On every brief, these fashion-forward trendsetters spent big. But they’ve had it tough. 2009 left the ‘snowflakes’ struggling to get on the property ladder. But through it all, YOLO kept them spending.
COVID is hitting hard. And unless there’s a housing crash, they’ll lose out again. But this time they’re older and wanting stability.
Over 70% say they’ve lost income since COVID. They've little confidence in the future and growing numbers expect to lose more income next year.
That will affect their reaction to advertising. Will they carry on spending? Currently they’re no more or less attracted to promotions than others, but our research suggests that as people lose financial confidence, they cut back on their spending and plans. They’re more likely to wait for promos and will become more price-sensitive.
Do you carry on with Millennials, or shift focus elsewhere? Gen Z? 50+? Or segment by mindset, concentrating on attitudes and behaviours? Our research shows that predicted loss or actual loss of income are massively relevant filters for targeting.
The only place you can capture what your consumers THINK, FEEL, DO & WANT in one place and turn those insights into strategic recommendations that build brands is with the Catalyx Consumer Activation System.
If you would like to know more about how this approach can be used to understand millennials, or any segment better and put them at the heart of your business please click here for more information.