Millennials are talking to strangers

The “kids” who invented Facebook, never call when they can text, and don’t go out without their smartphones – they’re growing up. And soon, your business will depend on them.

It’s true. 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.

The infographic below shares just a few of the stats Millennials expert Jason Dorsey will cover in our upcoming webinar. Register for the webinar to see how Millennials shop, and how brands can win their loyalties now.

Note: For a high-quality PDF version of this infographic, click here.

Millennials Infographic

 

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  • http://blog.bazaarvoice.com Ian Greenleigh

    As you suggest, t’s unlkely that we’ll see a wholesale shft. 

  • http://blog.bazaarvoice.com Ian Greenleigh

    H, Stephan-

    I see ths as a possblty, but not a methodologcal flaw. In fact, I thnk t’s lkely that we’ll see the reverse of what you suggest (Mllennals becomng more lke Boomers wth age). Famlarty wth these tools, and pck up n adopton by people of all ages, wll brng ther related atttudes and behavors closer to those of the “natve adopters”–the Mllennals. That’s my predcton, at least. 

  • Katie Lackey

    I am not an expert n ths feld by any stretch, but do know the fnal part of the body to fully develop s the decson makng functon n our brans.  Ths happens by the age of 25-27 years old.  How we gather nformaton, process and decde by ths age won’t change much the duraton of our lves.  It s dfferent for everyone but what I thnk ths nformaton s tellng us s the majorty of Mllennals wll have a dfferent path of makng decsons than that of Boomers or Tradtonalst.  Not that Boomers and Tradtonalst can’t adopt some of the same ways to better educate themselves on a brand or company, but that ths wll be a Mllennals default method.  My hunch would be that the older generatons may use ths n addton to ther already ntrnsc decson/buyng methods, but they won’t shft entrely to the Mllennals perspectve.

  • Stephan Wissel

    Sold stats wth a potental methodologcal flaw. What f the dfferences found are not based on “a new generaton” but the mere age dfference? Then the behavor of the mllenas would more resemble the behavor of the boomers once they reach the boomers age.
    What *s* dfferent are the channels avalable. I’ve traned senors (>70) n usng the new stuff. Once they got comfortable wth the technology they exhbted exact the onlne behavor that s attrbuted to mllenas.

  • http://blog.bazaarvoice.com Ian Greenleigh

    It’s exctng to see ths unfold- t won’t be long untl other generatons share the UGC preferences of Mllennals. 

  • Ryan Jenkins

    sold stats!

    huge culture shft and an even bgger shft n consumers havng the power to nfluence the brands they love.

  • http://blog.bazaarvoice.com Ian Greenleigh

    Exactly, and ther loyalty over tme wll be worth far more than a fleetng customer wth a hgher ntal account balance. 

  • Kent White

    Yet another good reason for Fnancal nsttutons to court Mllennals: they nfluence all other demographcs wth ther onlne opnon and advocacy.  The value of ths group goes far beyond the account balance.

  • http://blog.bazaarvoice.com Ian Greenleigh

    Thanks, Ranjana. You’re rght–ths s a generaton today’s marketers ddn’t learn about n busness school. It’s mportant that we know how to reach them!

  • http://twitter.com/ebusinesstalk Ranjana

    We all see t happenng around us yet very few retalers are proactvely plannng socal strategy.  Great nfographc.