If you’re interested in understanding how Millennials engage with brands, GWI have released a global report looking at what matters most to that generation.
Let’s start with finances. 41% of Millennials (those aged between 26 & 39) consider themselves as as price-conscious and 37% say they are good at managing their money. This means that there is a large number who think the opposite and though they strive to have a handle on their finances, 35% admit to making quick decisions and are most likely to buy products at full price.
Millennials are Impulse buyers
Millennials are impulsive and despite this leading to more purchases, this impulsivity extends to their investments in riskier assets, with the number of millennials investing in cryptocurrency growing by a staggering 65% since 2019.
Health and wellness
Health and wellness brands should certainly focus on targeting this generation. Over two-thirds say they exercise regularly and the number of millennials eating fast food is falling steadily. The data also indicates a self-conscious generation, with just 39% saying they’re happy with the way they look and a third of women reporting they scrutinize their appearance a lot, compared to 28% of Gen Z women.
Millennials are reducing screen time
The data also revealed the shifts in online usage patterns. As COVID-19 changed many people’s media habits around the world, millennials followed a similar path. Between 2019 and Q2 2020, millennials spent more time streaming music, playing video games, and watching online TV. However, possibly caused by more focus on mental health, by Q1 2022 many had began reducing their screen time as media habits had returned to pre-pandemic levels.
Although millennials span a varied age group – 13 years from people ages 26-39 – it’s a generation that’s come of age at a time of huge change and major global events. The ‘Great Recession’ of 2008, the COVID-19 pandemic, and most recently the cost of living crisis have all had a profound effect on their lifestyles, specifically their buying and saving behaviours.
What’s important for brands to keep in mind is that this is a generation that’s been exposed to a turbulent financial landscape. And the turbulence isn’t over yet. It’s clear that this is a generation with an awareness of their responsibilities, but they still want to enjoy life, look after themselves, and take some risks when it comes to investments.
– Jason Mander, Chief Research Officer at GWI