Engaging Millennials and Generation Z in the Coronavirus Era

Delivery

This report comes in PPT.

Key Findings

Engaging millennials and Gen Z is critical for business to survive and thrive in the new normal

Millennials and Gen Z account for nearly half of the global population, making them the most important consumer segment. The challenges for business to engage these special cohorts accelerated after the outbreak of COVID-19, as young consumers experienced worsened employment and income prospects, as well as shifts in values and consumption behaviour.

Agility and co-creation are key innovation strategies for business to stay new, exciting and accessible

To engage young consumers who are doing things differently, innovation strategies need to be agile, forward thinking, collaborative and frequently revisited. These progressive cohorts have new routines and new demands that are constantly shifting. Business needs to excite them with new dynamic innovations that engage them emotionally.

Business should redefine value and affordability and tailor strategy for each income segment

Amid economic recession, companies will need to understand and address what value and affordability means for their most important segment. Risk-averse young consumers will now seek products and services that deliver value and quality, as well as peace of mind for them.

Brand portfolios must align with the values and priorities of young consumers

Millennial and Gen Z purchase decisions are defined by their values and life priorities. Companies should embrace the similarities between these when developing new products and improving on existing ones, but must also understand and accommodate differences between generations and individuals.

Brands must adapt for social inclusion and world improvement

Young consumers globally are joining forces for change, demanding more urgency and action on environmental issues and social injustice. They are making choices to support change and expect the same from the companies they buy from.