Seventy-Four Percent of Millennials believe they influence the purchase decisions of their peers and those in other generations, a new study from PR firm Edelman finds.
The study provides updated insights around the ambitions and beliefs of the Millennial generation, born between 1980 and 1995, building on its 2010 benchmark study, 8095®. Encompassing interviews with 4,000 Millennials in 11 countries, 8095 2.0 revealed that 74 percent believe they can inspire the purchase decisions of peers and those in other generations. The new study was issued to better understand the evolving roles of brands in Millennials’ lives and how cultural changes like the global recession are impacting their behaviors.
Global findings from the study include:
- The global recession has fundamentally changed Millennials: The economy is a key factor in Millennials’ lives and within their community. In fact, economic stability is the number one hope that Millennials have for their country. The troubling job market also has created a new breed of Millennial entrepreneurs, with 48 percent of Millennials saying that owning their own business is a top life goal (76 percent in Turkey and 65 percent in Brazil).
- Millennials are alpha-influencers: Seven in 10 believe it is their responsibility to share feedback with brands when they have a good or bad experience.
- Millennials are surprisingly open to brand engagement and advertising, if brands have the right approach: Only 3 percent of Millennials thinks all advertising is boring, and 80 percent want brands to entertain them – the ability to co-create products and services (40 percent across 11 countries) being the most popular way.
Why Millennials Matter
According to the World Fact Book, the median age of the world population is 28, which falls within the Millennial generation and there are more than 1 billion Millennials around the globe. As the first generation to grow up inherently digital, it is also a group that has information at its fingertips and expects two-way dialog with preferred brands.
While Millennials share many traits and behaviors, they are more diverse ethnically, economically and socially than any other generation in history. They are more connected by being grounded in a global network with perspective and purpose. They have instant access to one another and to information. They are aware of and believe in their own voice and power. They are each a unique and powerful member of a generation that by 2025 will amount to 70 percent of the global workforce. The time to pay attention to Millennials is now.