Younger demographics are changing the way marketers interact with consumers.
For audiences in the millennial demographic, it’s crucial for brand managers to demonstrate that they align on social issues. For these young consumers, 83% want companies to align with their values and 76% want CEOs to speak out on issues they care about. That’s according to 5WPR’s 2020 Consumer Culture Report.
How does your willingness to speak up affect the bottom line?
About two-thirds (65%) of millennials say they have boycotted a brand that took the opposing stance on an issue, and 62% favor products that show off their political and social beliefs.
That’s in contrast with older consumers, who are far less likely to buy items that express their cultural identity. For the 55+ demographic, only 21% say they prefer buying items that show off their political and cultural beliefs.
That’s not where the generational differences stop. For example, younger audiences are much more likely to be influenced by social media, yet they are also more influenced by old-fashioned word-of-mouth promotion than anything else.