It turns out many of the myths associated with Millennials’ purchasing decisions and brand loyalties are not true.
A new survey by digital advertising agency Moosylvania shows Millennials wield $1.3 trillion in consumer purchasing power but they’re not necessarily independent shoppers. For the most part, Millennials make shopping decisions with the input of friends and family – they remain connected throughout the shopping experience via text, phone, or social media—asking friends for advice or opinions.
The survey also indicates Millennials place a high value on transparency and trust. They expect you to be upfront when it comes to answering questions, practicing what you preach and building trusted relationships with your followers. And brands must make an effort and invest time to earn Millennials’ loyalty; they want experiences that require more effort from the creator, rather than ads that hit them and then quit.
Millennials say they don’t like to be marketed to, but will advocate for brands that have earned their loyalty. Fifty-seven percent say they tell friends about products they love; 59 percent like the brand page on Facebook; and 40 percent subscribe to a brand’s email newsletters. Respondents say they’re almost twice as likely to seek information on a brand from its Facebook page rather than company website.