Wednesday, May 30, 2012

The Connected Consumer

How well do you know Gen Y?
Here are some interesting points for discovery that get us thinking beyond what we think we know today:
  • 59% update their social status in class.
  • 29% find love through Facebook while 33% are dumped via TXT or Wall posts.
  • Millennials watch TV with two or more electronic devices.
  • Only 11% define having a lot of money as a definition of success
  • Gen-Y will form 75% of the workforce by 2025 and are actively shaping corporate culture and expectations.
  • Only 7% of Gen-Y works for a Fortune 500 company, while startups dominate the workforce for this demographic. Gen-Y expects larger organizations to hear their voice and recognize their contributions, increasing the need for an intrapreneurial culture.
  • Millennials trust strangers over friends and family. They lean on UGC for purchases.
  • They are 3x as likely to follow a brand over a family member in social networks.
  • 66% will look up a store if they see a friend check-in.
  • 73% have earned and used virtual currency.
  • Gen-Y believes that other consumers care more about their opinions than companies do, which is why they share their opinions online.
  • Gen-Y’ers are more connected on Facebook than average users, managing a social graph of 696 Facebook friends versus 140.
The Last Ten years
  • 274 million American have Internet Access, which is more than double that of 2000.
  • 81 billion minutes spent on social networks and blogs.
  • 64% of all mobile phone time is spent on apps.
  • 42% of tablet owners use them daily while watching TV.
  • For the first time, the numbers of laptops have surpassed desktops within TV homes.
Women Rule Gen-C
In 2009, I discovered that in social media, women rule. As you can see in Nielsen’s report, women too rule Gen-C. Specifically, they rule social media, online video, and TV viewership. With smart phones, men and women are tied in adoption. With tablets however, men rule.
Mobile shopping activities include:
  • 38% compare prices online while in shopping in a store.
  • 38% browse products through websites or apps.
  • 32% read online reviews of products.
  • 24% search for or use online coupons.
  • 22% have purchased a product.
  • 22% scan barcodes for product or price information.
  • 18% use location-based services to find retail locations.
  • 27% of male and 22% of female consumers would use their mobile phone to make payments in restaurants and shops if they could.

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