Hello my name is Millennial
Millennials are important be this new generation is powerful size, forceful in change potential, tech savvy in how it wishes to engage in the world, thinks globally, eco-friendly and weighs heavily on causes which it values. Can be ruthless with products and brands which it sees over irrelevant, self-seeking, non tech, shy and non-engaging.
Millennials will influence brands, social media, politics, religion and trends in a new powerful way. Millennials are marketing savvy, tech savvy and socially empowered consumer. Demands more from brands, more value, more personalisation and more back. If they get this, they become the greatest brand advocates: sharing food at work with colleagues.
Millennials are expressive and want to share their ideas, thoughts and opinions. They have unprecedented interest in mobile apps.
With mobility being a key pillar in millennial behaviour, we see retailers and brand owners responding with more apps, m commerce and engagement facilities available on mobility. Understanding the millennials are all about mobility, show rooming is becoming a larger trend.
Smartphones are everything to millennials. Texting, calling, shopping and living is really a state of cell phone addiction. Millennials are very aware of world’s developments and trends. Personal recommendations carry huge weight with brand and product adoption.
Product offerings are having to change fast to respond to millennial demands. In packaging, the glass to aluminium shift in beer and RID is a noted point. Millennials are seeking natural content in what they eat and drink.
Ironically in food shelves millennials are seeking shelf-stable cartons and powders which in turn are displacing canned goods. So millennials are driving shelf changes in supermarkets. To innovate, packaging companies, CPG companies and retailers are all factoring in these millennial changes into how they do business. Recyclability and ability to keep food fresh are two key aspects of packaging choices by millennials.
Millennials will spend more on a brand if they believe it will meet their brand aspirations. Brands are perceived to be able to offer millennials the type of life and image they require. Therefore it will be tough and demanding on brands which they select and associate with.
Brand buying motives run deeper than the mere product, millennials expect brands to support larger causes than the brand itself. Brand owners therefore need to respond by creating more millennial attraction to their brands by carefully selecting causes with which to associate with their brands. 2
Seeking value is a fundamental driver for millennials. They will pay a higher premium if value perception is there. Value is perceived to be content and return to millennials.
Never before Omni channel marketing been as important as a critical factor of success. Millennials need to be able to engage with brands and retailers at any channel they wish. In fact they need the freedom to initially engage with a brand in one channel and move across different channels throughout the engagement.
Another interesting trait of millennials is being frugal and price conscious. Knowing that the net provides resources for price and cost comparisons means that as a habit, millennials will research deals before making purchases.
Through great recession other generations also become more frugal than previously and this together with the pre-existing millennials trends has exacerbated the weight and gravity of this trend on global purchasing habits by focusing on debt reduction.
Food trends include fresh, healthy, farmer markets and sushi. Beverage trends include craft beer and wine.
Millennial culture is different, more liberal, more challenging, more opinionated, less shocked and trying to make a difference. They get most frustrated at how long the world is taking to understand the importance of the digital world.
Private label adoption is another key trend for millennials. They have a higher propensity to buy and use private label goods than other generations. Their key driver for this is seeking value for money.
Millennials are constantly seeking innovation in their lives and brands which understand and bring innovation to millennials will be liked and rewarded.
Personalising the pack is an absolute delight to millennials. Having your name printed on the label of your favourite product pack is extremely powerful and in the millennial sweet spot. More and more brands are doing this across the globe, involving Facebook, families and products in a powerful, personalised way.
Digital media is an instrumental corner stone in the millennial shoppers journey as this group is not only looking to peers for assistance in making smart purchase decisions but also makes use of the digital world to influence and justify their purchases.
Finally, millennials are more frugal and are looking for it to be fast and they are all about fun.