BBC Advertising published an in-depth report into ‘millennials’, focused on dispelling the misconceptions surrounding this highly sought after generation and making it easier for advertisers to target the most attractive and commercially receptive segment within that group. The report titled ‘Reaching Affluent Millennials’ will offer advertisers a deeper insight into the difference between ‘affluent’ and ‘non-affluent’ millennials and identifies the most valuable segment, The Supercharged.
Millennials have long been considered the most influential generation by marketers, the arbiters of all things innovative, cool and current. However, the research shows that the vast majority (84%) of the 943 million millennials worldwide are not so dissimilar in their beliefs to older generations. It is only the affluent millennial subset (16%) who represents the unique characteristics often applied to millennials as a whole.
The study found that affluent millennials have a unique relationship with money – they are 36% more likely to consider themselves much more affluent than their equivalents in older generations. They are also extremely passionate about the environment – 78% agree that they do everything they can to help the environment. They are also much more likely than non-affluent millennials to follow this through into purchase behaviour – 72% would pay more for sustainable products vs. 57% of non-affluent millennials.
As a result, affluent millennials have higher expectations of brands, with 82% preferring brands that give something back to society vs. 67% of non-affluent millennials. In order to resonate with this audience, brands have to be authentic and translate words into action. The research also uncovered that affluent millennials are much more emotionally attached to brands, with 70% agreeing that their favourite brands play an integral role in their life vs. only 51% of non-affluent millennials.
Affluent millennials also have a stronger relationship with international news providers than social media-based news outlets. For example, the BBC reaches 69% of affluent millennials on a monthly basis (compared with between 18-24% for online news ‘youth brands’). The report goes on to conclude that this group look to international news providers to help them understand the world. They value trust above all else in a news provider, with 83% saying it matters most to them.
