One of the most difficult demographic nut to crack, Millenials, value trustworthiness of brands (31%) and overall are cynical about the ways brands market to them (33%), a recent global study by the London-based creative agency Initiative finds.
The global research “Debunking the Millennial Myth” is based on surveys of more than 10,000 respondents (25-34 years old) from 19 different markets, including Canada, USA, Mexico, Colombia, Brazil, Argentina, Chile, UK, Germany, Italy, Egypt, Saudi Arabia, Poland, Turkey, UAD, India, Russia, China, and Thailand.
The list of brand attributes that Millenials value most about brands is, as follows:
- Trustworthiness (31%)
- Creativeness (29%)
- Intelligence (23%)
- Authenticity (22%)
- Confidence (21%)
Cynicism and skepticism of Millenials towards brands’ marketing efforts can be explained by the constant feeling of financial insecurity that has become their way of life during the past few years. The study finds that:
- 72% suffered significant personal setbacks in the recession
- 36% have had their income reduced
- 65% are employed full-time
- 28% have experienced job loss
- 69% have already significantly changed their career path or are planning to do so
- 47% are happy with their current job
Modern Milleanials are people who delaying the customary rites of adulthood, living in the moment and cannot plan ahead.
- 64% by this rate their level of anxiety about the economy has increased
- 59% worry about not having enough money to retire
- 32% are single
- 59% don’t have children
- 35% are still living at home with their parents
- 52% don’t have enough money to cover their everyday living costs
- 25% delay moving out of parents’ house due to lack of funds
- 20% are saving for retirement
Interestingly, the majority of Millenials (58%) believe that brands have the potential to be a force for good. More specifically, 54% are more loyal to those brands that help improve societal or ecological issues, and 59% think that brands should actively participate to improve causes.
To better understand global Millenials, marketers should know three defining themes that are common about them. They are, as follows:
1) Adaptability. The ability to adapt to economic uncertainty is their life skill and filter through which they see the word. So brands should show empathy for their life circumstances.
2) Creativity. They recognize the power of innovations and creativity in their lives and in the lives of brands. So they expect brands to be brave, succeed, don’t settle and give back.
3) Collaboration. Social media and technology allow them to collaborate and share, communicate and work in the most flexible way. So brands are expected to give to them fully and authentically.
The full report “Debunking the Millennial Myth” by Initiative can be requested to download here: http://initiative.co.uk/download .