In contrast to the Millennials’ reputation as a lazy, entitled generation, a new study reveals surprising insights about them as consumers. A recent survey of Millennials (ages 16 to 34) and non-Millennials (ages 35 to 74), showed that Millennials are actively engaged in consuming and influencing.
Millennials already spend and influence the spending of hundreds of billions of dollars annually — an amount that will only increase as they mature into their peak earning years.
Conducted by The Boston Consulting Group (BCG), the report titled, “The Millennial Consumer: Debunking Stereotypes,” reflects that Millennial habits are distinct from those of earlier generations in several important ways.
To a surprising degree, Millennials are actively engaged in consuming and influencing. Unlike other generations, they are optimistic about the ability of business and government to affect global change.
Millennials are true "digital natives" who are extremely comfortable with technology and social media. Millennials are more likely to use the Internet as a platform to broadcast their thoughts and experiences and to contribute user-generated content. Millennials are far more engaged in activities such as rating products and services (60 percent versus 46 percent of non-Millennials); they are more than twice as likely to spend their time online, uploading videos, images and blog entries to the web.
In all their transactions, Millennials place a premium on speed, ease, efficiency and convenience. With their high sense of civic duty, they are receptive to cause marketing and are more likely to choose products whose purchase supports a cause (37 percent versus 30 percent).
Using these new tools is a natural, integral part of their life and work. They also consider themselves fast adopters of new technologies and applications. A majority of Millennials use MP3 players (72 percent), gaming platforms (67 percent), smartphones (59 percent) and even basic cellphones (66 percent).
This BCG report confirms what many of us believed about the Millennials. Their dedication to high technology will only intensify as they age. Look to Millennials to be early adopters of the latest and greatest gadgets and for marketers to invest energy and money to reach this influential market segment.
