In recent years, we know that many manufacturer brands have come under price pressure. With more people turning to less-expensive brands. But did you know that brand perceptions differ by generation? Today, we look at young adult views toward brands.
To start, consider these posts about branding:
- Making YOUR Brand Stand Out
- Customers Like Caring Brands
- Greatest All-Time Brand Logos
- Great Brand Campaigns Pay Dividends
- Purpose-Driven Brands’ Marketing Lessons
- Top Authentic Global Brands — Credibility Pays
Young Adult Views Toward Brands
As compared to older adults, younger people now view brands quite differently. And they expect more from them.
In this section, we include several brand-based factors based on Do Something Strategic research. The discussion is drawn from the “2018 Survey of Young People and Social Change.”
Next, we offer some excerpts from this survey:
“Young people – 13–25 year olds — represent the most racially and culturally diverse generation in American history. And they refuse to be bound by traditional ideological boxes. In fact, nearly half of respondents identify as independent or unaffiliated. And 50% view themselves as moderates.”
“For quite a while, young people looked to brands for leadership in a variety of areas important to them . And these include technology, music, entertainment, and fashion. Perhaps it’s no surprise that they would add social change to that list. Thus, they’re making companies responsive and responsible. And companies large and small better take notice — by 2020, Gen Z will account for about 40% of all customers, and they’re prepared to speak with their dollars.”
Therefore, consider these charts.
“Yet, a plurality of respondents would not buy a more expensive equivalent product or a lesser quality product even if the brand was clearly superior from a socially or environmentally responsible standpoint.”
So, what is most important?
In conclusion: “Social stewardship hasn’t replaced price and quality in the buying decision matrix. But as everything from potato chips to laptops becomes commoditized, stewardship becomes a definable difference maker.”