Millennials — Americans age 18 to 33 in 2014 — are the country’s most racially diverse generation and more politically liberal than previous generations were at their ages, according to new research by the Pew Research Center.
Not even 20% are big on trusting people, compared to 40% of Baby Boomers and 31% of Gen Xers. Their tech savvy and engagement on social media make them brand aware, but their lack of trust makes them much less brand loyal.
In another survey of Millennial shoppers, market research firm Mintel found that they are quite willing to give up information about their preferences and personal information, but more so if retailers sweeten the deal with incentives.
The fact that Millennials have come of age shopping during tough economic times may make them more careful. In addition to the lack of trust found by Pew, that financial unease could make them much pickier about where their money goes. The study by Mintel reflects similar conclusions found by others, that consumers this age tend to value their personal information and will only share it when it’s worth it to them — and, further, that such perqs will not necessarily buy Millennials' loyalty. Although Mintel found that Millennials may have a more liberal view of privacy than Baby Boomers and Gen Xers do, their attitudes may change as they get older and face some of the negative or bothersome consequences of oversharing. For best results, retailers should probably be aware of Millennials' tendency to play the field among brands, and make it worth it to them to stick around.