To thrive and survive in the competitive marketplace, retailers must have a firm understanding of the shopping preferences, and browsing and buying behaviors, of young, tech-savvy consumers. New research from Bazaarvoice, in partnership with The Center for Generational Kinetics and Kelton Research, shares the unique attributes of Millennial shoppers and the critical role of social media in the browsing and buying process.
Characterized as people currently in their mid-teenage years to mid-30s, Millennials trust the opinions of peers and strangers more than messages released and promoted by brands, according to research findings. In fact, 65% of this group found that user-generated content (UGC) is more honest and genuine than other information they find online. Moreover, a vast majority (86%) of Millennials indicated that UGC is generally a good indicator of the quality of a brand, service or product.
“Millennials have grown up in a world where word of mouth is shared and found just as easily on a blog or in a product review than around the water cooler,” said Brett Hurt, Founder and CEO of Bazaarvoice. “The result is that this generation expects to have access to opinions from people like them no matter where they are or how they shop. Brands that don’t understand and embrace this shift are making a huge misstep as this generation becomes a dominant economic force.”
Results for the study, titled “Talking To Strangers: How Social Influences Millennials’ Shopping Decisions,” were finalized based on a survey by Kelton Research of 1,013 Americans aged 18 and over. Responses were gathered from Aug. 25, 2011, to Sept. 5, 2011. The full report is available at peopleoverbrands.com.