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New York – Despite their reputation as being jaded by branding efforts, a majority of Millennials consider themselves brand-loyal. According to a new survey of Millennial consumers from marketing data provider Adroit Digital, 64% of Millennials are more brand-loyal or as brand-loyal as their parents, with 24% considering themselves to be more brand-loyal than their parents.
However, 77% of the Millennials surveyed said they are evaluating brands on a different set of criteria than their parents. For example, 55% of young shoppers said that a recommendation from a friend is one of the strongest influencers in getting them to try a new brand. Forty-seven percent consider brand reputation to be almost as important. Product quality ranks fourth at 35%, but price still comes in first at 62%.
Other notable findings include:
• 60% of Millennials said that social advertising has the most influence over them in how they perceive a brand and a brand’s value. This compares with TV at 70%. Traditional media outside of TV has little influence with Millennials. In the realm of influence, radio, billboards and magazines finished last.
• 26% of millennial respondents said social is the most likely channel to introduce a new product they will consider for trial. Only TV, at a very small margin of +3%, outranks social.
• 36% of Millennials believe digital advertising is the most effective method of influencing their brand decisions, with traditional advertising as a standalone showing markedly less influence at 19%.
• 52% of Millennials want brands that are willing to change based on consumer opinion and feedback to maintain future relevance. 44% want to have open dialogue with brands through social channels, and 38% want brands to be more about the consumer and less about the brand.
• 38% of Millennials will switch brands if a company is found to have bad business practice Outside of financial factors, a business found to have bad business practices is the number one reason that Millennials will switch brands. This carries the same weight as a recommendation from a friend, at 38%.