Readers of this blog, how many of you are born in the 80s? Why do I ask? This article is precisely about the consumer behaviours of people born between 1980-2000.
Consumer behaviour is an important part in marketing. In 2000, American academicians David Lewis and Darren Bridger wrote The Soul of The New Consumer. In it, they coined the term “new consumer”. They argued that the new generation of consumers has a desire to participate in the production of consumables, and they are highly aware of the market. In all that they purchase, they have a high expectation. They lack trust, time, and attention span—a group that is vastly different from conventional consumers who are driven by convenience.
In simple terms, new consumers have a value system that is disparate from their predecessors. They are born in the age of internet, love the pursuit of new things, are highly unpredictable, love challenging authorities and choose to self define through various ways.
In fact, this is supported by research. According to studies conducted internationally, people born in the 80s are now gradually transitioning to the peak of their income levels. They are currently the main targets of marketing strategies.
This also means that conventional marketing is no longer appropriate. Understanding new consumers is now the focal point in marketing studies.
I am feeling the impact of new consumers in a profound way. In recent years, I have been working hard with my team to cater to this new market.
According to renowned Taiwanese consultancy DDG, corporations need to adapt to to four new kinds of mentality to keep up:
Firstly, videos work better than words
This is the digital age. Millennials interact with the world in a way that is much more active and multi-dimensional. They are used to digitisation, and are constantly connected to the rest of the world.
This makes them highly active and have shorter attention spans. Only strong stimuli that engage with many senses are able to get their attention. Due to this, Facebook and Twitter have largely upgraded their video-hosting abilities to cater to millennials.
Videos are also an important way through which millennials connect with each other. Every minute, there are about 300 hours worth of content uploaded onto YouTube. Millennials are also moving to use devices such as GoPro, which allows them to film parts of their lives and share with the world.
Do you know what this means? This means all brands and business need to be somewhat connected to the net and the social media. Or else, it would be impossible to survive in the long term.
Secondly, sharing is better than owning
Compared to the previous generation, millennials place much lesser value on material wealth and the concept of “owning” things. They believe in the power of “openness”. Only when we work together and share the benefits, can we truly maximise our potential.
This characteristic is what made the sharing economy, with fast-rising companies such as Airbnb, Uber and Kickstarter. All these platforms depend on a huge user base to thrive. Some participants provide their services, while others rent or buy them. The more people are involved, the stronger these platforms become.
In the sharing economy, good things get promoted due to good reviews, and similarly, bad products are quickly eliminated. User reviews have become a huge asset to the brands—consumers are just as willing to give good reviews as they are to give bad ones. In other words, if your brand does not deliver, it will be highly affected. If your products or services are of good quality, it will continue to thrive.
Thirdly, instead of luxury brands, new consumers seek unique experiences:
Born in a time of economic stability and wealth, millennials are normalised to the presence of luxury brands. Their consumer expectations are no longer confined to symbols of status and wealth, but the unique experience they get through consuming. They are willing to pay more for special, rare activities.
For example, the K-pop craze recently meant that many fans in Malaysia were willing to pay a fortune for a close encounter with their Korean idols. Fighting to get a ticket has become a norm for the youths.
Unique experiences are also seeping into our everyday lives. The market is increasingly adept at creating products that allows for DIY processes. Such items include bread-maker, soy milk maker and even home brewing DIY kits. This shows the high premium that millennials place on the depth of experience and closer connections with the products they consume.
Fourthly, health as a lifestyle
Millennials highly values health, and this is largely due to influences of their family and environment. They are eager to try out all kinds of services and products that make their lives healthier, and often share their experiences online.
In Malaysia for example, boxing, running, yoga and other fitness programmes are become highly popular. This is a reflection of the lifestyle that Millennials love and do not hesitate to promote.
The consumer market also shows trends of becoming younger. Young consumers are starting to exercise more conscience in their spending, resisting abusive and unsafe business practices. Health and fitness brands need to capitalise on young consumers as such.[/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ width=”1/2″][vc_column_text]千禧世代崛起，传统行销OUT！了解新消费群4大特质
消费者形态是市场行销里非常重要的一环，2000年，美国学者戴维·刘易斯（David Lewis）和达瑞恩·布里格（Darren Bridger ）在其专著《新消费者理念》（The soul of the new consumer）中首次提出了“新消费者”的专有名词。他们认为，新消费者是独立而个性化的消费态度，希望参与生产和销售的愿望以及对市场的紧密关注结合在一起的群体，对所购买产品和服务具有强烈的真实可靠要求。他们缺乏信任感、时间、注意力，与遵奉固有消费模式、受便利性驱使的旧消费者有着巨大的差异。