Talking To Strangers: How Social Influences Millennials' Shopping Decisions
Welcome to Millennial Village, population - 1.688.525.106. By 2017. the Millennial generation will have more buying power than any other. But how do they make purchase decisions? As early social media adopters, they
often understand social better than the brands trying to reach them. So Millennials make their own rules of commerce, and it's time for brands to catch up... or perish.
- 84% of Millennials report than user-generated content (UGC) has at least some influence on what they buy, compared to 70% of Boomers.
- How much does UGC play in your purchase decisions?: 1) Millennials: Some - 59%; A lot - 25%; None - 3%; A little - 13%; 2) Boomers: Some - 49%; A lot - 21%; None - 9%; A little - 21%.
- Top purchases that Millennials won't complete without UGC: 1) Major electronics - 44%; 2) Cars - 40%; 3) Hotels - 39%; 4) Travel accommodations - 32%; 5) Credit cards - 39%; 6) Insurance - 29%.
Millennials trust strangers over friends & family
- 51% of Millennials say consumer opinions found on a company's website have a greater impact on purchase decisions than recommendations from family and friends.
- When making a purchase, which of the following is most likely to influence your opinion?: 1) Recommendations from friends & family: Millennials - 49%; Boomers - 66%; 2) Recommendations from strangers through
UGC on a company website: Millennials - 51%; Boomers - 34%; 3) When looking for opinions about products to buy, Millennials are more than three times as likely as Boomers to turn to social channels like Facebook
A brand's motives are irrelevant to Millennials
- The majority of Millennials believe that other consumers care more about their opinions than companies do - and that's why they continue to share their opinions online: 1) 71% of Millennials continue to share opinions
because they feel other consumers value those opinions; 2) 64% of Millennials feel that companies should offer more ways to share their opinions online in the future - and they'll continue to participate; 3) 87% of
Millennials believe that companies shouldn't edit customer feedback by correcting spelling or grammar errors - intact feedback is more helpful to other consumers.
- Simply asking for opinions just isn't enough anymore. Winning Millennials takes a whole new way of selling. How is your brand working to become more social, transparent, and engaging?
Presented by: BazaarVoice | www.peopleoverbrands.com | Sources: Talking To Strangers: Millennials Trust People Over Brands; Gen Buy: How Tweens, Teens, And Twenty-Something Are Revolutioning Retail US