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Millennial Brand Loyalty: Rewards Over Relationships


 

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Millennials are redefining the concept of brand loyalty; in their eyes, it has changed dramatically from their parents’ version.
 
A new MindSwarms study shows that for Millennials, brand loyalty revolves around user-centric transactional benefits that are fleeting and unemotional. Whereas their parent’s loyalty is seen to be a dynamic built on personal and emotional long-lasting relationships.
 

Millennials say they were hugely impacted early on by online shopping, and have redefined the terms of customer loyalty to be more self-centered. Instead of developing long-lasting personal ties to stores and brands like their parents, Millennials become temporarily loyal to a brand or company as tactical decision based on convenience and rewards offered.
 
Many explain that most of their shopping interactions are with “faceless” companies online, and that they don’t feel that they know the companies they are buying from. Given that they don’t feel much of an emotional pull to be loyal, it follows that Millennials’ loyalty is easily rescinded in favor of a company with a better rewards offer or more convenient service.
 
Millennials said their parents’ customer loyalty developed slowly and was relatively stable over time.
 
Like their parents, Millennials do value positive customer service interactions. But rather than in-store customer service, they are oriented toward online interactions. Millennials appreciate the ability to interact with brands online, easily research products, and get personal assistance when they need it.
 
For companies looking to win the loyalty of Millennial shoppers, it may be valuable to ask how they can make their shopping experience (either online or in-person) as explicitly rewarding as possible.
 
Download more free reports from MindSwarms:
Not Your Mother’s Housecleaningvideo and report
The Wearable Tech Dividevideo and report
The Power of Local Foodvideo and report

The Double Standard of Online Reputationvideo and report

Millennials and the Sharing Economyvideo and report

 


 

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