Brands need to determine how best to engage Millennials, but tapping into this market is rife with challenges, a loyalty expert is warning.
Millennials refers to the highly-connected, tech and marketing savvy youth. It represents a market of 76.6 million people yielding $889.3 billion in spending power, according to recent estimates.
“This powerful group of highly-connected, tech and marketing savvy youth are a new breed of consumer with expectations for brand experiences that go beyond transactional to something more engaging, interactive, and mobile,” says Mark Johnson, CEO of Loyalty 360.
Various pieces of research have identified defining characteristics of Millennials, age 16-31 is that they have strong brand loyalty with 70% feeling that once they find a company or product they like, they keep coming back, and 80 per cent taking action for brands they trust.