We worked with Elite Daily on a “Millennial Consumer Study” in order to find out if millennials are brand loyal, their consumer behavior, whether they intend to buy or rent cars and homes, and their media consumption preferences. On October 26th, 2014, 1,300 millennials from Elite Daily’s database of readers and contributors were surveyed on various consumer related topics.
Reference
“Millennial Branding are a group of thorough professionals who have an expansive knowledge of millennials and their behavioral trends. They execute in a timely manner and manage expectations to a key. I thoroughly recommend anyone wanting to work with them, to do so.”
– Luis Navia, Director of Innovation & Culture at Elite Daily
Key findings
- Fewer than 3% of millennials rank TV news, magazines and books (traditional media sources) as influencing their purchases.
- The majority of millennials surveyed (77%) agree that the bad economy has impacted their ability to save and spend money, and believe that they won’t get social security at age 66 (62%).
- 71% of millennials would rather buy than rent a car and 43% are either very or completely likely to purchase a car in the next five years.
- 59% would rather rent a house than buy one and only one in every four millennials are either very or completely likely to purchase a house in the next five years.
- 60% said that they are often or always loyal to brands that they currently purchase.
Business results
Mainstream media coverage: The research report was launched on January 20th, 2015 and received coverage in 13 major media outlets, including Entrepreneur Magazine, TIME, Forbes, MainStreet.com, TheStreet.com, MediaPost, The Christian Times, Yahoo! Finance, Fortune, Inc., MarketWatch, CMO.com, and Business Insider.
