Almost two billion people in the world are millennials. These are individuals born from 1982 to 2002 (others put it at 2000). Most of them are no longer in school and are already working. It then means one thing: this quarter of the global population has the spending power.
It matters to businesses because this generation’s consumer mindset and behavior are different from the others. For one, they are socially driven, according to Nielsen.
Harnessing Social Proofing in Making Investments
Because consumer behavior dictates trends in the market, it’s best to incorporate social proofing in marketing investments. For those who are selling properties, landestimate.com.ph recommends allowing industry experts to provide detailed reviews on their offers, whether they are condominiums or house and lot.
The Voice of the Community
Older generations view millennials as self-centered individuals. While it may be partly true, they are more socially driven. It simply means they value the collective opinion. They place a huge emphasis on social proof.
This behavior explains the growth and importance of online reviews. While many of them search for local businesses once a month, at least 95 percent read reviews before making any buying decision. They are also more likely to trust online recommendations than the older generation.
A huge reason for the millennials’ dependency on social proofing is access to the Internet, especially social media. A foreign digital-oriented study in 2017 placed the Philippines on top of the list in terms of social media use. The average spending time is about 4 hours a day.
Meanwhile, consumers can benefit from reading comprehensive information on prime properties. These data are important since millennials tend to have contrasting belief in finances and investments, especially houses. While they value location, they also don’t want to spend a lot on high-end items. Most of the best properties don’t come cheap for a reason. Reading expert reviews will help them understand the real value of their investments.
In the future, another generation will rise, and it might have an entirely new mindset. It could mean social proofing is outdated or no longer enough. But for now, and in the next few decades, it’s here to stay.