4 Ways Millennials Have Transformed the Consumer Landscape
From their constant immersion in social media to their deepening reliance on friends and family, Millennials have put their own stamp on the consumer landscape. As this rising generation of Americans in their post-college 20s and early 30s continues to gain purchasing power, they do so with their own blend of digital fluency and experiential engagement.
Influence Central recently conducted an in-depth research study of 1,100 American Millennial Women to get a deeper understanding of what influences this generation as consumers and the effect they have had on the marketplace. As nearly 60% of Millennials consider themselves very engaged in consumerism and pop culture, we’ve identified four ways Millennials have transformed modern consumerism:
1. Millennials See Products as Experiences
For Millennials, products have a far deeper meaning than the actual item – whether it’s a new tote bag, living room sofa, or hiking boots. They see products as a personal experience and as a way to define themselves. More than 80% put a lot of thought into what they buy to make sure they make the best choices.
2. Millennials Share Product Insights to Offer Up Their Personal Take
As part of viewing products as lifestyle choices or experiences, Millennials also have a different take on product recommendations. They focus more on sharing their views on products while in the moment and think of it as sharing a lifestyle recommendation offered up from their specific take on a product. Nearly 60% of Millennials make these recommendations to others to share highly positive or negative experiences.
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3. Millennials View Opinion-Gathering as the Norm
Consumerism surrounds this generation – they seek out insight both online and offline, poll their friends and family for their take on new products or services, and set out on explorations that influence their consumer behavior. Nearly 90% of Millennials trust recommendations from friends, peers, or family members more than from brands, and 87% say that they trust products after gathering research insights from friends.
4. Millennials Want to Own Their Personal Choices
Even though Millennials proactively seek out opinions from friends, 53% see themselves as independent thinkers. As such, they want the opportunity to make their own decisions about what they like and don’t like. For example, 1 in 2 Millennials say that reading a bad review about a restaurant or retail shop wouldn’t deter them from visiting.
To listen to a recent Influence Central Webinar on Millennials, click on the following audio and slide links:
Stacy DeBroff, founder and CEO of Influence Central, is a social media strategist, attorney, and best-selling author. A frequent national and international speaker, she consults with brands on consumer and social media trends. You can reach her at [email protected].
CGI: Driving local solutions with global expertise
Embrace digital transformation and infuse it with a spirit of agility, is the message to the public sector from Aleta Jeffress, CGI Senior Vice President Consulting Services.
“We partner with clients to drive value and innovation,” said Jeffress who has been working with the US City of Mesa, AZ on their digital journey for their local citizens.
Founded in 1976, CGI is one of the largest IT and business consulting services firms in the world. It is insights-driven and outcomes-based to help accelerate return on investments. CGI operates across 21 industries in 400 locations and provides scalable and sustainable services that are informed globally and delivered locally.
“We have expertise in developing and executing strategies to help companies transform their IT to align with the business through cloud strategies, application rationalization, modernization and outsourcing,” said Jeffress speaking from the Denver CGI offices.
“Digital change can be exhausting, but take the opportunity to embrace it and look for new opportunities,” said Jeffress who pointed out projects should have a sense of agility and specific focus on the end-user.
“This can be a big culture change for some clients but by making sure your implementations are not a big bang theory but you can take smaller chunks which you’re able to do over and over again as it's just going to continue to evolve,” she said.
Informed globally and delivered locally
Commenting on CGI’s partnership with the City of Mesa, Jeffress said: “We are providing a solution that has a lower cost of ownership and helps them streamline business processes and helps increase efficiency.
“The City sought a single source of truth for their ERP business processes. With CGI Advantage, they found a partner in their digital transformation journey with a configurable, unified solution that supports their HR, financial management, and performance budgeting business processes.
“With CGI Advantage, the City is working with a single source of truth that lowers total cost of ownership, streamlines business processes, and increases efficiency - additional benefits include:
• A decrease in customizations and staffing requirements resulting in faster upgrade cycles.
• Empowering HR resources to focus on strategic efforts by removing the need for manual and duplicate data entry.
• Increased accuracy with reporting.
• Process improvements shifting from customized or paper-based processes to automated processes.
• Increased pay transparency and accuracy by leveraging process improvements and configurable support
A trusted partner
“CGI is a company that focuses very intently and very intentionally on delivery - that is something that really sets us apart,” said Jeffress.
“We have an internal process where we meet with clients twice a year to ask a specific set of questions. How our clients answer those questions allows us to be sure we are aligned and can be a trusted partner with all of our clients.”
“As an international company, we can provide key resources when our clients need it in a very timely manner,” she said.
Reflecting on the challenges posed by COVID-19 Jeffress said there had been a true evolution in technology services.