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Millennial Consumers: Engaged, Optimistic, Charitable [STUDY]

With nearly all of the Millennials out of school and in the marketplace, here’s how they’re behaving as adults:

Millennial Consumers: Engaged, Optimistic, Charitable [STUDY]

via Mashable! by Sonia Paul

“A study comparing Millennials with non-Millennials sheds light on some of the key behaviors and attitudes of the generation.

Currently numbered at 79 million — and growing in influence — Millennials are expected to outnumber the Baby Boomer population 78 million to 56 million by 2030.

The Boston Consulting Group recently surveyed 4,000 Millennials aged 16 to 34, as well as 1,000 non-Millennials aged 35 to 40. The report’s complete findings are available online.

Here’s a summary of the key takeaways of the survey, and what marketers and companies need to keep in mind as the generation continues to become more dominant.

Millennials are actively engaged in consuming and influencing

In contrast to the stereotypical view that they are lazy and entitled, Millennials are extremely optimistic about the ability of business and government to influence global change. They are more likely than non-Millennials to purchase products that support a cause, and when they make direct donations — which 34% of them do — nearly half donate through mobile devices.

Millennials are also more likely than their non-Millennial counterparts to broadcast their thoughts and experiences online, and to contribute their views to user-generated content. For example, 60% of Millennials spend time rating products and services and uploading videos, images and blog entires online.

Millennials favor recommendations from peers or friends

For the Millennial, an expert doesn’t necessarily have to be someone with credentials — rather, it can mean anyone with firsthand experience. Crowd-sourcing is popular among the generation, and more than half of the Millennials surveyed (53%) reported exploring brands through social networks.

They are also much more likely than non-Millennials to use their phones to read reviews or research products while shopping. Half of them reported doing this, whereas for non-Millennials, only 21% engaged in this behavior.

Millennials are “digital natives”

Using new technology is old news to Millennials, and they tend to own multiple devices — 72% reported using MP3 players, 67% use gaming platforms and 59% own smartphones. In comparison, 80% of non-Millennials reported using desktop computers at home, and 60% owned basic cell phones.

The upshot? Millennials are much more likely to multitask while online, and are comfortable doing so across a variety of platforms such as mobile, tablet and gaming.

The Millennial generation is also heavily engaged with social media, with nearly half (47%) of those surveyed indicating their lives feel richer when they are connected to people online. 33% also favor brands that have Facebook pages and mobile websites, compared with 17% of non-Millennials.”



Posted on: April 26, 2012, 6:39 am Category: Uncategorized

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