Study Shows More Thought Goes Into Millennial Purchases
We're all familiar with the "impulse buy." That brand new flat-screen TV, those gorgeous and crazy expensive pair of Manolo Blahniks (here's looking at you Carrie Bradshaw), something you see and just have to have. But what happens when that impulse buy becomes a thing of the past?
According to recent research by Iris Worldwide, 0% of those up to the age of 36 (generations Y and Z) admit to EVER making a "spontaneous" purchase in a retail environment. And as a brand manager, you need to be prepared to make some marketing changes. In this blog, Hollywood Branded looks at the reason why millennial's aren't impulse shoppers and how you can use this to your brand's advantage.
How Millennials Think Differently Affects How They Shop
With the rise of social media and instant nonstop access to celebrities and friends via social media platforms, most decisions people make involve the approval of their peers.
Outfits must be compared against the latest celebrity trends and big purchases are often discussed over Snapchat or other social media before being made. Buyers nowadays are more likely to turn to the opinions of their network as well as blogs, celebrity social media and Google before making a decision or purchase.
Which means brands might not see INSTANT results from social influencer campaigns - but they absolutely ARE making a dent into that final decision making process to purchase.
Which bodes well for brand marketers.
Getting involved with a celebrity on social media puts your brand in front of all those followers. And while some brands may go after the huge stars like the Kardashians or Jenners, social media allows niche brands to go after niche audiences.
For example, Instagram-famous "yogi" Caitlin Turner (@gypsetgoddess) has 319k followers. Now while her reach may not be as far and wide as someone more generally famous, almost all of her followers have an interest in yoga and healthy living. Aveda made her a brand ambassador and sponsored her and four other yogis to go to Wanderlust Festival, a gathering of yoga aficianados, teachers, and celebrities. Just one post received over 21,000 views.
The Social Media Balancing Act Between Validation And Influence
Generations Y and Z on social media tend to revolve around two goals: seeking validation amongst their peers and exerting influence upon their peers in the form of humor, trends, or current events.
While they may look to someone like Kendall Jenner for style trends, they hope their followers in return look to them for style trends. Which means a brand that partners with a celebrity has ripples of impact far beyond just that celebrity's social media following.
Want To Get Your Brand Involved With A Social Influencer?
Are you interested in learning how to successfully partner celebrities to your brand - without spending a million? Watch this short webinar to learn Hollywood insider tricks to create and kick start an entertainment marketing campaign that is the perfect extension for your social media program.