For Affluent Millennials, Brands Matter

Affluent millennial internet users are strongly attached to brands—much more so than those with less income. More than half of those in a worldwide survey said they were defined by the brands they purchase.

Nearly three-quarters of affluent millennial internet users, defined in this case as the top 25% for income in their country, said their favorite brands play an integral role in their life, a survey from BBC Advertising, which sells advertising and sponsorship on behalf of BBC Worldwide’s properties, found. A significant number of nonaffluent millennials (51%) felt the same way.

Affluent millennials were also more likely than their nonaffluent counterparts to agree that they were brand-conscious. More than two-thirds of affluent millennials said they were, meanwhile fewer nonaffluent millennials—48%—agreed.

It’s not just brands that affluent millennials feel so strongly about, they also care very much about their personal image and products. Again, more so than nonaffluent millennials. For example, 79% of affluent respondents said they look after their appearance, while 68% of nonaffluent respondents agreed. Affluent millennials were also more likely to try new products and were more inclined to buy premium versions of a product than their nonaffluent counterparts.

But let’s cut the millennials some slack. More than 40% in the US said they had donated to a charity or a nonprofit in the past 12 months, according to a February 2016 survey by The Ad Council and Crowdtap, while about one-third had volunteered at a local organization.

Courtesy of eMarketer