New research by BBC Advertising has revealed that the ad industry’s perception of Millennials does not quite match the reality.
The report, titled Reaching Affluent Millennials, found that 84 per cent of the 943 million Millennials worldwide are not so dissimilar in their beliefs to older generations. Rather, it is only the affluent Millennial subset (16 per cent) who represent the unique characteristics often applied to the generation as a whole.
The study found that affluent Millennials have higher expectations of brands, with 82 per cent preferring brands that give something back to society, compared to 67 per cent of non-affluent Millennials.
Furthermore, 72 per cent of affluent Millennials would pay more for sustainable products versus 57 per cent of non-affluent Millennials.
The research also uncovered that affluent Millennials are much more emotionally attached to brands, with 70 per cent agreeing that their favourite brands play an integral role in their life, compared to 51 per cent of non-affluent Millennials.
They are also 36 per cent more likely than their non-affluent counterparts to agree that they are defined by the brands they purchase.
Here are some of the other stats that stood out in BBC Advertising’s report:
- 73 per cent of affluent Millennials prefer brands to provide them with content, compared to 59 per cent non-affluent Millennials.
- 67 per cent of affluent Millennials prefer it when a brand tells them a story, compared to 57 per cent of non-affluent Millennials.
- 74 per cent of affluent Millennials agree that news stories from other parts of the world feel more relevant to them than they used to, compared to 54 per cent of non-affluent Millennials.
The research also identified the most valuable segment within the affluent Millennial group – ‘The Supercharged’ – which have a stronger global outlook, are more influential in business, are early adopters and brand ambassadors, and are the opinion leaders of their generation.
BBC Advertising’s senior vice president of commercial development, Alistair McEwan, said the report delves beneath the initial labels assigned to different generations, offering advertisers the most accurate picture to date of Millennials, from their behaviours to their beliefs.
“In an increasingly competitive market where consumers have greater choice regarding the brands they wish to purchase and be associated with, it is imperative that advertisers truly understand who they are targeting and how to reach them,” he said.