July 14, 2014
  • 5 Facts You Need to Know about Young Consumers in Europe

    Author of the Analysis
    Normal technology vladgrin

    There are over 160 million Millennials in Europe according to Skydox statistics. They are the most educated generation yet, however sadly enough the most frustrated: High education implies high expectations, which is not something that Europe can currently offer. Spain’s unemployment rate alone accounts to 25.6% according to Statista. Therefore Millennials in Europe are at unease. However they showed great optimism when asked about technology: The staggering majority agreed that this medium is the future and it will be a definite facilitator for their lives in the future.

    Independent yet insecure, overwhelmed yet optimistic, this is the generation that will be leading Europe in the near future. So what are the main characteristics to look out for to be able to forecast future orientations of this age group?

    1.) The importance of technology 

    Technology is central to their lives: 92% of Europe’s Millennials are connected on a daily basis to technology. 80% of them sleep with their smart phones next to them and they constantly report their daily activities on social media. They are eager to absorb new designs and technologies, which for them are a great facilitator for their daily lives. It is no longer enough for brands just to be present on the internet, they must provide a value-added brand experience to Millennials, including having mobile friendly content, and an online presence that interacts with Millennials in an honest and transparent manner.

    2.) Ads are no longer enough to build brand equity 

    Millennials in Europe are less trusting. Their perception of a brand’s ads is losing credibility. They are relying on peer-to-peer reviews as well as online platforms to have a real hand-on feedback of any product to be bought. Therefore brands in general and especially in the fashion world are relying on branding and lifestyle image building more than basing their efforts solely on the product. They have to also deliver a company culture, which is comprehensive towards different aspects including corporate social responsibility and positive interaction with their employees. Branding and lifestyle image building is not only relevant to luxury brands like Chanel, but they are also crucial to the success of mass market brands like H&M and Topshop

    3.) Cultivating brand loyalty through engagement

    Also related to the previous point, Millennials in Europe are less brand loyal. They are willing to switch brands instantly if they find a better alternative. Therefore brands are being more strategically engaging on social platforms with Millennials to be able to understand their concerns and needs. This two way communication also permits brands to understand further about this age group and tailor their offerings accordingly. Moreover, it is central for companies to be constantly on the lookout for all trends and happenings for their marketing and branding efforts, and not to become obsolete. Strategies that intertwine online and offline channels are highly appreciated by this generation. 

    4.) Everyone is an expert 

    Millennials in Europe are very independent. They are opinionated and rely more on themselves for decision making through their own research rather than consulting with experts in their fields. Social media and online platforms have contributed for their age group to be very outspoken and confident about the way they see things. They will not settle for mass media input but they will rather investigate and draw out their own judgement relative to many issues such as politics and their purchases in general. Therefore, building an effective Social Media Plan that can spread brand awareness and brand knowledge to this target group is especially important for a brand. 

    5.) Millennials in Europe are global nomads 

    Spending on travel takes up a big part of their budget. With the democratization of travel most notably in Europe and its accessibility to low budget flights, Millennials are international and on the move. From discovering new trending cities to visiting friends, they place travel as a priority in their lives. This can be also linked to their desire to be independent in their work to have the flexibility to be able to travel as much as they wish.

    European Millennials value quality of life over money hoarding and stressful work conditions. Understanding those characteristics is enabling brands to make more conscious decisions when communicating with their target market. Their lives is not fragmented anymore it’s a whole connected chain of transparency sharing and acquiring knowledge and brands must know the right way to fit into it.

    Is your brand targeting millennials in Europe, and you would like to find a digital marketing strategy to reach out to this target group? Contact us now to find out how we can craft the most impactful strategy to meet your brand's needs.