March 18, 2014 |
- While several studies have found Millennials to be less brand loyal, new research finds they may simply define loyalty differently than earlier generations.
- More than three-quarters of Millennial shoppers say they have higher expectations of brands they’re loyal to, according to research by marketing firm Adroit Digital. For example, they are attracted to planet-friendly companies and brands that are willing to adapt and change based on feedback.
- Some 37% of Millennials are open to switching brands; 38% say a friend’s recommendation would sway their opinion, and 56% make decisions based on price, according to the survey of 2,000 Americans ages 18 to 33.
While many observers have described Millennial shoppers as “fickle,” it may be better described as “open-minded,” as this research suggests. Millennials care about company attributes that have little to do with the products themselves, with more attention to how companies behave. Social media is a big influence on them, too, and they expect to access retailers through their smartphones and tablets. Retailers should get to know this generation and keep in mind that these shoppers are paying close attention to them.