Study Finds Millennial Generation's Power to Influence Is Increasing Seventy-Four Percent of Millennials believe they influence the purchase decisions of their peers and those in other generations, Edelman's 8095® 2.0 Study finds
CHICAGO, Dec. 4, 2012 /PRNewswire/ -- Edelman today released updated insights around the ambitions and beliefs of the Millennial generation, born between 1980 and 1995, building on its 2010 benchmark study, 8095®. Encompassing interviews with 4,000 Millennials in 11 countries, 8095® 2.0 revealed that 74 percent believe they can inspire the purchase decisions of peers and those in other generations. The new study was issued to better understand the evolving roles of brands in Millennials' lives and how cultural changes like the global recession are impacting their behaviors.
"8095® 2.0 showed us that it's time for marketers to rethink their perceptions of Millennials as the generation grows up," said Alex Abraham, director of the 8095 Insights Group at Edelman. "In 2013, the oldest in this generation will turn 33 – many of them are now parents, have careers and wield an incredible amount of spending power and influence in today's world."
8095® 2.0 Insights
When comparing Edelman's 8095® 2.0 findings to the 2010 study, there is a clear shift in the ways Millennials perceive their lives and future – while still idealistic and optimistic, there is a new measure of realism. Global findings from Edelman's 8095® 2.0 include:
- The global recession has fundamentally changed Millennials: The economy is a key factor in Millennials' lives and within their community. In fact, economic stability is the number one hope that Millennials have for their country. The troubling job market also has created a new breed of Millennial entrepreneurs, with 48 percent of Millennials saying that owning their own business is a top life goal (76 percent in Turkey and 65 percent in Brazil).
- Millennials are alpha-influencers: Seven in 10 believe it is their responsibility to share feedback with brands when they have a good or bad experience.
- Millennials are surprisingly open to brand engagement and advertising, if brands have the right approach: Only 3 percent of Millennials thinks all advertising is boring, and 80 percent want brands to entertain them – the ability to co-create products and services (40 percent across 11 countries) being the most popular way.
Why Millennials Matter To Marketers
According to the World Fact Book, the median age of the world population is 28, which falls within the Millennial generation and there are more than 1 billion Millennials around the globe. As the first generation to grow up inherently digital, it is also a group that has information at its fingertips and expects two-way dialog with preferred brands.
"For marketers, 'average' is no longer enough to meaningfully engage this group. We need to bring a new level of authenticity, transparency and purpose to the work that we do," said Abraham. "If we can do this correctly, we will discover a vocal group of brand advocates and partners in the Millennial generation."
New Listening Tools
Understanding that Millennials are not an entirely uniform group and that the best way to engage them is through ongoing dialogue, Edelman continues to advance the conversation with "8095® Live,' a propriety online community that allows brands to tap into 300 targeted Millennials from around the U.S. The community provides real-time insights and opinions and tracks perception shifts in the midst of breaking news, competitive environments and life stage advancements.
About the Edelman 8095® 2.0 Global Study and 8095® Live
The survey was conducted by Edelman Berland and consisted of online interviews in 11 countries among 4,000 adults born between 1980 and 1995, ages 17-31.The survey was conducted in the following countries: Australia (N= 300), Brazil (N=300), Canada (N=300), China (N=300), France (N=300), Germany (N=300), India (N=300), Turkey (N=300), United Arab Emirates (N=300), United Kingdom (N=300), United States (N=1,000) with weighting to ensure equal representation from each country. The survey has an overall margin of error of plus or minus 1.55% at the 95% level of confidence. 8095 Live is an online insights community (living focus group) of 500 U.S. Millennials born between 1980 and 1995, built and actively managed by Edelman Berland, in partnership with PluggedIN, a full-service provider of online communities for market research and consumer insights. Members engage in survey questions, discussion forums, and more, on a wide range of topics. Not all respondents participate in all engagements.
About Edelman 8095®
EDELMAN 8095 is a global initiative created to help brands engage and win over the most influential generation to-date by sparking meaningful conversations that get to the heart of how Millennials take action and influence others on brands' behalf. With leaders and Millennials in almost every office across the Edelman network, our thinking is informed to breakthrough to the generation no matter what the location, age or subset of Millennials a brand is trying to reach. Find us at Edelman8095.Tumblr.com; Follow us on Twitter: @Edelman8095 and Sina Weibo: T.sina.com.cn/Edelman8095
About Edelman Berland
Edelman Berland is a global strategic research and analytics business, providing evidence-based stakeholder insights, analysis and media measurement to corporate, organizational and governmental clients globally. The firm specializes in reputation, branding and communications research. Edelman Berland has more than 100 employees and offices in New York, Washington, D.C., Chicago, Silicon Valley, Atlanta, Houston, Seattle, Rochester, N.Y., Paris, London, Brussels and Abu Dhabi. For more information about Edelman Berland, please visit www.edelmanberland.com.
Edelman is the world's largest public relations firm, with 66 offices and more than 4,500 employees worldwide, as well as affiliates in more than 30 cities. Edelman was named Advertising Age's top-ranked PR firm of the decade in 2009 and one of its "A-List Agencies" in both 2010 and 2011; Adweek's "2011 PR Agency of the Year;" PRWeek's "2011 Large PR Agency of the Year;" and The Holmes Report's "2011 Global Agency of the Year" and its 2011 "North American Large Agency of the Year." Edelman was named one of the "Best Places to Work" by Advertising Age in 2010 and 2012 and among Glassdoor's top five "2011 Best Places to Work." Edelman owns specialty firms Edelman Berland (research), Blue (advertising), A&R Edelman (technology), BioScience Communications (medical communications), and agencies Edelman Significa (Brazil), and Pegasus (China). Visit http://www.edelman.com for more information.