Millennial generation’s power to influence is rising: Global study

• 74% of Millennials believe they influence the purchase decisions of their peers and those in other generations, Edelman’s 8095 2.0 study finds.

Edelman recently released updated insights around the ambitions and beliefs of the Millennial generation, born between 1980 and 1995, building on its 2010 benchmark study, 8095 Group.

Encompassing interviews with 4,000 Millennials in 11 countries, 8095 group 2.0 revealed that 74% believe they can inspire the purchase decisions of peers and those in other generations.

The new study was issued to better understand the evolving roles of brands in Millennials’ lives and how cultural changes like the global recession are impacting their behaviours.

“8095 group 2.0, showed us that it’s time for marketers to rethink their perceptions of Millennials as the generation grows up,” said Alex Abraham, director of the 8095 Insights Group at Edelman.

“In 2013, the oldest in this generation will turn 33 many of them are now parents, have careers and wield an incredible amount of spending power and influence in today’s world.”

8095 2.0 insights

When comparing Edelman’s 8095 2.0 findings to the 2010 study, there is a clear shift in the ways Millennials perceive their lives and future while still idealistic and optimistic, there is a new measure of realism. Global findings from Edelman’s 8095® 2.0 include: The global recession has fundamentally changed Millennials: The economy is a key factor in Millennials’ lives and within their community.

In fact, economic stability is the number one hope that Millennials have for their country. The troubling job market also has created a new breed of Millennial entrepreneurs, with 48% of Millennials saying that owning their own business is a top life goal (76% in Turkey and 65% in Brazil). Millennials are alpha-influencers:  Seven in 10 believe it is their responsibility to share feedback with brands when they have a good or bad experience.

Millennials are surprisingly open to brand engagement and advertising, if brands have the right approach: Only 3% of Millennials thinks all advertising is boring, and 80% want brands to entertain them the ability to co-create products and services (40% across 11 countries) being the most popular way.

Why Millennials matter to marketers

According to the World Fact Book, the median age of the world population is 28, which falls within the Millennial generation and there are more than one billion Millennials around the globe. As the first generation to grow up inherently digital, it is also a group that has information at its fingertips and expects two-way dialog with preferred brands.

“For marketers, ‘average’ is no longer enough to meaningfully engage this group. We need to bring a new level of authenticity, transparency and purpose to the work that we do,” said Abraham.

“If we can do this correctly, we will discover a vocal group of brand advocates and partners in the Millennial generation.”

New listening tools

Understanding that Millennials are not an entirely uniform group and that the best way to engage them is through ongoing dialogue, Edelman continues to advance the conversation with “8095 Live,’ a propriety online community that allows brands to tap into 300 targeted Millennials from around the US.

The community provides real-time insights and opinions and tracks perception shifts in the midst of breaking news, competitive environments and life stage advancements.

The survey was conducted by Edelman Berland and consisted of online interviews in 11 countries among 4,000 adults born between 1980 and 1995, ages 17-31.

The survey was conducted in the following countries: Australia (N= 300), Brazil (N=300), Canada (N=300), China (N=300), France (N=300), Germany (N=300), India (N=300), Turkey (N=300), United Arab Emirates (N=300), United Kingdom (N=300), United States (N=1,000) with weighting to ensure equal representation from each country.