A recent study by Razorfish, DigitasLBi, Yahoo, and Tumblr found that 45 percent of millennials simply have no interest in what marketers are trying to push. This insight is especially important when one realizes that millennials will be spending $1.4 trillion by 2020.
The study covered 15,000 people aged 18 to 34, and the study is ultimately geared toward marketers who have not yet assessed their current offering to ensure that it captures the attention (as well as money) of the millennial population.
Says Lauren Weinberg, VP of global research and insights at Yahoo:
“We see a number of strategic and creative changes marketers could be making in offer to better engage millennials. Brands need to understand how millennials are different and engage with them on their terms.”
The study also found that millennials have, on average, 7.1 devices to engage with social media and content. Weinberg has advice regarding this tidbit too:
“In terms of strategy, brands should engage [millennials] on a human level. In terms of creative, brands need to take the opportunity to help millennials get a sense of escape, discover things they didn't know, and achieve their aspirations—all things millennials desire from the content [they] consume and share.”
The report found that 72 percent of millennials said they often find themselves inundated by the entertainment that those devices provide. Still, 76 percent said they do so because they prefer to stay informed about specific topics, and 75 percent said they do so for intelligence gathering and information cultivation. Forty-four percent said they use their devices for pointers on how to become responsible adults, and 45 percent said their devices are helpful during financial crises.
Says Weinberg, “[Millennials] appreciate and understand that the Internet is a business, and that advertisements exist so they can access [these] things free of charge.”
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