Millennials Heavily Influence Technology Purchases
Feb 8, 2013
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Millennials - the generation of consumers currently between the ages of 13 and 31- are big consumers of electronics products and substantially influence others in terms of purchasing consumer electronics (CE) devices, according to a new study from the Consumer Electronics Association (CEA).
The study defines Millennials as anyone born between 1981 and 1999. Youth Millennials are those born between 1995 and 1999 (currently ages 13-17) and Adult Millennials are those born between 1981 and 1994 (ages 18-31).
The study compared Millennials to three other generations, which CEA defined as the Silent Generation (1928-1945), Baby Boomers (1946-1964), and Generation X (1965-1980).
Among these groups, Millennials have the highest intent to purchase CE devices in the next 12 months:
* Millennials: 75%
* Generation X: 67%
* Baby Boomers: 55%
* Silent Generation: 49%
Youth Millennials do not spend as much money on CE devices as Adult Millennials, but the study found they do heavily influence CE purchases by friends and family - and thus influencing general purchasing trends. 60% have some influence over their parents' CE buys, and 41% advise friends and/or parents on the CE products they should purchase.
33% of Adult Millennials give advice to friends and/or parents on the CE products they should purchase.
Millennials also influence where others buy CE products: 32% of Youth Millennials and 28% of Adult Millennials say they give advice to friends and/or family on where to shop for CE.
Although they are heavy social media/Internet users, Millennials still rely on brick-and-mortar retailers for CE purchases:
* 42% of Millennials usually visit a store before buying a CE product
* 555 think it is important to touch and feel a product before buying
* 49% want to play with or use a product before buying
When Millennials make their pre-purchase visit to a retailer:
* 51% look at the product
* 52% play with or use the product
* 38% check out product packaging
* 30% get a demonstration
Across the generations the Internet is most frequently used to learn about CE products. However, the study found that Millennials as much on their friends as they do the Internet to learn about CE. In fact, Millennials are more likely than other generations to ask people they know about products before they buy it. To learn about CE products, Millennials are more likely than non-Millennials to use:
* blogs (12% versus 5%)
* social networking sites (18% versus 7%)
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