IBM’s Consumer Products Study finds that consumer brand loyalty is fickle, and no longer associated with repeat purchasing. The report identifies four consumer clusters: Brand Enthusiasts, Brand Ambivalents, Product Purists, and Disassociated Shoppers. These groups differ in their levels of communication with brands, willingness to provide input, and degree of comfort in sharing personal data.
Looking at Millennials in particular, 41% fall into the Brand Ambivalents category, the largest block for this demographic. “This suggests that while their overall view of brands is positive, Millennials have yet to formulate an opinion about the role they want brands to play in their lives. They crave selective engagement and are waiting for brands to make the first move.” Millennials also consider brands’ impact more so than other age groups, with Gen Yers willing to pay for products with greater health benefits, socially responsible practices, and brands that offer transparency in how their products were sourced and made.
Read the full report.
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