MARKETERS AND brands should gain a deeper understanding of the "millennials" aged 25-34, who will be high-potential purchasers next year, according to IPG Mediabrands.
By definition, millennials include a wide range of ages from 18-34, but the latest survey by Initiative, a communications network within IPG Mediabrands, focused on the ages of 25-34 because of the importance of their spending behaviour.
Those customers were born and raised under a series of financial crises along with the technological revolution in the past decades, so the long recession had a profound impact on them, Khanokkhan Prajongsangsri, managing director for investment and knowledge at the leading media and communications service firm, said yesterday.
The online survey with a sample size of 10,000 across 19 countries, of whom 500 respondents were in Thailand, from May-July found that those millennials felt insecure about their life.
Of the Thai participants, 50 per cent said they had their income reduced, while the global figure was 36 per cent. About 79 per cent of the Thais confessed that they were worried about their personal financial situation, while the global average was lower at 72 per cent. About 29 per cent of Thai participants feared losing their jobs.
Although millennials appear to be more cautious about spending, they are smart consumers, as they appreciate spending money for products and brands that help improve their image and reflect their high social status.
This kind of consumer is able to switch brands and adapt to new products and technology. Brands should treat them with respect and as equals. Products and services should give them truth and authenticity, Khanokkhan said. Millennials are always connected with online communications to connect and share their stories. According to the survey, 81 per cent of Thais own smartphones, which was higher than the global average of 45 per cent.
Technology has empowered millennials in their relationships. Of Thai participants, 95 per cent said they used social media every day, so marketers should focus more on communication via Facebook, Line, Instagram and Twitter, she said.