The Millennial Generation has been a buzzword throughout the industry. Experts analyze their habits and make important business decisions based on the perceptions a Millennial may make. But what characteristics are true and not true for this group rising to dominate the nation's buying power?
Many things have been said about millennials, but according to I.R.I Worldwide, Chicago, millennials will spend about 290 billion on consumer packaged goods by 2020. If marketers want their fair share in earnings, they'll need to understand this distinct consumer group. The president of consumer and shopper marketing for I.R.I, Robert I. Tomei, has been studying millennials to provide a complete outlook on their personalities, beliefs, values and actual purchase behavior. Marketers need to take full advantage and grasp all they could learn about millennials to enhance their sales programs. I.R.I identified what they consider "five myths" about millennials in their latest research.
Myth No. 1: All millennials are self-absorbed.
The I.R.I found that 90 percent of millennials have success at being a good friend and 58 percent have success in service or community work.
Myth No. 2: Millennials avoid the traditional path.
73 percent of millennials are employed, 28 percent are married, 37 percent own a home and 38 percent are parents. Not too far off from the traditions of older generations.
Myth No. 3: Millennials are constantly glued to their mobile devices.
Half of these tech-savvy natives said they could live without their smartphones, while less than a third said they use mobile apps to buy products.
Myth No. 4: Millennials are not loyal to brands.
Millennials will show loyalty to brands they consider worthy, but they also enjoy a good bargain. Over half of millennials will choose quality over price.
Myth No. 5: Traditional marketing doesn't resonate with millennials.
Millennials are all about social media and online resources, but about two-thirds will still pull out those loyalty cards and coupons. Read More.