Millennials and Generation-Y are the biggest consumers currently on the market. Social change is happening and marketers still struggle to adjust to their wished and behavior.
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My Reading List
- Marketing Charts: Millennial Women Have Strong Purchasing Power. What Influences It?, Click Here. Forbes: How To Tap Into The Millennial $200 Billion Buying Power With Social Media, Click Here. Business.com: What Matters Most: How to Take Advantage of Millennial Purchase Behavior, Click Here.
Business is business, but most people appreciate a brand that also does good in the world. It is not a secret that business tries to shine by giving something back to mankind. This did not change through any age group, even more, we can see that our young once are mot sensitive when it comes to environmental issues and life balance. Hence they love brands or products with which they can identify themselves with. 40% have stopped using or buying because a brand didn’t align with their values. Young people (13-25 year-olds) don’t see themselves represented on the national political landscape. But young people aren’t disengaged from society at large. If they can’t impact policy with their vote, they’ll vote with their dollars. Social stewardship hasn’t replaced price and quality in the buying decision matrix; those factors are still number one. But as everything from potato chips to laptops becomes commoditized, stewardship becomes a definable difference maker.
29 % of young people contacted an elected official about an issue or concern
Those stats are based on a report by DoSomething Strategic, the data-driving consultancy arm of DoSomething.org. DoSomething also created a brand-ethos hierarchy as a guide to assist brands to figure out how to drive the social change young people are looking for:
- Level 1 (the base): All are welcome
- Level 2: The brand cares
- Level 3: Caring as an integral part of the brand story
- Level 4: Engaging for direct impact
- Level 5 (top): Living the purpose
Does it make sense for your brand to be part of the social change? Check out the infographic and read all the details of the guide. Join our conversation the commenting section below and let us know how you see the young once guiding the new way of business.