of this potentially lucrative audience, take note of these findings from Adroit Digital’s Millennials: The New Age of Brand Loyalty report.
Looking forward, marketers should expect increased loyalty from millennial consumers, 64% of whom consider themselves just as brand loyal as their parents, or more so.
How do they gauge the value of a brand? Seventy percent of millennials said television advertising influences their perception of a brand and its value, though all other traditional marketing channels – radio, billboards and magazines included – fell flat. Other key findings from Adroit’s survey of 2,000 youth ages 18-33 include:
- 39% believe that if you aren’t advertising through mobile channels, smartphones and tablets, your company is outdated and undesirable.
- 32% credited social advertising with having the most credibility in influencing their brand decisions.
- 55% said a social recommendation from a friend is one of the strongest influencers in getting them to try a new brand, though price was even more important for 62% of respondents.
- 36% believe digital advertising is the most effective method of influencing their brand decisions.
- 52% want to deal with brands that are willing to change based on popular consumer opinion and feedback.
- 38% will abandon your business if your company is found to have unethical business practices.
See the full survey results and analysis in Adroit Digital’s Millennials: The New Age of Brand Loyalty report (free download).