An October 2016 survey by BBC Advertising has found that 70% of affluent millennials call brands "integral" to their lives.
Comparing affluent (in top 25% income bracket for their country) millennials with non-affluent millennials worldwide:
- "My favorite brands play an integral role in my life" - 70% of affluent agree vs. 51% of non-affluent
- "I am a brand-conscious person" - 67% vs. 48%
- "I expect brands I like now to play an integral role throughout my life - 64% vs. 49%
- "I feel a strong emotional connection with brands I purchase" - 60% vs. 48%
- "I am defined by the brands I purchase" - 60% vs. 44%
Survey also found that more affluent than non-affluent millennials agreed that:
- "Creativity is important to me"
- "I look after my appearance/image"
- "I always like to try new products"
- "I tend to buy premium versions of a product"
Note that neither sample size or countries of respondents is stated.
But for any marketer with a product/service that lends itself to being branded as image-enhancing for millennials, that affluent subsegment looks like a good target. It's good news that they "like to try new products" and expect their favorite brands to "play an integral role throughout [their lives]". Looks like loyalty isn't dead.