A study by The Boston Consulting Group (@BCGPerspectives) says young consumers in the US are developing distinct attitudes and habits, providing brand owners with a chance to build long term loyalty. “The Millennial generation (16-34 year olds) is bigger than the Boomer generation (47-65 year olds) and growing in influence.”
Although the youngest members of the Millennial generation are still economically dependent on Mom and Dad, older Millennials are beginning to enter their peak spending years. While they are not yet set in their ways, they are forming preferences, exhibiting tendencies, and influencing one another’s opinions and behaviors. This generation engages with brands, channels, and service models in new ways limited only by the rate of technological advancement and innovation.
· US Millennials are extremely comfortable with technology....They tend to own multiple devices such as smartphones, tablets, and gaming systems.
· US Millennials are much more likely to multitask while online, constantly moving across platforms — mobile, social, PC, and gaming.
· Both groups spend roughly the same amount of time online, but Millennials are more likely to use the Internet as a platform to broadcast their thoughts and experiences and to contribute user-generated content. They are far more engaged in activities such as rating products and services (60% versus 46% of non-Millennials) and uploading videos, images, and blog entries to the Web (60% versus 29%).
· US Millennials spend less time reading printed books and watching TV. Only 26% watch TV for 20 hours or more per week (compared with 49% of non-Millennials), and when they do watch, they’re more likely to do so on their computers through services such as Hulu (42% versus 18%).
· US Millennials are engaged in consuming and influencing; a generation that embraces business and government and believes that such institutions can bring about global change, one that is generally optimistic, and one that has often-unexpected attitudes and behaviors.
· US Millennials are all about instant gratification. They put a premium on speed, ease, efficiency, and convenience in all their transactions.
· For this generation, the definition of “expert” — a person with the credibility to recommend brands, products, and services — has shifted from someone with professional or academic credentials to potentially anyone with firsthand experience, ideally a peer or close friend.
· US Millennials use technology to connect with a greater number of people, more frequently, and in real time.
· This desire for connection and shared experience also extends offline. Millennials are much more likely than non-Millennials to engage in group activities — especially with people outside their immediate family.
Millennials believe that working for causes is an integral part of life, and they are drawn to big issues.
Read this in full.
Also see our previous blogposts, "US Consumer Habits Evolving," “Young ‘Millennials’ Losing Faith in Record Numbers,” and "Millennials Aren't Kids Anymore; Plurals Are."
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