Gen Y on Big Brands: The Hits and Misses
Millennials have a huge amount of influence and spending power, and a lot to say – so it’s no surprise that brands care about what they think. Recently, e-commerce software company OpiaTalk surveyed 150 millennials, asking two simple questions:
What is your favourite brand, and why?
What is your least favourite brand, and why?
Respondents were 40% male and 60% female, with an average age of 28 (born in 1986). The majority (51%) made less than $50k in annual income, followed by 20% who made between $50-75k annually.
Interestingly, Apple ranked high on both the favourite AND least favourite lists, for reasons such as innovation, ease of use and product quality (fans) vs high price, low value and a lack of customization (those who dislike the brand).
WalMart was the most criticized brand, ranking first among least favourites for reasons such as poor treatment of employees, poor product quality and a low level of customer service. Millennials are not fans of McDonalds, either, citing unlikeable marketing and unhealthy food options.
In terms of brands who made out well in this particular survey, outdoor clothier Patagonia ranked among the most favourited brands, with millennials praising their marketing (particularly their social media execution) and high quality product.
Some key insights from the poll were that millennials care about quality (high value for price), ethics and company values, and marketing (make it good!). While this was a small group of respondents, it is reflective of many of the insights in Intercept Group’s own POME research, which is the largest of its kind in Canada. For more information on POME, click here.