In fact, affluent millennials are much more strongly attached to brands than their less well-heeled brethren. The data comes from a recent survey from BBC Advertising, which deals with ads and sponsorships from brands around the globe.
“Nearly three-quarters of affluent millennial internet users, defined in this case as the top 25 percent for income in their country, said their favorite brands play an integral role in their life,” reports eMarketer. “Affluent millennials were also more likely than their non-affluent counterparts to agree that they were brand-conscious.”
On the other hand, about 48 percent of non-affluent millennials said they also feel the same way.
But for marketers catering to affluent consumers in this demographic, a few statistics are revelatory. For instance, 79 percent of affluent respondents said they look after their appearance and that they are more likely to try new products. These shoppers are also more inclined to buy premium versions of a product than their non-affluent counterparts.
Bottom line, it appears that brands still matter — at least to this age group — and that brand and image marketing is a fruitful line of advertising.