Keeping up with Millennial Consumers (WHITE PAPER)
Understanding your target market and remaining in-the-know on spending trends is key to marketing. For Financial Institutions to keep up with the cutting-edge of consumerism, watching the spending trends of Millennials is a key factor.
Whether it be local, regional or even a national brand, people are traditionally drawn to things they know. Consumers in the Millennial demographic (born between 1981-1996), however, have been steering away from large, corporate brands in favor of smaller, less recognizable companies. Known as the Reverse Branding Trend, younger consumers are less prone to promoting big companies with flashy logos and catchy slogans.
Spending trends suggest that affordability and value are of vital importance, closely followed by brands that tell inspiring stories and speak to Millennials ethically. A recent article from Forbes states that, “Generally, Millennials choose to vote with their wallets for brands that tell inspiring stories, conduct business ethically or contribute to their personal brands.” However, a Millennial consumer is known to be brand loyal, once they are won over.
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