There are many theories and models for predicting consumer behavior. One thing they all have in common is the need for some level of understanding around consumer motivations – those underlying thoughts, impulses and needs that drive decision-making. 5WPR’s 2020 Consumer Culture Report shares what consumers care about right now, and how they are influenced by the current cultural landscape.
The report found that:
- Eighty-three percent (83%) of Millennials say it’s important for the companies they buy from to align with their beliefs and values.
- Seventy-two percent of Millennials are influenced by external sources – whether that be articles and blogs, Instagram personas or celebrity endorsements.
- Resisting temptation of online purchases is a daily battle for Millennials – more than four-in-five (82%) of whom will purchase an item the first time they see it if they like it enough.
- Millennials are projected to spend $1.4 trillion in 2020