|Millennials Ain't Nothin' Like the Old Folks
By: Dwayne W. Waite Jr.
Results released from a study done by BCG, the Service Management Group, and Barkley shows that the spending and media consumption habits of millennials (as they defined it, 16–32 year olds) are completely different than those in the Gen-X and Baby Boomer groups (33–46 and 47–66 year olds, respectively). Overall, the millennials seem to be more able to recall advertising, are more receptive to alternate forms of advertising, and respect knowledgeable staff and brand ambassadors.
In the 5,000 person study, 40 percent of the millennials recalled being exposed to branded content on social media, compared to 22 percent of Gen-X and Baby Boomers. Millennials are also more receptive to cause marketing, with millennials recognizing several campaigns in higher numbers than the other generations. Growing up in an age with increased emphasis on the environment, social issues and the like, the cause marketing statistic isn't much of a surprise.
Then the report shows that millennials are increasingly switching their media habits online by consuming more media and TV shows on their laptops or DVR than Gen-X and Baby Boomers. Though when shopping, millennials are more likely to be with family and friends than the other groups.
The report also pointed out that the millennial dining experience is a little different than the older groups. Millennials spent more of their time going out to fast-food chains than Gen-X and Baby Boomers. Clearly that statistic is more of a display of purchasing power than preference.
But what will advertisers do with this information? If the economy doesn't improve, and these millennials become the "Lost Generation" as predicted, where will the purchasing power go? With this huge demographic, will advertisers still target these folks if the majority are have-nots versus haves? Looks like we'll have to wait and see.
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