8095, or “eighty ninety-five” is a global benchmark study on how Millennials connect with brands, make purchasing decisions and share their opinions on products and companies with family, friends and extended networks. The study, first conducted in 2010 and updated in 2012, focused on people born between 1980 and 1995. The implications uncovered for marketers are startling – the influencer landscape favors people over brands, values are driven by world events and one in three won’t make a purchase if their friends don’t approve it.
As digital media continues to evolve and amend chunks of Millennials’ lives, they are increasingly crowdsourcing to make brand purchasing decisions. However, the number of sources used to inform a decision is decreasing from four or more sources in 2010 (52 percent) compared to one to three sources in 2012.
While Millennials share many traits and behaviors, they are more diverse ethnically, economically and socially than any other generation in history. They are more connected by being grounded in a global network with perspective and purpose. They have instant access to one another and to information. They are aware of and believe in their own voice and power. They are each a unique and powerful member of a generation that by 2025 will amount to 70 percent of the global workforce. The time to pay attention to Millennials is now.