Study Finds Unique Characteristics, Preferences Among Affluent Millennials
Millennials may not be as homogenous a group as marketers have thought, and research from BBC Advertising suggests that the most affluent 16 percent of the generation have preferences and needs separate from their counterparts. Research in the report “Reaching Affluent Millennials” points to 84 percent of the world’s 943 million Millennials sharing significantly similar beliefs to older generations, and that the characteristics that have been blanketly applied to the Millennial generation most accurately reflect its wealthiest members.
Sean O’Hara, acting EVP for BBC Advertising, says, “In an increasingly competitive market where consumers have greater choice regarding the brands they wish to purchase and be associated with, it is imperative that advertisers truly understand who they are targeting and how to reach them.”
BBC Advertising, a provider of advertising and sponsorship solutions on behalf of BBC Worldwide’s commercial portfolio, found that affluent Millennials are 36 percent more likely to consider themselves much more affluent than their equivalents in older generations. They are also more likely to be environmentally conscious—78 percent say that they do everything they can to help the environment—and their beliefs are more likely to be reflected in their purchasing behavior—72 percent would pay more for sustainable products compared to 57 percent of non-affluent Millennials.
Affluent Millennials are more likely than their non-affluent counterparts to prefer brands that give something back to society, at 82 percent versus 67 percent. They are more emotionally attached to brands, with 70 percent saying their favorite brands play an integral role in their life, compared to 51 percent of non-affluent Millennials. They are also 36 percent more likely than their non-affluent counterparts to agree that they are defined by the brands they purchase.
Affluent Millennials also have different expectations of what they want from brands. Affluent Millennials (73 percent) prefer brands to provide them with content compared to 59 percent of non-affluent Millennials. Furthermore, 67 percent of them prefer it when a brand tells them a story, a preference found in only 57 percent of non-affluent Millennials.
BBC Advertising’s research was carried out between August and September 2016 and comprised of over 3,000 interviews across 31 countries. More details on BBC Advertising’s report can be found here.