It seems the younger you are, the less likely you are to align yourself with a certain brand, according to a new study.
Datamonitor has found a link between brand loyalty and the age of the consumer. The study believes this is because consumers do not lock in personal preferences until they are older, with Datamonitor saying: “This can be attributed to consumer preferences and identifying what they like and what they don’t becomes more established as they age.”
Millennials, in particular, are proving more interested in innovation than particular labels, making them risky business when it comes to marketing. As for what this means for brands, Datamonitor argues that instead of pursuing the youth, brands should aim to win over older consumers - especially the 40-60 age bracket - with both new and old products.
The study states: “They can potentially expand their own portfolios and therefore engage with these consumers using new scents - appealing to these consumers as it is their trusted and preferred brand.”
Datamonitor says any brand that can target both its loyal following and intrigued youngsters has a better chance of success, explaining: “Looking ahead, brands looking to engage consumers with new scents are likely to better achieve this through targeting more innovation hungry and experimental consumers. Developing loyalties and product preferences among millennials will assist in consumer retention as they age.”
