Raised on a diet of interactive and social media, Millennials are a consumer powerhouse who, when considering purchases, tend to value user-generated content (UGC) more than other sources of information, including the opinions of friends and family, according to a survey from Bazaarvoice.
Moreover, many Millennials (AKA Generation Y) won't complete a wide range of purchases without consulting UGC first.
With a population of roughly 75 million, or 25% of the total US population, Gen Y (born 1977-1994) is estimated to be the largest consumer group in US history, according to McKinsey. Gen-Y's annual spending power, which already exceeds $200 billion, is expected to eclipse Boomers' by 2017.
Below, key findings from the study titled "Talking to Strangers: Millennials Trust People over Brands," by Bazaarvoice.
Influence of UGC
More than eight in ten Millennials say UGC from strangers has "a lot" (25%) or "some" (59%) influence on what they buy, compared with 70% of Boomers who say UGC has influence, either a lot ( 21%) or some (49%):
Moreover, Millennials tend to trust the opinions of people in online communities over other sources of information.