DATA POINTS: Pragmatism trumps idealism among millennials

Spending power is high, at more than US$900 billion, and a relatively high number of respondents to the survey indicated a tendency towards supporting companies that are socially responsible, even if it means paying a premium. In the Philippines, for example, half said they would be willing to pay more for green products and brands that support a good cause; half of Chinese canvassed also said they would be more likely to buy from companies that are environmentally responsible.

The findings are encouraging, but are somewhat offset by statistics that suggest price is still the most important consideration for many: 40 per cent of those aged 18 to 24 and 35 per cent in the 25 to 34 age bracket admitted that a low price is in most cases more important than how green a product is. Furthermore, discounting is identified as the second biggest reason for brand switching, while just 13 per cent switch brands based on support of social or environmental causes.

In terms of media consumption, TV is still highly important as a means of reaching this group, despite regular proclamations to the contrary. TV tops all other media as a means of generating awareness across a broad range of product categories, while around 80 per cent first hear of a product or service via TV. Nonetheless, much time is spent researching products online, even if the majority of purchases are still made in-store as opposed to through e-commerce.