11/1/2013
One in two millennials (49%) prefer to purchase brands they know and trust, according to research agency Concentric. Three in 10 (30%) take an “agnostic” attitude toward brands, making price-driven decisions.
Four in 10 (40%) are most likely to buy brands recommended by friends and family members, and 10% say they are “among the first of their friends to try new things.”
They prefer to learn about new products via their friends (55%), rather than receive a free sample (46%), via family members (39%), in-store (35%), or by receiving a coupon (28%).
At the same time, 85% have positive feelings toward traditional advertising. One in four (24%) feel that advertising makes a brand seem more credible, and 20% say it helps them to learn more about new products. In fact, 65% pay as much or more attention to advertising as their parents.
While millennials may pay attention to brand advertising, they also think brands can do a better job. Nearly half (46%) want more straightforward messages, 32% would like them to be more entertaining, and 5% would like them to be more interactive.
Trust and quality are the two factors that attract millennials to brands. And they say they have the strongest brand affinity for clothing/apparel and technology companies. Notably, only 2% mentioned philanthropic footwear brand Tom’s as a brand they connect with.
Nutrition: College-aged millennials, on average, cook at least five times a week. Nearly two in 10 (18%) label themselves foodies and watch cooking shows, try new recipes, and discover new ingredients.
Millennials typically purchase food items that they grew up with (51%) or are organic or natural (40%).
Meanwhile, quality and taste are the two factors that would entice them to spend more for a particular food brand, followed by convenience. The factor that wields the least power in transitioning to a more expensive brand is a single-serve package.
Dairy (63%) and produce (63%) are their most shopped grocery categories, followed by meat and seafood (58%), frozen food (57%), pasta (52%), and snacks (51%).
More than four in 10 (43%) say they are very nutrition-conscious in their meal preparation. However, one in four (25%) say they often eat “heat and eat” meals, and another 22% prefer simple and fast meal options.
Millennials are primarily concerned over the caloric count when it comes to important dietary attributes, followed by protein and fat grams. Gluten-free, calcium content, and presence of artificial sweeteners are of lesser concerns.
Three in four college-aged millennials say they regularly eat Mexican food, while 60% eat Italian, 60% eat Chinese, 27% eat Japanese, 23% eat Thai, 17% eat Indian, 17% eat Greek, 12% eat Spanish, and 7% eat Korean. However, ethnic flavors are not among the top factors impacting their food purchasing decisions. Rather, it’s price, quality, and purity of ingredients.
Careers: One in four millennials (25%) want careers that make the world a better place, One in three (36%) are willing to work for less in a job they love, and 22% want to work in a high-paying position.
There’s no overwhelming consensus over the U.S. economy. Millennials are evenly divided between optimism (27%), pessimism (24%), uncertainty (20%), and neutrality (29%).
SOURCE: Concentric, Billie Spevak, SVP Strategy, 101 W. Worthington Ave., #190, Charlotte, NC 28203; 704-731-5097; bspevak@getconcentric.com; www.getconcentric.com.
© 2013 Business Valuation Resources, LLC (BVR). May not be reproduced without written consent of publisher.