The world's 1.8 billion millennials are expected to comprise 75% of the workforce by 2025 and outpace boomer earnings by 2018. So whatever you may think about millennials, one thing is for sure: Marketers can't ignore them. Here are seven things you need to know about these consumers, as gleaned a study of 4,000 millennials from 11 countries by Edelman Berland and online community 8095 Live. The study updates one from 2010.
Millennials want brands to entertain them. Some 80% said so and when asked how they want to be entertained, 40% said they want brands to let them influence products via co-creation. But only 31% said they want brands to create online content such as videos, photos, games and blogs. Even fewer (19%) want brands to entertain them through celebrity partnerships. The good news: only 3% cited advertising is boring.
Millennials want brands to help them. When asked how they want brands to help them, 77% said they want brands to provide provide assistance through grants and scholarships; 75% cited the opportunity for brands to enable more life experiences. And 65% want brands to behave as a mentor that can help guide them. Some 55% to 60% want brands to help them connect and share using brand audiences such as Facebook and ads.
Millennials' most important life goal is having a job with a purpose that matches their personal passion. That was cited by 80% of respondents, followed by 11 other goals, including owning a home, getting married, having a family and obtaining a high-paying career.
Millennials see themselves as leaders. In the study, 74% of respondents said they think they influence the purchase decisions of peers and those in other generations.
They seek out help in deciding what to buy. According to the study, 94% use at least one outside source for guidance to make a brand-purchase decision.
Millennials will tell marketers what they think. In the survey, 70% of millennials said it is their responsibility to share feedback with companies after a good or bad brand experience. The highest percentages of these customers – above 80% per country sample - were from Brazil, China, the UAE and India. By contrast, 67% shared this opinion in the U.S.
They are concerned about the future, but the economy wasn't their main worry. Only one quarter of respondents, 25%, said the economy is the top issue in their lives and facing their community and country.