Marketing experts are still losing sleep over Millennials. They grew up in times of widespread popularity of Internet. They entered adulthood when the world was in crisis. They look for information about new products and services mostly on the Web and make their choices basing on recommendation of friends delivered via social media. This is where they search for discounts and special offers as well.
The most important values for them are authenticity, creativity and intellectual sophistication. They hate repetitiveness, mundanity and routine. It all makes Millennials a very difficult consumer group for mass brands, because they almost by definition represent contradictory values – availability, universality and industrial repetitiveness – says Jan Kisielewski from Stratosfera by Deloitte. – However, there are mass brands which have found a way to deal with the new consumer. The last resort and hope is awareness of the fact that generation Y is used to their natural digital habitat being mobile, universal and highly interactive.
A study „The 2016 Deloitte Millennial Survey. Winning over the next generation of leaders” conducted by Deloitte, shows that representatives of generation Y see the role of business in society as positive (73%). As many as 87% of the respondents believe that business success cannot be measured only by financial results. As it turns out, compared to the findings of the past years, they have more positive opinion about motivation and ethics of business. 64% of respondents believed that business is self-centered, while a year ago this opinion was shared by 75% of surveyed individuals. Millennials who believe that business has a positive impact on widely understood society, evaluate enterprises according to: the quality of services and products (63%), employee satisfaction (62%) and customer satisfaction and loyalty (55%).
According to Deloitte’s study „Luxury Consumption among European High Earners” almost six out of ten representatives of generation Y looks for information about goods and services on the Internet and one third of them seeks special offers and discounts in social media. To compare, only 10% of consumers of older generations do the same. To successfully reach generation Y clients, who in the future will become business leaders, it is helpful to conduct a deep analysis of their shopping habits. One of the pioneers in this area is Marc Jacobs, who created Tweet Shop project, allowing to exchange tweets for the designer’s products.
Brands which mastered non-stop, two-way communication with consumers and can prove their authenticity with their actions, stand a chance with generation Y. However, to efficiently plan marketing actions and communication strategy for Millennials, brands need to know them and like them. This is the purpose of a closed workshop run by Jan Kisielewski and Patrycja Venulet – Brand&Marketing Strategy Directors at Stratosfera by Deloitte – which will be held on September 29 during Filmteractive www.filmteractive.eu