Millennials seen as loyal for brands
Researchers with Adroit Digital found that most Millennial shoppers (64%) have the same or greater brand loyalty as their parents; about one-quarter say they are ‘more brand loyal’ finds the report. Other interesting findings include:
• 60% of Millennials say social networks has great influence over their purchases
• 70% say television influences them
• 77% admit they are loyal but say they use ‘different criteria’ than their parents in selecting brands to which they will be loyal
• 52% say brands must be willing to change based on customer opinion if they want to be relevant
• 47% say they would switch loyalties if a brand’s business practices were found to be poor
“For brands and agencies seeking to gain the trust and admiration of Millennials, the secret to success will lie in their ability to select the right partners, employ the right strategies, leverage the right technology and be prepared to constantly turn and pivot,” said Scott German, General Manager of Adroit Digital. “Through the wide array of ad tech available today, they’ll be able to open the dialogue of engagement and lay the foundation for earning the loyalty of Millennials.”
Why are Millennials so important? Because of their buying power. Millennials have $600 billion in annual spending power.
