The survey of 2,000 US Millennials (defined as consumers age 18-33) found that 40% of them say they feel the same level of loyalty as their parents, and 24% say they feel more.
Just under one-third (31%) say they feel less brand loyalty than their parents, and 5% say they feel none at all.
Below, additional key findings from the report.
- Despite most Millennials' having affinity identical to or surpassing that of their parents, 77% of them say they use a different set of criteria in selecting brands to which they'll be loyal.
- 78% say brands have to work harder to earn their brand loyalty than they did to earn their parents' loyalty.
- 52% say to remain relevant brands need to listen to consumers and be willing to change based on their feedback.
- 38% say brands need to become more about the consumer and less about the brand. Millennial women feel more strongly about this than men (45% vs. 33%).
- Women are also more concerned about eco-friendly products (40% vs. 28%), and fair business practices (37% vs. 28%).
How to Reach Millennials
- Asked which advertising mediums have the most influence over how they view brand value, 70% of respondents cite TV and 60% cite social media.
- Social media is especially powerful with Millennial women (66% say it is influential, compared with 55% of men who say so).
Choosing New Brands
- Regarding what influences their decision to try a new brand, 62% of respondents say value or price is a key factor.
- Recommendations from friends (55%) and brand reputation (47%) are also important criteria.
About the research: The report was based on data from a survey of 2,000 US consumers who self-identified as being between 18-33 years of age and who own both a smartphone and a personal computer. The survey was fielded January 21-27, 2014.
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