Examining the millennial mindset first requires a look into the history of this coveted demo.
For most, digital tech has always, or almost always, been a part of life. They lived through 9/11 and several international conflicts. And many came of age as the real estate bubble burst and the country's economy was rocked by the financial crisis.
This all feeds into the overall picture of your average millennial consumer, says Pinpoint Market Research, in a new study of millennial priorities, spending habits and preferences.
For one thing, they're more careful with money, noted Pinpoint. "In fact, their view on personal finances sounds more like the Boomer generation emerging from the Great Depression than the 'entitlement' label they keep hearing," the study said. But "despite their frugality, millennials are expected to spend money on lifestyle and entertainment more than prior generations."
They're also digital natives who are comfortable with using multiple channels to interact and engage with brands.
A study of millennial digital preferences by Trendera found that while this demo wants a relationship with their favorite brands and are willing to engage, it's become imperative for brands to create good content and interact directly with their fans.
"Brands need to be able to engage and respond in a matter of minutes, not hours," notes the study.
Pinpoint also found that since this generation knows the power of their dollars, they use it to pressure brands to advance social causes. Forty-three percent of that study's respondents said they had petitioned brands to stop advertising or sponsoring a person, show or event.
"Twenty-somethings understand their power as consumers, as workers and as future leaders," Pinpoint said.
Here's a look at the studies' other findings.
(UPDATE: Thirty percent of millennials said Twitter is one of their preferred social media platforms, tied with Instagram. An error in the study below omitted Twitter.)
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