Millennials are re-assessing their behaviours in 2020 with many looking to spend less and focus more on health, hygiene and safety according to a recent white paper from Dentsu X.
The report, 2020: The wake-up call for millennials and how brands can evolve in line with shifting behaviours, highlights findings from the Dentsu Intelligence custom research on COVID-19 which, since March 2020, continues to cover 400 surveys on a weekly basis.
Dentsu X Australia head of strategy and planning Sam Cousins, who authored the report, says this year has caused a significant shift in the behaviour of millennials.
“2020 is the year that millennials reassess their values, their financial security, ways of living, and what they spend their money on," Cousins says.
"In our view there are key behaviour shifts that brands need to understand and thought starters for marketers to get the most out of these new behaviours and stay relevant.”
The report identifies eight different behavioural changes that will impact how millennials interact with brands.
Stability and security
Globally, 35% of millennials will cut back on day to day spending.
Nearly half (41%) will reduce regular financial commitments such as subscriptions and gym memberships and for the first time they will put security and stability as the number one motivating factor in their lives.
Renewed sense of home and importance of family and friends
Isolation has highlighted how ‘home life’ matters more than ever.
This shift to home opens up new behaviours and moments to engage, including domestic and "arm-chair" travel, in-home cooking and socialising, home exercise along with new found hobbies.
Hygiene, safety and health
More than half (57%) of millennials expect hand sanitiser in all areas outside of the home.
They have always thought that health was important but now it’s motivated by immunity and an increased focus on mental health.
They are the most anxious generation yet, disillusioned by the world, finding climate and social problems overwhelming.
Millennials also have high levels of scepticism and a lack of belief in motives of people, leaders, brands and business.
Self-improvement
The opportunity to assess what is important has driven 57% of millennials to say they will now change their future social behaviours.
There is an expectation of brands and businesses to have done the same.
Health, balance, financial astuteness, and a more considered life will be a focus.
Less is more
Increased financial scrutiny and simple living has prompted smaller consideration sets and more deliberate choices.
Supporting local and small businesses will be important, balanced with brands that they implicitly trust.
Higher expectations
With consumer purchase journeys almost entirely online over the past months, many brands have fallen behind delivering an ‘average’ user experience.
Millennials still want immediacy but they want it done right the first time.
Transparency is key, millennials understand the impact COVID-19 has had on businesses, and can be sympathetic if there is visibility.
Travel reimagined
Just over half (51%) agree their first trip away will be within Australia, with 31% saying a staycation in their local area.
Expect road trips, camping, caravanning and day trips to increase.
Food and wine will play a huge role here, along with the increased need for nature.
Experience evolution
Virtual tours in museums and galleries, virtual classes, cellar door wine tastings, concerts, telehealth, comedy and other events where people don’t need to be physically together to experience a brand or a personality are here to stay.
With higher involvement in home and lower desire to leave their locality, these experiences get them ‘out and about’ virtually.
“The reason there is so much airtime around millennials is because they are our largest group of people by generation," Cousins says.
"In a world where we need to economically recover, we need them; they are the largest consumption group and will still be the biggest consumer group in 2030. They feel relied upon to dig us out of the economic hole we are in."
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