The perception of millennials as a homogeneous group “doesn’t match reality”, according to a new study from the BBC’s commercial arm, BBC Advertising. Instead, “it’s the affluent subset which embody the traits that are often associated with this generation as a whole”.
An even smaller subset – “the supercharged millennials” – makes up just 4% of the total, but is chiefly responsible for this age group’s reputation as “the innovators of all things innovative, cool and current”.
Published at the end of October 2016, the Reaching Affluent Millennials study consists of more than 3,000 interviews conducted across 31 countries. Key insights include:
- Emotionally Attached: Affluent millennials are much more emotionally attached to brands, with 70% agreeing that their favourites play an integral role in their lives, compared to 51% of non-affluent millennials. They are also 36% more likely than their non-affluent counterparts to agree that they are defined by the brands they purchase.
- Sustainability Priority: Affluent millennials’ unique relationship with money and the environment is having a major impact on their relationship with brands and their expectations of them. Some 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, compared to 57% of non-affluent millennials.
- Great Expectations: Affluent millennials have higher expectations of brands, with 82% preferring those that give something back to society, compared to 67% of non-affluent millennials.
See Millennial 20/20 Summit for segmentation and engagement strategies for reaching this fragmenting demographic.