Millennials as a niche market are extremely attractive. They are a generational group that influences domestic purchases, and the purchases of their peers. It is a generation that thanks to its hedonism, extravagance, and high connectivity begins to be seen as an ideal target to do business, sales, and to advertise goods and services through networks. Their technological ability allows them to advertise favorable or unfavorable brands that they consider reliable. In this sense, digital marketing is a tool for millennials.
They are attracted to e-coupons and discounts. They like to engage with social networks like social media. They use blogs, blogs and other media such as Facebook. “They like to engage with brands and participate in marketing research on the use of a variety of media,” according to a study by the International Journal of Marketing Studies (ijms.ccsenet.org), according to the study by Moore, 2013. “Loyalty and relational marketing strategies will be the only way to maintain a sustainable competitive advantage,” the study says.
Millennials are attracted to brands and companies with solid values, with social ethics and non-hierarchical environments. Research shows that most of the purchases made are clothing, shoes, jewelry, sports equipment, entertainment, health and beauty, and food. Millennials tend to spend their income more quickly than previous generations, because in their life’s philosophy is living the moment and balancing work life with personal life.
The buying process for them is a time of enjoyment, they do not only seek to buy but the look for sites that are attractive, and that effectively communicate with their tastes. When analyzing the internal psychological aspects, the most discussed ones were: attitude, perception, motivation, feelings, values, and lifestyle. Finally, regarding the outcome variable related to consumer behavior shows that the most studied aspects were the purchase itself, and then the loyalty. The interesting thing is that they are being economically productive and consequently they play the role of decision-makers regarding to the distribution of their income.
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The Characterization of the Millennials and Their Buying Behavior