Now that millennials are formally a part of the 40s membership, it’s time to take inventory of what’s happening of their lives. They’re shopping for homes, settling down, and beginning households – placing them into contact with sure companies for the primary time.
Armed with insights from our newest millennials report, we take a deep dive into millennial advertising statistics that replicate the largest tendencies regarding this technology at this time, and reply the next questions:
- How are their priorities altering?
- What do millennials’ media habits appear like in 2023?
- How do millennials really feel about AI?
- Do they nonetheless reply to influencer advertising?
- What do manufacturers have to know when participating with millennials?
2023 millennial advertising stats
1. The variety of US millennials who say elevating a household is essential has risen by 13% since 2020
Millennials are rising up. Aged between 27-40, they’ve obtained obligations and priorities that set them other than their youthful counterparts; the variety of millennials who’re married or are dad and mom/anticipating a toddler has greater than doubled since 2015.
They’re making waves within the working world too. Over 3 in 4 are in full-time employment – a 32% enhance since 2015 – whereas the quantity who work in government, senior, or administration roles has grown 8% since 2020.
That’s loads to consider, and it’s impacted the best way they see the world – and themselves. Take, for instance, the rising significance of elevating a household amongst American millennials; which displaced the extra private objective of “staying match” in This autumn 2021.
Globally, millennials have fallen behind Gen Z for saying being profitable is essential to them, and are extra involved with spending time with their household as an alternative (65% say this). Refined modifications that reveal how their life are maturing.
This makes quite a lot of sense in context. A technology that’s been formed by their share of economic hardships, millennials may be household life as a distraction; a secure house from the unpredictable world they grew up in. Manufacturers want to recollect this, and take into consideration the way to converse to those newfound values.
2. Millennials are spending 48 minutes much less on-line per day in comparison with 2017
The rise in time spent with household could possibly be having one other impression. Whereas millennials had been among the many first to make use of social media, their time spent utilizing it on daily basis is falling.
Millennials are turning away from the digital world. Their priorities are transferring offline as they place extra worth in bodily experiences – little question a facet impact of the post-pandemic panorama.
That’s to not say they’re ditching social media fully; they nonetheless spend 2 hours 34 minutes utilizing it on daily basis, simply second behind Gen Z (2 hours 51 minutes). It’s, nevertheless, a staunch reminder that social media (like all types of media) sit firmly in rivalry with one another, and different actions.
There’s growing competitors for millennials’ consideration, at a time the place their priorities are transferring offline. Put up-pandemic, they’re focusing extra on real-world targets. When evaluating their lives now to 2019, 77% of millennials say they’re extra acutely aware about their well being and wellbeing, and 61% usually tend to be in search of out new hobbies.
Manufacturers ought to acknowledge the motivations behind millennials’ break from digital platforms, by doubling down on their want for stability and wellness; selling self-care and fostering real connections.
3. Millennials are the almost definitely technology to make use of AI each day within the office
There have been many latest controversies round AI-generated artwork, with musicians, writers, and illustrators being a few of the most-affected.
However the millennial perspective on this challenge is extra liberal than common. The stats present millennials are the almost definitely technology to be enthusiastic about utilizing it, and the identical could be stated for utilizing it as an alternative of a conventional search engine.
Nearly 4 in 5 millennial ChatGPT customers would persistently use ChatGPT over a search engine to assist reply questions.
They belief AI instruments too. Millennials are 10% extra seemingly than the typical in 11 markets to say AI instruments ought to have the ability to imitate human artwork/music, or use copyrighted materials, with out authorized considerations. The truth is, many see AI as a office ally. They’re 10% much less seemingly than common to say that AI will put jobs in danger, and are 12% extra seemingly than common to imagine they’ll permit workers to save lots of time on duties.
There are nonetheless some considerations, nevertheless. Millennial ChatGPT customers are 47% extra seemingly than Gen Z to suppose that the device will not be dependable sufficient for use persistently, and massive supporters of regulation – one thing the EU is ramping up.
So, to maximise alternatives, manufacturers hoping to interact with this technology ought to look to implement AI instruments the place they’ll.
4. 80% of millennials belief influencers, solely barely behind Gen Z
As early customers of social media, millennials had been a few of the first customers to be uncovered to influencer advertising. They’re very receptive to those people in consequence – 80% belief them (to any extent), and so they’re 15% extra seemingly than the typical shopper to belief them fully.
That’s excellent news for manufacturers actively in search of partnerships with influencers, however there’s nonetheless some hurdles to keep in mind. De-influencing, the place creators advise towards shopping for sure merchandise or cheaper alternate options has made latest headlines.
With the backlash towards overconsumption, rising monetary pressures, and ever-growing want for real suggestions, millennials need authenticity from the people they observe. De-influencing is nonetheless influencing, nevertheless it showcases how tastes have modified.
Manufacturers desirous to capitalize on influencers ought to simply be cautious about deciding on the appropriate companions. As extra markets step up their measures to handle misinformation, it’s important for manufacturers to seek out the appropriate match and guarantee any partnership aligns with their model values.
5. Over half of millennials need manufacturers to be dependable – their primary precedence
On the subject of participating with millennials, reliability is entrance of thoughts. Throughout occasions of financial disaster, that is extra essential than ever since customers need extra bang for his or her buck.
And if an organization is dependable, this may enhance buyer loyalty – notably so far as millennials are involved.
Nearly half are loyal to manufacturers they like, and an extra 46% say they’d advocate a model on-line if they supply high-quality merchandise.
That is essential; manufacturers who take these desires critically can create invaluable advocates at a time when belief is essential.
There’s not only one issue customers contemplate when making a purchase order, particularly within the midst of a monetary disaster. A helpful stat to spotlight right here is that over 4 in 10 millennials need manufacturers to be revolutionary, good and genuine. Nail as many of those qualities as doable, and types will higher their possibilities at participating with millennials now, and for the long run.
Why cease with the acquisition although? Manufacturers can reinforce reliability additional by supporting lengthy after they purchase a product. Millennials are 10% extra seemingly than common to quote a live-chat characteristic as a purchase order driver, and the primary factor they anticipate from manufacturers is to hearken to suggestions. By being readily available with strategies like live-chats, they’ll work together with prospects and show that they’re there for them after they want them.
The following chapter…
Throw away the misperception that millennials are nonetheless ungrateful teenagers – they’re a lot older than you suppose, so it’s time to take a distinct method.
Millennials are branching out into new levels of their lives, placing them on a collision course with new manufacturers and providers. They’re changing into extra household centered and taking time away from screens to concentrate on different actions. If the struggle for his or her consideration wasn’t already troublesome sufficient, it simply obtained an entire lot tougher, so manufacturers want to consider how their altering life open up new avenues of participating with them.
