Selling Tech to Millennials

March 2020

Millennials are the key consumer group for tech products, which they consider a necessity rather than a luxury. Growing social media influence has reshaped consumer awareness when buying technology. Companies are targeting millennials by introducing connected smart products with an engaging shopping experience and social responsibility drive. We explore the opportunities and gaps manufacturers and retailers can tap into to win the hearts and wallets of the most connected generation in history.

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Key Findings

Millennials the key consumer segment

Millennials are the major consumer group for tech products. With a current global population of 1.7 billion, comprising 28% of the global population. targeting millennials must be a key strategy for successful technology companies.

Millennials the wise shopper generation

With ease of connectivity growing all over the world, millennials are more informed than any of the preceding generations, they tend to have wide social networks and heavy presence on social media which gives them a broader outlook on trends and social values held by tech brands.

Connected smart products

Brands recognise the need for customer retainment to grow, and offer loyalty perks and benefits to consumers. Tech brands now offer a wide range of connected smart products that serves different purposes to the consumer under one umbrella brand to which millennials are comfortably prepared to pay more.

Engaging shopping experience

Millennials value spending time on researching before planning purchases, with the first step towards the purchase to browse the internet and talk to peers which helps them get guidance and education on the relevant products. Leading tech brands recognise this and try to provide a very engaging experience through their social media, internet retailing with opportunities to connect creatively with millennials beyond traditional showrooms or media advertising methods.

Giving back to the society

Millennials are more likely to give back than other preceding generations, as digital natives they are well informed about the global causes and have a high sense of responsibility towards society; they prefer buying from brands that offer back for the common good and are socially responsible.

Scope
Key findings
Millennials spread across different geographies
Millennials is second largest group and influence grows
Millennials’ key consumer values
Distinct consumer segments: Millennials vs baby boomers
Millennials: the researcher generation
Millennials: common ground beyond geographies
Use of technology
Willing to pay more
Broad social network of millennials
Millennials the shrewd s hoppers
Social value and millennials
Case study: iRobot Roomba Vacuum Cleaner
Case study: Amazon Echo Dot Smart Speaker
Case study: Apple Smartwatch
Case study: Huawei Smartphone
Case study: Samsung Smart TV
Case study: Lenovo Laptops
Key takeaways

Consumer Electronics

Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer.

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