Friday July 13, 2012
Millennials Using New Media To Choose Brands
Chicago — Millennials are expected to spend $65 billion on CPG products during the next 10 years and are more likely to use new media to help their decisions compared with other adults, according to SymphonyIRI Group, Inc.
The agency’s recent report reveals those aged 18 to 34 are 262 percent more likely than the average shopper to be influenced by smartphone apps when making brand decisions, 247 percent more likely to be influenced by social networking sites and 216 percent more likely to be influenced by in-store touchscreen displays.
Further, Millennials are more likely to cook from scratch or make limited use of convenience foods to save money.
John McIndoe, senior vice-president of marketing for SymphonyIRI, explains: “A nuanced group that behaves much like the savvy, cost-conscious consumers of the recent recession, they are very different in how they interact with CPG brands and how they seek deals.”