menu

Rick Murray: Why Millennial Shoppers Are Alpha-Influencers

Rick Murray: Why Millennial Shoppers Are Alpha-Influencers
Advertising

The Millennial generation is now the largest generation on earth, but how much influence do they have over what their peers and those in other generations buy?

Rick Murray, Edelman Digital
  • 9 december 2012

The Millennial generation is big. In fact, they’re now the largest generation on earth at 1.8 billion globally. But bigger than their size may be their influence over other generations… or so they think, at least. Indeed, 74% percent of them believe they have a direct influence over what their peers and those in other generations buy.

This week, our Edelman teams will share the results of the newest study from the 8095 Exchange, a global Millennial consultancy, named for the years in which the generation was born, 1980 to 1995. To conduct the study Edelman Berland talked to 4,000 Millennials in 11 countries, and built upon 2010’s benchmark 8095 study.

The world has changed and so have Millennials since the first study was unveiled in 2010. They aren’t kids anymore. The oldest are turning 33, and the youngest are out of high school at 18. As they step headlong into their 20s and 30s, their wallets, and the careers that fill them, will change business forever.

Part of the new 8095 study reveals how the generation is influencing those around them, and how brands can work with this group.

Social Shopping Rules: Millennials don’t typically shop alone, and one in three won’t make a purchase if their friends don’t approve of it. As a generation of alpha-influencers, they want to engage with brands: globally, 7 in 10 say it’s their responsibility to share feedback with a brand whether it’s a good or bad experience. In India and China, 90% of Millennials feel it is their responsibility to share feedback with brands.

Information + Community = Trends: The way this group is finding information, particularly around trends, is rapidly evolving, and the brands that aren’t fast followers are the ones being left behind. The decline in Millennials referencing brands as a top way they learn about new trends (35% in 2010 to 25% in 2012) might be a result of the increase in the number of trusted sources they have at their fingertips. Brands aren’t the only ones that define trends, no matter how hard they try. Communities do. Almost 95% of the 8095ers surveyed said they crowd-source before parting with their money on a purchase.

(Quality or Price) + (Humor or Honesty) = Like: Millennials base their brand purchase decisions around the following: quality; price; what other people are saying about it; and “if the brand helps me in other parts of my life.” Humor, honesty and purpose also rank high in their decision journey. Show them value and make them laugh is a good approach. Work with their influencers to help define the brand and you’ll be even better off.

New Paths to Success: The global recession is hammering Millennials, inspiring many to find new ways to succeed on their own. In Turkey, 76% of Millennials list starting their own business as a top life goal. Globally, nearly half of the Millennials surveyed said starting a business is a top life goal. When it comes to life aspirations overall, their goals are quite traditional. Millennials cite “owning a home” (78%) and “starting a family” (72%) as top three goals. These traditional aspirations are only outpaced in importance by “finding a job that matches my own personal passion.”

Engage Millennials online and off. Allow them to co-create and have two-way dialogue. Entertain them with great content. Provide value. We found that Millennials don’t mind advertising (only 3% found all of it to be boring) but they do expect something in return from brands. They want quality experiences, products and direct engagement from brands. To navigate the high standard Millennials place on brands, it is imperative for marketers to loosen the grips on what b-school told them defines a brand, and start listening closely to how Millennials define the brands they choose to support.

Rick Murray is definitely not a Millennial. He’s the 55 year old President of Edelman Chicago, but he gets to work with a lot of Millennials every day. Some even say they like him. He’s also got three of his own. Follow 8095 discussion on Twitter at @Edelman8095, Tumblr and Sina Weibo, or Rick himself @rickmurray.

Trending

Modular System Lets Musicians Create Their Own MIDI Controllers

Arts & Culture
Travel Yesterday

Mercedes Reveals Dazzle-Free LED Headlights

Digital Light offers great precision with a resolution of over two million pixels

Product Launch Yesterday

Nissan Is Testing A Digital Car Sharing Program In Europe

Nissan plans to launch their new service in Paris sometime this year to trial the profile-matching service

Trending

Get PSFK's Related Report: Future of Retail 2017

See All
Social Media Yesterday

Your Favorite Tweets Are Now Wearable

This temporary tattoo allows fans to wear their most favorite moments from the social platform

Health Yesterday

This Mirror Tracks Your Dark Circles And Fine Lines

HiMirror is a device snaps a photo of your face every day to provide feedback on how to care for your skin

Related Expert

Jonah Peretti

Digital Media, Virality, Branded Content

Sustainability Yesterday

Biodegradable Furniture Made From Pine Needles Could Be The Next Phase Of Sustainable Living

Premiering at Dutch Design Week 2016, the collection fully utilizes an often wasted material

Retail Yesterday

Creative Director: Navigating The New World Of Founder-Brands

Richard Smith, Creative Director at Sullivan, explains how visionaries like Elon Musk and Mark Zuckerberg approach their branding and why it’s important to apply brand thinking to founders’ products

Syndicated Yesterday

Madrid's 'Robin Hood' Cafe Charge The Rich To Feed The Poor

The charity restaurant makes money from customers by day to offer homeless people meals at night

PSFK LABS REPORT

Future Of Retail 2017
Transformation Strategies For Customer-First Business
NEW

PSFK Op-Ed december 5, 2016

Store Technology Expert: Why Retailers Must Invest In Store Associates

Jan Kotowski, Head of Product at Tulip Retail, shares his thoughts on how retailers should be preparing for the future

PSFK Labs december 1, 2016

Retail Spotlight: Home Depot Reimagines How Employees Conduct Tasks

The home improvement retailer puts the customer first by initiating local fulfillment centers and simplifying freight-to-shelf inventory management

USA Yesterday

Amazon Launches Cashier-Free Store For Ultimate Efficiency

The retailer is looking to make shopping even faster by letting customers instantly pay as they walk out the door

Augmented & Virtual Reality Yesterday

Marble-Like Mini-Worlds Invade Miami Art Week And Your Mobile Screen

The gallery world's sphere of influence seems to be expanding into the realm of Pokémon Go—why that's a good thing

Technology Yesterday

A 'USB Stick' That Can Detect HIV Levels

The simple device developed at Imperial College London measures viral load in less than 30 minutes

Customer Retention Yesterday

Crafting The Personalized Retail Experience

Marriott International's Christopher Baer shares insights into how the hospitality company is strategizing customer service

Retail Yesterday

Zagat's Cafe Offers Tiny Replicas Of Classic NYC Dishes

The restaurant rating service created buzz for its new guide and app by opening a tiny food cafe

PSFK EVENT

FUTURE OF RETAIL 2017:
Conference Built Around Report Launch
BUY TICKETS

Children Yesterday

Experience The White House In Augmented Reality Using A $1 Bill

1600 Pennsylvania Ave. is an AR app designed to help people learn about the history and significance of the United State's capital building

Travel Yesterday

Portable Computer Monitor Opens Up Like An Umbrella For Travelers

This mobile screen and projector means work can go anywhere and still feel like working from home

Food Yesterday

Starbucks Is Selling An Automated Temperature-Setting Mug

For those looking to keep their coffee hot on their winter commutes, the coffee chain has created a device that keeps beverages exactly at their desire temperature

No search results found.