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5 myths brands still believe about millennials

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5 myths brands still believe about millennials

Brands are pretty close to desperate to understand millennials. The so-called Generation Y or Millennial Generation, which groups those born in the 80s and the early 90s, is the object of desire of companies: they are the next big group in the labor market (which will make them become in decision-making consumers since they will be the ones who are spending the most) and they are also one of the most attractive consumer groups how to find the location of mobile number in pakistan  due to their characteristics that the market has had to face in recent decades. However, brands and companies do not understand these consumers. Millennials have little to do with their parents or older siblings and are diametrically different from previous generations. For those responsible for human resources, this is causing them great problems, since they do not understand what these young people are looking for when they face the labor market (their value scale is different and they value intangibles such as happiness over things like high income). For marketers, the situation is no easier.

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Millennials are changing how they shop and what they expect from brands. In order to change, they have even changed how supermarkets are , which now have to comply with very different demands from those that had been imposed years ago. Some experts have already pointed out that brands fail to reach millennials because they base their communication with them on clichés and are unable to go beyond these preconceptions. Among the things that brands must do to attract millennials , is to be closer, look cool and, above all, abandon preconceptions about what members of the Millennial Generation are like. There are 5 great myths about millennials, as shown by a Forex Email List column in Forbes that has launched to extract and dismantle them. And, as they recommend, brands should ‘de-learn’ them to succeed among these consumers. Millennials are narcissists This is one of the most common in millennial folklore. After all, as they remind us from Forbes , they are the generation that has made selfies a trend and that the word has become part of the general vocabulary. But limiting to selfies what it is to be a millennial is a mistake, because in reality the Millennial generation shows a high interest in others.

Statistics show that millennials care (and a lot) about the environment, the global community, and social justice. And that is what they ask and demand from brands. A study by Iniciative showed that millennials expect brands to do good things . And one from FutureCast concluded that these consumers are more open to buying products from brands that support causes. In fact, many of the brands that triumph among consumers of this generation are companies with a conscience. Millennials go for the cheap stuff Big mistake: brands are confusing thoughtful purchases with purchases that only seek the lowest prices. Millennials are the most affected by the severe economic crisis. They are those who have lost their jobs, those who have not made their debut in the labor market and those who have been left without a clear and stable future. Therefore, when they buy, they do not waste money. They research and compare, which makes them shop smarter.

That does not mean that they are not willing to buy expensive things, which they are, but that they will only do so under certain conditions. They expect brands to offer added value, to be beneficial, and to conform to their values. Millennials are free spirits Statistics show that millennials do not marry, do not buy houses (they are quite reluctant users of banking services) and that they value traveling and learning about other cultures more than settling in one place and establishing a future path. Millennials are therefore free spirits? Or maybe not. The question, as they point out in Forbes , is that brands continue to think about settling down as they would with respect to their parents’ generation (stable job, marriage, couple of children, home). For millennials settling down is something different and the scales of things to do are different. The family, for example, is approached in a different way: Millennials do not marry, but that does not mean that they do not live as a couple or have children.

Millennials don’t make big purchases And if they do not settle like traditional consumers, millennials are not buying cars or houses, those acquisitions that fall within the large purchases that move large amounts of money. The truth is that statistics show that this is not exactly true. Millennials do make purchases that involve large outlays of money. For example, 42% of American millennials expect to buy a car in the next year. What, then, is the difference between these consumers and those of previous generations that makes it appear that they do not buy this kind of product? The point is, before buying the car or the house was something that was taken for granted, a kind of rite of passage. However, for millennials, it is only a response to a need. They will only buy any of these items when they really need it. Millennials aren’t brand loyal It’s not that millennials aren’t loyal to brands, it’s that what makes them loyal is completely different from what keeps previous generations loyal. For example, they value change and variety. They are not loyal to a brand that always offers them the same. To get millennials to commit to and follow a brand’s loyalty program, a brand has to promise not only linear benefits but also a few surprises.

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