Engaging millennials and Generation Z consumers matters now more than ever, as the disruptions experienced by these unique generations since the outbreak of Coronavirus (COVID-19) have accelerated both challenges and opportunities for businesses. To win over young consumers today, companies need to adapt agile innovation and redefine their strategies over price, values and activism to align with the new priorities and spending behaviour of millennials and Gen Z in the “new normal”.
This report comes in PPT.
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.
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.
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.
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.
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.
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