Millennials are finally moving into the years where they will be spending money on big ticket items like cars, electronics and appliances. This purchase activity will come as a welcome relief to vendors who are still recovering from the recession and are looking for a larger consumer audience to target. Before retailers gear up their ad campaigns, they’ll need to consider which media formats work best for reaching Millennials. Data in the Ipsos Millennial Social Influence Study suggests that placing ads on social media and tapping into user-generated content, UGC, is the way to go.
Millennials spend plenty of time with media, an average of 18 hours a day, according to the Ipsos study. And the 18-to-36-year olds who participated in this study reported that their media time breaks out as follows:
- UGC 30%
- Traditional media 33%
- Other 37%
For these consumers, checking social media is the top activity with 71% looking at these sites daily. In comparison, 60% say they watch TV daily while 53% listen to the radio.
While consumers may become aware of a product or service through an ad they see in a media format, part of the purchase process also involves trust. If a consumer trusts a specific media format, they may be more likely to pay attention to advertising they see and move further down the purchase funnel. Millennials say they trust product information they see on social networks more than what they see in traditional media:
- Conversations with friends 74%
- Peer reviews 68%
- Social networking 50%
- Print newspapers 44%
- Radio 37%
- TV 34%
When it comes to those big ticket purchases, 50% of Millennials turn to UGC to help them decide what to do.
Ad-ology Research has found that over 90% of Millennials have a presence on Facebook. In addition, the firm’s audience studies indicate that 31% of Millennials have taken action on a product or service as a result of an ad they’ve seen on social media.
AudienceSCAN data is available as part of a subscription to Ad-ology PRO. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.