BOSTON, Jan. 09, 2018 (GLOBE NEWSWIRE) -- For the vast majority of young adults, Facebook, Amazon, Apple, Netflix, and Google (the so-called FAANG companies) are the most relied upon brands -- by far. According to new data from ideas and access agency Riddle & Bloom's Next Generation Consumer Census, these companies are the dominant players in GenZ and Millennials' lives, outpacing every other rival in their categories and standing out head-and-shoulders above brand choices in other categories as well. The agency released results from its third annual survey of 690+ Millennials and GenZs this week.
“Just as 2017 was the year for the FAANGs on Wall Street, when it comes to inspiring the Next Generation consumer audience, these tech leaders are giving brands something to sink their teeth into,” says Riddle & Bloom EVP Director of Client Services Michael Carey. “Heading into the new year, our data shows a number of interesting trends but the one that leaps out is the degree to which the FAANGs have clenched down on the younger generation; they are digital leaders that have found a way to be physically relevant to these consumers in their day-to-day lives.”
The FAANGs have the Biggest Bite with the Next Generation: No doubt the young Millennial and Gen Z demographic is technologically adept and digital crazed, having grown up as true “digital natives.” If they’re not on their devices, in social media chats, streaming TV shows, and/or shopping online, then they’re with their friends or significant other (54% are in relationships), at school or at work. This can make it challenging for brands to grab their attention in 2018.
- Screen Obsessions; there’s no crying wolf here. When it comes to smartphones, Apple and Google dominate: 94% own either an iPhone or Android, and 62% spend six or more hours a day on these devices. The majority of respondents (82%) have more than 10 apps on their devices and close to half of this group uses more than 41-60% of those apps. Of the apps, 83% fall under social media and just over 70% of respondents use both music and messaging, 66% have travel-related apps (Google Maps and ride sharing); at least half of the respondents have gaming, productivity, news, food related and retail apps. – But social media apps are used the most by 67%.
- Notwithstanding other reports Facebook is STILL on top for social (86%) among other brand platforms such as Instagram and Snapchat all of which are favored by this audience (just over 70%) above other platforms such as Twitter, LinkedIn, Pinterest, Tumblr, Google+ and more. And the majority prefers (by 22 percentage points) to access these social media platforms on their phones over their computers.
- Amazon is the alpha in the shopping category, outpacing all other sites by at least 47 percentage points. And more than half of this population is using the site regularly, as indicated by the 57% of respondents who prefer shopping online over making in-store purchases.
- Netflix is the leader in content delivery (68%), followed by its FAANG brethren Amazon Prime (43%) and YouTube (owned by Google) at 52%; 58% of respondents don't even bother to have cable. And when it comes to the content they’re streaming, TV shows are where it’s at (71%) with movies a close contender (59%), while YouTube videos are next in the lineup, at 20 percentage points above both news and sports. – Almost all of the respondents (90%) admit to binge watching a TV show, meaning at least four+ episodes in one sitting!
Real-life Experiences Matter, Too
- There’s no substitute for shared live experiences. Up to 45% of respondents attend at least one to three live music performances per year. As much as 24% attend up to four to six concerts and festivals, 14% attend as many as seven to nine.
- And they’re willing to pay for it… Although Millennials and GenZs are frugal with their spending, this group of concert goers will spend up to $50 on tickets (27%); 25% will pay up to $75 on tickets; 13% up to $100; and 11% over that amount.
Employment and Car Ownership Soaring
- The majority of Next Gens are Employed; as many as 80%, jumping up from last year’s total of 75% with 47% holding part-time jobs, 20% in internships and 19% full time.
- Entrepreneurism on the Rise. Conflicting with previous assumptions on this generation’s skepticism and fear of taking on risk and more debt, this year’s data portrays a growing entrepreneurial spirit with 45% interested in owning their own business, and an eighth of respondents who already do.
- Cars are in. A surprising number of respondents reported leasing or owning their own car (59%), indicating that ride-hailing services aren't as popular with this group as many might assume. And no surprise when it comes to rideshare options, Uber came out on top at 81%.
- Fly like a Bird, Sting Like a Bee. Almost half of the respondents fly up to one to two times per year and 29% three to four times per year, and 42% purchase their tickets through frequent flyer mileage.
Playin’ It Cool…But Brand Opportunity is Still There
- Open to sharing data…to a point. When it comes to retailers following shopping behaviors via location tracking, 60% of respondents are open to this especially when promotions and discounts are tied to it (81% use digital coupons, which rose significantly from last year’s results), but they’re also somewhat cautious; 23% are completely open to it and at least 19% feel it’s an invasion of their privacy.
- They Get by with a Little Help from Their Friends. As many as 67% of respondents claim they have been influenced by an advertisement online but family and friend referrals still count the most with this generation.
- Brands Beware: When asked about brand loyalty, only 15% said they are loyal, 20% not at all, and 27% were indifferent.
The 2017 Riddle & Bloom Annual Census captured responses from 690+ consumers between the ages of 16-34 from October 23 – November 20, 2017.
ABOUT RIDDLE & BLOOM
As an Ideas and Access agency, Riddle & Bloom specializes in helping brands connect with the Next Generation consumer. A leader in college consumer marketing over the last ten years, the agency’s new identity reflects its deepening mission to help the world’s leading brands understand and engage with the most puzzling, hardest-to-influence consumers: high schoolers, college students, and young professionals. Riddle & Bloom brings an integrated approach of behavioral insights and unmatched access to these audiences through, experiential marketing, digital strategy, activations and ecommerce solutions, and exclusive partnerships to the market, to help leading brands understand and engage with today’s next wave of consumers nationwide. Through its exclusive industry partnerships with NACA, NACAS and NIRSA, Riddle & Bloom has a network encompassing more than 1,000 colleges and universities, extending to post college Millennials and younger GenZs. Clients have included major brands in the Technology, Retail, QSR, Personal Care, Ride Sharing, Banking and Finance, Food and Snacks, Music, Gaming, Wireless and Apparel industries. For more information, visit: www.riddleandbloom.com.