Millennial Consumers - Understanding key trends driving consumer behaviours
NEW YORK, Nov. 9, 2017 /PRNewswire/ -- Millennial Consumers - Understanding key trends driving consumer behaviours
Summary
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The millennial generation has been a much maligned one in terms of how the rest of society perceives it. However, the reality is very different from the perceived differences between it and the previous generations. Millennials want much of the same things in life; they haven't changed that dramatically from other ages of people and still have the same basic needs and life goals. However, they do have unique circumstances that they have evolved into, such as the widespread use of technology allowing people to be online at all times, reduced disposable incomes and underemployment compared to previous generations and better education on lifestyle, health and ethics. Many of these factors have led to all kinds of unusual trends in the business world as companies adjust and try to maneuver to cater for any drop off in sales to young people. Sometimes though, many of the new products and changes we see are solving a modern problem that millennials have, rather than being something that millennials actually want. Fundamentally millennials want the same things in life and in many situations minor tweaks to products and brands can prevent millennials leaving companies behind.
Key Questions Answered
- What products do millennials favor?
- Why do millennials favor and purchase the types of products that they do?
- How are they different from previous generations?
- How is this affecting the food, marketing, technology and retail industries worldwide?
Scope
- Learn about the key drivers behind millennial consumer behaviour and how companies are learning to tailor their products to suit.
- Examine which types of industries and businesses are doing particularly well with millennials and which are not.
- See how millennial consumer behaviour is changing our highstreets and online spaces.
Reasons to buy
The behavioral changes exhibited by millennials have also resulted in changing marketing strategies to appeal to them. Traditional methods are less effective, with personalization a key driver. This refers to both dictating their own experience with the product, and also using peer review (whether social networks or online reviews) to judge which product is best for them. Social media platforms such as Instagram and YouTube have drawn the attention of companies, particularly in the fashion and beauty industry, as vloggers and streamers become the new gatekeepers to access millennials. In the videogames industry, platforms such as Twitch are thriving, and live streaming is another area in which companies can explore opportunities. As smartphones are now the primary point of online access for millennials, strong mobile marketing infrastructure is essential. Along with personalization, millennials like companies that take ethical issues seriously. However, companies must be prepared to back their campaigns, as L'Oréal divided its customers after it fired transgender model and political activist Munroe Bergdorf (a week after hiring her to improve diversity) due to her social media response to the Charlottesville march.
The millennial generation is proving to be a tricky group to cater to for many businesses. At face value, in the restaurant and food retail industry, millennials are good consumers of food products eating out regularly, ordering takeaways and cooking at home just as much if not more than the generations before them. However they tend to have completely different priorities (convenience and unique experiences for instance) and some established brands and food stuffs are suffering as a result of a stuffy outdated image or ineffective branding, when faced with competition from new brands more able to connect with the millennial generation. Finding ways to appeal to the specifics of the generation is not a tall order, but it may alienate brands from their traditional customers in process, so for many restaurant and food brands the transition is not a painless one.
News outlets abound with reports that various products are in decline due to disinterest from millennials; commentators cite a fundamental shift in attitude to ownership as the primary cause, but there is more to it. Whilst it is true attitudes among many millennials have shifted compared to previous generations, other causes such as necessity and economic conditions must at least rank alongside cultural developments to explain trends. Perceptions among millennials on what is required for an acceptable standard of living are forcing changes in ownership of certain product types (such as houses and cars) which were formerly a staple item for most people. Apocalyptic predictions of what may happen based upon millennial behavior may have some underpinning but can also be accused of missing the point that millennials are mainly reacting to a changing world.
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