Elite Daily, an online news service by and for millennials, conducted a survey of 1,300 of it’s readers in October 2014. The focus of the survey was to get a better grasp of millennial consumer behavior and social media usage. The U.S. Census estimates there are 86 million millennials born between 1980 and 2000. Demographically, this group is very different from previous generations. Eighty percent (80%) have a bachelor’s degree and it is more racially diverse—-64% are white, 12% Asian, 11% Hispanic, and 7% African American.
A key finding is that millennials do not trust traditional media and advertising. Before making a purchasing decision, one out of three (33%) consult blogs for product information, 37% consult friends, 36% parents and 17% online experts. Fewer than 3% rank television or magazines as influencing a purchasing decision.
Millennials are digitally connected. Eighty-seven percent (87%) use two to three tech devices daily—- a smartphone, tablet, or a wearable device. These devices are used to stay connected to friends, family, or colleagues. Facebook is the number one social media network that influences their spending habits. (42%), followed by Instagram (21%), Pinterest (12%), and 6% each for Twitter and LinkedIn.
Brand loyalty is important . This loyalty is based on product quality, customer service, and a company’s support of social causes. They are active consumers and want to be engaged . Sixty-two percent (62%) say that if a brand engages them on social media networks, they are more likely to become a loyal customer. Forty -two percent are interested in helping companies develop future products and services. They want to develop a relationship with businesses they patronize. If they like your product/service, millennials will eagerly take part in the company’s marketing efforts by referrals and reviews. As a business owner you can’t ignore them.