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Millennials

Brand trust issues among Gen Z impacting conversion rates
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A poll of over 1,500 consumers by Wunderkind in its latest Consumer Insights Report revealed that lack of trust in a brand was the top reason one in three (28%) Gen Z shoppers would abandon a purchase when shopping direct with a retailer online, indexing +9 percentage points higher than the average UK customer.  Trust issues were also a core driver for cart abandonment for over a quarter (26%) of the Millennial shoppers polled.

The role of reputation and trust continues to be a growing consideration within purchasing decisions, with Forter’s Consumer Trust Premium report suggesting UK consumers would spend +44% more, on average, with retailers they trust, while a further 73% said they were more loyal to brands they perceive to be authentic.

And this growing need for authentic brand experiences is also evolving channel choices and preferred customer engagement among younger Gen Z shoppers specifically, with a quarter (25%) saying they would choose to shop on a retailer’s DTC (Direct-To-Consumer) website as their top ‘trusted channel’.  Gen Z is also now almost twice as likely than other shopper demographics to value brand name recognition (16% vs 9%), emphasising the role of reputation and trust in their purchasing decisions.

Meanwhile, when it came to content engagement, authentic brand storytelling indexed +5 percentage higher for Gen Z consumers (15%) compared to the average UK shopper (10%) when it came to encouraging them to visit a brand’s website frequently, with the role of reviews and User Generated Content (UGC) also ranking +9 percentage higher for Gen Zers (48% vs 39%), showcasing the role of social proof in building credibility in buying journeys.

“As Gen Z’s global spending power skyrockets, set to grow to $12trillion by 2030, this represents a significant opportunity for retailers to acquire, engage and retain younger cohorts of consumers who seek more meaningful and authentic interactions with the brands they buy from,” Wulfric Light-Wilkinson, General Manager International of Wunderkind, commented.  “Compelling content plays a pivotal role in driving repeat visits to brand websites and apps.  By helping consumers connect with products, trust brands and find value in their interactions, the right content fosters engagement and loyalty, allowing brands to deepen connections and maximise reach.”

Are podcasts the key to reaching Gen Z and Millennials?
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Podcasts have emerged as a powerful medium for brand discovery, overtaking traditional platforms — especially amongst younger audiences, according to new data from research platform GWI’s Connecting the Dots report.

The shift highlights a growing opportunity for brands to tap into this trend to reach their key audiences. Since 2021, brand discovery through podcasts has accelerated, particularly with Gen Z listeners, who are increasingly tuning into podcasts over other media.

And it’s not just brand awareness that has increased. Almost as many Americans get their news from podcasts (21%) as newspapers (24%) — a shift driven primarily by Millennials and Gen Z listeners, of which one in four say they enjoy listening to podcasts.

The recent US election also highlighted the importance of podcasts to American listeners, with 14% of Americans noting podcasts as a source of information on US politics, and 5% noting it as one of the most trustworthy sources.

With podcast investment on the rise through high-profile deals — like the recent acquisition of Call Her Daddy by SiriusXM for $125 million — they are positioned as a lucrative investment for brands wanting to connect with younger consumers, who are spending more time with podcasts than ever before.

However, as with all channels, brands must be mindful of ad fatigue — especially among younger listeners, of which one in five say they’ll tend to skip ads, compared to just 15% of Gen X and Baby Boomers.

In fact, consumers have made it clear that the format of an ad is a deciding factor in skipping it or switching off entirely. 17% of listeners have a preference for ads integrated into the episode, in the host’s style — making it crucial for brands to tailor engaging and relevant advertisements.

Although most listeners dedicate less than an hour a day to podcasts (42%), the growing listenership is a clear opportunity for brands to align with their audiences interests through tailored, host-led ads that seamlessly blend into the show’s content.

Commenting on these findings, Bridget Evans, Global Director of Business Brand Marketing at Spotify, said: “Gen Z’s love for podcasts extends offline, with 37% attending live podcast events, deepening their relationships with trusted hosts and communities.

“This means podcasts are now a 360-degree amplification opportunity for brands. Spotify’s ecosystem — from live events to social and audience targeting via Spotify Audience Network and more — lets brands reach these highly-engaged audiences and forge authentic connections across multiple touchpoints.”

Matt Smith, Trends Analyst at GWI adds: “Unlike traditional media, podcasts provide a unique opportunity for brands to reach listeners in an environment where ads can feel like a part of the experience. Younger generations value a deeper personal connection to content and are drawn to hosts that they find relatable, so podcasts are a powerful option for targeting these audiences in an engaging way.

“As podcast popularity continues to grow, brands that adopt a well-thought out and aligned approach to podcast advertising can create more memorable touchpoints with audiences that can’t be replicated via other channels.”

Photo by Soundtrap on Unsplash

Millennials likely to ‘show dump’ content if too difficult to access…
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The global leader in entertainment technology and audience insights, TiVo, has released the findings of its ‘2016 TiVo consumer survey’, concentrating on the behaviour of millennials and how the demographic interacts with video content, products and services in compared to other generations.

TiVo found that millennial and Generation Z (those born between the mid-1990s and early 2000s) viewers are more than likely to ‘give up’ on shows they previously enjoyed when they become too difficult to access; either finding the content trapped behind paywalls or spread across a variety of entertainment sources.

Regarding the search for content, analysis discovered millennials consume up to six hours per day of video; in addition to spending an estimated 32 minutes searching for content to watch.

In contrast to other generations, millennials are most comfortable with video entertainment services and devices, likely driven by their desire to stay at the forefront of the newest content. 91 per cent pay for at least one subscription streaming service, and 73 per cent have streaming video devices at home.

Vice president of strategy and strategic research at TiVo, Paul Stathacopoulos commented: “The media industry is facing a perfect storm with increased choice and access to content, at the cost of massive fragmentation and frustrated consumers.

“The coveted millennial demographic is in the eye of this storm, consuming the most content across the most services and platforms. However, members of this generation have short attention spans, and they are the most likely to ‘show dump’ when access to content becomes challenging. These are cautionary signs for content owners who rely on loyalty and continued engagement to rationalise and realise returns on their investments in creative properties.”

Primarily based on the attitudes of US millennials, TiVo researchers carried out an online survey of 5,500 pay-TV and OTT subscribers across seven countries, conducted 2,500 interviews in the US and an additional 500 interviews each in the UK, India, Japan, Germany, France and China.

 

Download the survey infographic and generational chart here