Millennials Consumers' Behaviors between Trends and Experiments

Abstract

Millennial consumer behaviors approach purchasing or shopping things differently when compared to what earlier generations encountered. Each generational cohort shares a common technological, social, political, historical, and economic environment that shapes and distinguishes them from one another and the millennial generation is using social media as a shopping platform. Technology advancement has become far more user-friendly during millennials' lifetimes, as they are attached to the social media given that it has become a platform that is utilized to communicate and shop. The aim of the study is to look at the characteristics of consumers' behaviors as it has a huge impact on the development of new business strategies. This article provides an analytical framework of millennial consumers' behaviors based on previous studies along with data collected from a focus group discussion. The study finds that millennials are more confident compared to earlier generations, more willing to be experimented on and willing to experiment, and are fashionable trend-wise. In terms of technology adoption, millennials have adopted technology as a way of life which makes full use of its functions ranging from communication to entertainment and optimized social media presence is essential for brands that are targeting millennials.

Practical Implications of the Millennial Generation’s Consumer Behaviour in the Food Market

“…The millennial generation uses social media as a platform to communicate and shop. Millennials are more confident compared to earlier generations, more willing to be experimented on and to experiment themselves, and are conscious of trends [26]. They present rational minds, a positive attitude, and selfless team virtue.…”

“…Establishing permanent bonds is possible by using both attributes of food products, as well as emotional and sensory elements that are the sum of consumer experiences derived from contact with the company. Relationship and value marketing aim to build relationships with customers and shape their loyalty, which is a very important task in targeting Generation Y due to their weak attachment to producers and distributors [26]. It also promotes the creation of long-term relationships with the broadly understood surroundings, which in turn ensures profits for the company.…”

Adopting open innovation for SMEs and industrial revolution 4.0

“…The data captured in a smart factory are transparent. The transparency in live metrics and tools enable fast and consistent decision making (Anshari et al , 2019a). It also allows an organization to forecast the demand of the customer as well as enable customers to track their orders.…”

Impact of Firm Created, and User Generated Social Media Communications on Consumer-Brand Metrics of Smartphones During Covid-19

“…Specifically, it studies the effect of user generated and smartphone brand created content on the purchase intention of millennials, the generation me, me, me (see Stein, 2013). Millennials are tech savvy, habitual of using internet heavily (Ivanova et al, 2019;Duffett, 2015), and their buying approach is really different from other cohorts (Anshari et al, 2021). Now when the economic slowdown and tough competition has made it difficult for the brands to earn an incremental dollar in sale, this study assists the smartphone brands in how they can target and promote their products to this cohort in a better way.…”