So many of the hopes and plans of today’s brands revolve around tomorrow’s buyers. Millennials, and especially Generation Z, have become nearly the sole focus of many mainstream companies – and marketers may have felt that they were beginning to get a handle on the youngest generation of consumers. The events of 2020 have changed all that …
Americans in the 16-to-35 age group were 60% more likely to be affected by layoffs and furloughs during the past year, when compared to those aged 35 to 50. And even though they are more likely to have had their hours restored, the longer term impact of this experience is likely to continue affecting their behavior as consumers.
Younger consumers also seem divided about their shopping strategies in the midst of the pandemic; while they are slightly less likely than average Americans to say they will buy “whatever is convenient or inexpensive,” they are also more likely to say they will switch away from a favorite brand. In our recent study of consumer attitudes, they scored lower on all characteristics of brand loyalty – meaning that brands have a harder time “sticking” to this group.
"This group is typically a little lower on measures of trust – they're just a skeptical bunch, a little fickle in terms of the brands they use. They are willing to try a lot of brands – that's just who they are. They have been really impacted by the pandemic – in terms of unemployment and challenges of finding jobs, moving back in with parents; all of those things have been more directed at this group.” – Amy Wills
"That 18-to-35 timeframe is when brand trial happens – from high school to college to early career, to coupling or family formation. So it's naturally a time for experimentation and finding the brands that I'm ultimately loyal to. We had some of our clients ask why some of their brand metrics have gone down during the pandemic. We weren't out in stores, we were not consuming – we were hunkering down. I think it was just a bit of apathy from what has happened." – Eric Wagatha
