Bazaarvoice millennials infographic
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Bazaarvoice millennials infographic

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Bazaarvoice millennials infographic Bazaarvoice millennials infographic Document Transcript

  • TALKING TO STRANGERS HOW SOCIAL INFLUENCES MILLENNIALS’ SHOPPING DECISIONS PRESENTED BY WELCOME TO By 2017, the Millennial generation will have more buying power than any other. But how do they make POPULATION 1,688,526,106 purchase decisions? As early social media adopters, they often understand social better than the brands trying to reach them. So Millennials make their own rules of commerce, and it’s time for brands to catch up… or perish. USER-GENERATED INFLUENCE84% of Millennials report that user-generated content (UGC) has at least some influenceon what they buy, compared to 70% of Boomers.HOW MUCH DOES UGC PLAY IN YOUR PURCHASE DECISIONS? MILLENNIALS BOOMERS 3% NONE 9% NONE 25% A LOT 21% A LOT13% A LITTLE 21% A LITTLE 84% 70% M B 59% SOME 49% SOMETOP PURCHASES THAT MILLENNIALS WON’T COMPLETE WITHOUT UGC 44% 40% 39% MAJOR CARS HOTELS ELECTRONICS 32% 29% 29% TRAVEL CREDIT CARDS INSURANCEACCOMMODATIONSMILLENNIALS TRUST STRANGERSOVER FRIENDS & FAMILY 51% of Millennialsfamily and friends. found on a company’s website have a greater impact on purchase decisions than recommendations from say consumer opinions WHEN MAKING A PURCHASE, WHICH OF THE FOLLOWING IS MOST LIKELY TO INFLUENCE YOUR OPINION? RECOMMENDATIONS FROM FRIENDS & FAMILY MILLENNIALS BOOMERS M B 49% 66% RECOMMENDATIONS FROM STRANGERS THROUGH UGC ON A COMPANY WEBSITE MILLENNIALS BOOMERS UGC 51% 34% When looking for opinions about products to buy, Millennials are more than three times as likely as Boomers to turn to social channels like Facebook and Twitter. A BRAND’S MOTIVES ARE IRRELEVANT TO MILLENNIALS The majority of Millennials believe that other consumers care more about their opinions than companies do – and that’s why they continue to share their opinions online. 71% 64% 87% ...of Millennials continue to ...of Millennials feel that ...of Millennials believe that share opinions because they companies should offer more companies shouldn’t edit customer feel other consumers value ways to share their opinions feedback by correcting spelling or those opinions. online in the future – and they’ll grammar errors – intact feedback is continue to participate. more helpful to other consumers. Simply asking for opinions just isn’t enough anymore. Winning Millennials takes a whole new way of selling. How is your brand working to become more social, transparent, and engaging? M SOURCES: TALKING TO STRANGERS: MILLENNIALS TRUST PEOPLE OVER BRANDS GEN BUY: HOW TWEENS, TEENS, AND TWENTY-SOMETHINGS ARE REVOLUTIONIZING RETAIL US CENSUS BUREAU WWW.PEOPLEOVERBRANDS.COM