Everyone is talking about millennials and beauty brands. But a new study says: forget everything you thought you knew about millennials.
According to IRI, most conventional thinking surrounding this sought-after group is "myth."
The stakes are high. By 2020, this group of 79 million will have a CPG spend of $290 billion. But who are they?
Self-absorbed? Tech-obsessed? Not so fast.
The truth is that millennials overwhelmingly equate success with true friendship (90%) and working for good causes (68%).
More than 73% are employed, 28% are married, 37% own a home and 38% have children. About 13% are moms who have financial and time challenges.
About 45% are tech early adopters, but just 28% use mobile apps for shopping. They're heavily swayed by digital influencers like social media, product reviews and blogs, but still pursue discount/loyalty cards (66%) and coupons (65%).
And while natural and organic are all the rage, just 15% are considered eco-conscious