Growing up in a digital age with instant access to information, younger generations are accustomed to immediacy. But that doesn’t mean impulse-shopping.
Many brands are facing a “new normal,” as younger people focus on accumulating experiences over possessions. The ability to post an experience and gain recognition on social media outweighs the need to own something.
A “pay-as-you-go” mindset has moved young consumers from buying and owning things, like CD’s, to subscribing instead to services, like online music libraries. And these behaviour traits are permeating older generations too.
Younger consumers expect brands to align with their own values and passions. They spend time online researching the benefits of products, and their impact on the environment, using peer reviews and opinions as a valuable source of information, before making a decision. Shopping is seen as a social activity rather than a chore. It is about the user experience and time spent with friends, more than about the product.
Brands must focus on and anticipate these customer needs if they are to survive into the future, especially considering young people will grow to represent more of the market.
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