Marketing to Millennials in Present Times
In a new trend report, the market research company Mintel identifies the driving forces behind German millennial consumer behaviour and the impact of the corona crisis on this target group. The report also describes what opportunities arise for companies as a result.
Focus on Emotional Well-being
According to Mintel, millennials are particularly vulnerable to the feeling of loneliness. The Corona crisis may also be exacerbating that condition. The lockdown has forced millennials to stay home and away from friends and family with whom they can only now communicate digitally. According to Mintel, 29 per cent of millennials surveyed are spending more time on video calls. Therefore, the market research company urges brands to create social communities for leisure activities in which Gen Y would feel part of a group. Mintel states, this could also involve presenting products and thus reaching consumers.
Important Topics: Diversity and Equality
Mintel describes that German millennials are a heterogeneous, multicultural generation, characterised by different ethnicities and diverse religious views. Diversity and gender equality are therefore important issues for many millennials. Traditional gender roles and family concepts are called into question. For example, 24 per cent of childless millennials who identify as female said in the survey that they did not want children. Mintel reports that brands need to express their commitment to equality and diversity to inspire millennials. Companies have an important role to play in breaking down outdated stereotypes, Mintel says.
Experience Over Materialism
53 per cent of the surveyed millennials tend to spend money on experiences rather than material possessions. However, the Covid-19 pandemic has had a major impact on this. As a result of the lockdown, 34 per cent of millennials spent more money on traditional pastimes. Mintel reports that retailers and FMCG brands that use experiences to position their products are attracting attention. Experiences can not only increase brand awareness, but also promote specific products or their launch in-store or out-of-home, Mintel says.
Source: Mintel, photo: Adobe Stock / DisobeyArt