Recent research reveals that only 2% of local Millennials are "devoted" to their favourite retail brands.
The research by ICLP surveyed 750 Hong Kong consumers to see the gaps in consumers' retail experience. Only 10% of Hong Kong millennials said they are in a "romantic" relationship, compared to 21% of those in Singapore and 28% in China. Hong Kong millennials, with the lowest percentage in the APAC territories and countries surveyed, are characterised as having high levels of passion and intimacy but no commitment, and are strongly inclined to recommend brands with a low degree of brand loyalty.
When it comes to their devotion to a brand, only 2% Hong Kong, 3% Singaporean and 9% of Chinese millennials consider themselves to be devoted to their favourite brands, expressing willingness and desire to forge enduring relationships with them.
The research also suggests several approaches to look at when communicating with millennials:
- 21% of Hong Kong millennials value communication tone and manner to capture their interest and continued interaction with a brand.
- 23% think their personal information is important and expect to benefit from providing it to the retailer.
- 61% would buy more if brands were better at communicating with them.
- 17% of Hong Kong millennials think it is important to have relevant recommendations for products and services from the brand based on their preferences.
- 22% believe it is important for a brand to recognise them with a personalised message, gift or offer on their birthday.
- 69% would buy more if retailers used their data to better understand their individual needs and requirements.
- 77% would spend more if they were rewarded better by their favourite retailer.
"While some customers expressed that they didn’t want brands to aggressively sell to them, retailers should form a dialogue with the millennial that incorporates educational content, product tips and trends, and experiential opportunities to further connect with the brand," said Mary English, general manager at ICLP. "Millennials are the most significant generation with drastically different personalities; brands should begin to truly understand their individual buying behaviours and map out integrated solutions to engage them."