Maria Correia our creative director gave a presentation at Pure London which explored the Millennial generation and how they are influencing trends. In this month’s insight piece we share some of her insights and how these can be applied to target this ever growing and engaged target consumer.
01. GIVE BACK
1 in 4 millennials are more likely to pay for an experience rather than a product, they are a generation that lives on a limited budget and they are more willing to donate their time and money for the right cause. “Millennials understand that philanthropy is ‘celebrating what it means to be human,’ which benefits both the receiver and the giver."
In a world where consumers are bombarded continuously with information and choice, brands which inspire and are 'thinking out side the box' are winning.
03. CREATE A LIFESTYLE
Traditional behavior and consumption patterns are gone, this generation is shrewdly deciding to remain living under their parents roof or crowd sourcing goods, not to fund the purchase of a home or wedding but rather to embark on some adventurous travel. From travel to music festivals to exclusive events, millennials don’t want to miss out on shared experiences.
04. CREATE A FASHION DEMOCRACY
In an era when people are more connected to fashion than ever, fashion brands have begun to lift the veil. From live-streamed shows to handing out invitations to the public fashion brands, they are beginning to understand that customers now have the control. Millennials lack brand loyalty, the product is more important than the brands that produce them and these consumers will change brands easily in search of higher quality. Making them part of this democracy will help gain brand loyalty.
05. DEFINE YOUR BRANDS PURPOSE & CONNECT WITH YOUR CONSUMER
Companies that have a 'brand purpose’ to add meaning to their products and services enable customers to trust
and connect on an emotional level. Branding has changed as a result of social media creating real-time conversations. We know that consumers want brands with purpose. Global spending on ‘responsible consumption’ products is $400bn” Keith Weed, Unilever.