Hot on the heels of a holiday season in which retail sales grew 4% in the US year-on-year according to the National Retail Federation (NRF), new research from Brightcove lays out some valuable considerations for those looking to use social video as a way to pick up sales and make inroads with their target age groups.
The global survey – conducted with 5,500 consumers in the UK, France, Germany, US and Australia – showed that three-quarters (74%) of consumers connect watching a video on social media and their purchase decision-making process, demonstrating why brands are so enthusiastic about video on social platforms.
And, later Millennials are the most likely to connect watching a social video and their purchase decision-making process – 84% of those aged 26 to 34 said that social videos had an impact (versus an average of 74%).
In a related finding, this group showed the most trust in content from both brands and publishers, with 51% likely to trust content from a brand, and 53% from a publisher. This generation also recorded the highest level of interaction with brands on social media (89% versus the average of 81%).
The Brightcove report showed that 26 to 34-year-olds also are most likely (35%) to feel emotionally connected to a brand after watching a good brand video on social media – and that age range was also most likely to have made a purchase after watching a brand social video, with three-fifths (60%) having done so.
Conversely, this group is also most likely (32%) to disengage with a brand following a bad experience.
Younger millennials spend more time with social video but are a little pickier about their reactions. According to the study, the 18 to 25-year-old generation is spending an average of nine hours a week watching social video – two hours more than the next generational average. However, when asked about their trust in video sources, Brightcove’s report found that this group said they were more likely to trust video from influencers and vloggers (49% more likely to trust) than from brands (40%) or publishers (44%). And raising the stakes for brands, 18 to 25-year-olds are most likely of all generations (25%) to discourage others from engaging with a brand following a bad social video experience.
Interestingly, though Facebook was the second most popular social network after YouTube for all generations, Facebook’s lowest viewing figures came from 18 to 25-year-olds – accounting for only 24% of their total viewing time versus the average of 36% for other generations.
Conversely, 18 to 25-year-olds reported the highest video viewing figures on both Snapchat and Instagram – accounting for 9% and 8% of their current views, respectively.
For the other side of the age spectrum, the 55+ generation tends to split its social video viewing time almost equally across YouTube (48%) and Facebook (47%), while YouTube was by far the dominant platform for social video viewing across all other generations.
One in three aged 55+ (30%) have made a purchase as a result of watching a brand video on social media; but they show high levels of distrust of influencers.
Almost one in two (46%) aged 55+ are less likely to trust video content from a celebrity or vlogger – instead placing the highest trust in content from family and friends (80% more likely to trust).