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BizReport : Ecommerce archives : September 17, 2014

Research reveals Millennials' attitudes toward brands

Millennials are the most brand-aware generation to date, and they want brands to take risks, understand their financial concerns and do more to address today's societal and ecological issues, according to new research released by Initiative.

by Helen Leggatt

Initiative's research, 'Debunking the Millennial Myth', included surveying 10,000 Millennials (25-34 year-olds) across 19 countries.

"Millennials are a generation who've grown up through a long period of economic uncertainty and instability, in a world that offers greater freedom, but also greater competition than ever before," says Ben Haley, Head of Insight at Initiative. However, Haley observes that, having grown up in a world of economic instability, many are "anxious about economic security".

Growing up in such an environment has produced a resilient and adaptable generation who are, says the report, the most creative generation yet. Furthermore, this demographic is the most self-aware and brand-aware ever.

Millennials_BookCover-8a992484fe59d334c3f6f5436d91f739.jpgSo, what does this all mean for brands trying to attract a Millennial audience? According to Initiative's report:

- Expectations of small and large brands differ - Millennials judge customer service and experience of large brands with far less tolerance than smaller brands;

- 54% would be more loyal to brands that help improve ecological or societal issues;

- 59% believe brands should actively participate to improve causes;

- Millennials worry about their finances - price is important;

- Millennials value brands that build on emotional connections and that are useful to them - they prize honesty and authenticity;

- Millennials love brands that are prepared to take risks, make mistakes and, importantly, acknowledge when they make mistakes;

- Millennials like to be involved in a brand's creative process;

- Online reviews are the "most powerful" source of information for Millennials.

You can download a copy of Initiative's report here.

Tags: brand marketing, loyalty marketing, millennial research

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