Estimated at 25 percent of the total U.S. population, Millennials annually spend more than $200 billion, and according to a survey from Bazaarvoice, Gen Y is changing the way the world buys.

Bazaarvoice, a social media marketing group, reports that Millennials value the opinions of friends and family less than previous generations when buying, rather preferring to consult user-generated content. More than 80 percent of Millennials say user-generated content has “a lot” or “some” influence on their purchasing, compared to 70 percent of baby boomers. And, according to Bazaarvoice, many Millennials even refuse to make some purchases without consulting user-generated content.

Among the findings:

44 percent of Millennials wouldn't buy major electronics without online feedback, 40 percent wouldn't buy cars, 39 percent wouldn't rent hotel rooms and 29 percent wouldn't buy insurance.
Most Millennials cited user-generated content as a good indicator of quality (86 percent) and called it more honest than other online information (65 percent). While only 34 percent of boomers said strangers most strongly influence their purchasing decisions, 51 percent of Millennials said the same.
Gen Y also has the potential to cause the most damage to companies. Millennials actively use Facebook (80 percent), YouTube (49 percent), Twitter (28 percent) and Google+ (25 percent). They also are more willing to share good (42 percent) and bad experiences (32 percent) with brands via social media.

Special Reports /

IQ: Survey: User-Generated Content Boosts Gen Y&rsquo;s Purchasing Power

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IQ: Survey: User-Generated Content Boosts Gen Y’s Purchasing Power