Myth: They are impulsive
Fact: They spend a significant amount of time researching products and reviews. They also spend time talking with others about a product and sharing their own reviews
Myth: Parents run their lives
Fact: They feel they are influencing their family and friends just as much as family and friends are influencing them.
Myth: There is a difference between a 17 year old and a 27 year old
Fact: They all shop in terms of immediacy. The idea that “I am in a store. I have my smartphone. I can compare prices and read reviews right now before I purchase.” is exactly the same across the board.
Myth: They are frivolous shoppers
Fact: They have become bargain hunters. They were the hardest hit during the recession and it is widely believed they will remain “smart consumers.” They shop in terms of value not price.
Technology will be the biggest story coming from the Millennials. They are starting to get over the recession and are loosening their purse strings a bit. However, tech tools are giving them the power to be a smarter shopper and the world is so much bigger to them yet at the same time smaller because of technology. While they are very tech-savvy, a place remains for traditional media. In this study, 57% said TV was the first place they heard about a product or service. Brands should remember three things if they want to reach Millennials: authenticity, expression and quality.
The study, done by Pamela Marsh and Erin Bilezikjian-Johnson, was part survey, part interviews and part online discussion.