Yesterday, the Nielsen blog published an article that featured some findings from its Q2 2010 research initiative on Millennials. The title of this article? So glad you asked.
“Without a doubt, millennials are a large and influential generation and alcohol beverage companies need to know their taste and buying preferences in order to take advantage of the trends that can greatly impact business.” – Nielsen, Jan 11, 2011
Snark aside, this little teaser is packed full of valuable info on millennials as alcohol beverage consumers. Some of my favorite findings and exerpts (quoted directly from the article) are:
- Compared to the general population, millennials are more likely to trade back up to more expensive alcohol beverage brands as the economy improves.
- Millennials are more likely to explore new and different alcohol beverage products and will be even more likely to buy a locally-made or produced product knowing it may help the local economy.
- An added boost for marketers employing social or traditional media to influence behavior, millennials are slightly more likely to plan their purchases versus purchase on impulse in today’s down economy.
- Leveraging social media will be a critical marketing strategy for alcohol beverage companies to communicate with Millennial consumers and make their brands relevant with this generation.
Personally, I’m quite happy to see Nielsen making a serious and more formal commitment to studying this age group. No doubt they felt the swift kick in the ass that Pew Research dealt them with their excellent Millennial Portrait resource compiled last year.
**For those that get REALLY into this stuff like I do, Nielsen tops out the Millennial age range with those currently aged 34, while Pew began at those currently aged 31. It will be an interesting data comparison when the full reports are released.**