As we have written before, millennials represent a very large and distinctive market segment — in the United States and around the world. In setting a brand strategy to best appeal to this group, various factors must be kept in mind.
In a recent study (Debunking the Millennial Myth: Initiative’s Global Research Study), Initiative — a U.K.-based media planning and buying agency — “examined the lives of 10,000 25-34 year olds in 19 countries, finding out about their lives, their mindset, how they use technology, and how they feel about brands.”
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A summary of the report has been published by MarketingCharts:
“Three in 10 millennials (aged 25-34) around the world are cynical about the way brands market to them, and that figure rises above 40% in the U.S. and U.K., finds Initiative in a new study. With such skepticism evident, brands should demonstrate their commitment to social causes and emphasize attributes such as authenticity and trustworthiness. [This] can be seen as directly related to the skepticism that many millennials hold for brands. But, they also align with some of millennials’ common traits: Millennials’ economic uncertainty and insecurity, for example, means that they appreciate brands that are useful to them and can emotionally connect with them in an authentic way.”
Click the chart to read more of the summary.