Study reveals: A highly demanding ‘Information Generation’
Are today’s youth our most demanding customers? We worked with Opinium to investigate and speak with 18-24 year olds in the UK & Ireland. What was unearthed was a lack of brand loyalty when providers can’t meet their needs.
Born in the era of the internet, todays ‘Information Generation’ is very much immersed in social media and the use of ‘smart’ phones. In our study they have shown demanding requirements over their suppliers across retail, financial services and technology, media and entertainment sectors. Control over personal data is their biggest concern: 54% of respondents suggest they’d switch providers if their current one didn’t give them control over their personal data.
Out of all three sectors surveyed, the financial services industry seems to face the greatest pressure when it comes to customer loyalty: 58% of 18-24 year olds would be willing to switch to a competitor if their current provider didn’t give them control over their personal data, marginally more than those that would switch if their provider suffered a data breach (53%), or didn’t provide mobile services e.g. via an App (40%).
Despite slightly stronger customer loyalty in the retail and technology, media and entertainment sector, the results still show a lack of loyalty to any one provider who can’t cater to the needs of today’s Information Generation. 57% in retail and 51% in tech, media and entertainment would switch suppliers, if their current provider didn’t give them control over their personal data. Moreover, 53% in retail would switch if their provider suffers a data breach compared with 47% in tech, media and entertainment.
The pressure facing businesses to cater for these consumers is becoming clear but how are they fairing in meeting those needs? In our next blog post we will a closer look at business leaders across 18 countries to find out how they are coping with fulfilling these demands.