Traditional milestones are made accessible for the post-pandemic Millennial
Trend - Conventional adult milestones, such as buying a home or having children, are more difficult for the Millennial generation to achieve than ever due to the financial situation post-pandemic. Apps and services that make these milestones more accessible provide consolation and compromise.
Insight - Even before the pandemic, the Millennial generation in North America was in a precarious financial situation due to the aftermath of the great recession and debt from post-secondary education. The pandemic exacerbated this while also causing the Millennials to rethink their priorities. As a result, the generation previously delaying adult milestones is now seeking ways to fulfill them on their own terms, more specifically, more affordably and conveniently.
Insight - Even before the pandemic, the Millennial generation in North America was in a precarious financial situation due to the aftermath of the great recession and debt from post-secondary education. The pandemic exacerbated this while also causing the Millennials to rethink their priorities. As a result, the generation previously delaying adult milestones is now seeking ways to fulfill them on their own terms, more specifically, more affordably and conveniently.
Workshop Question - How can you better assist your Millennial customer in achieving their goals?
Trend Themes
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Accessible Milestones — Services and apps that offer more affordable and convenient options for traditional adult milestones.
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Employee Well-being — Employers are offering more inclusive and family-friendly benefits to employees.
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Rental and Refurbishment — The market trend is shifting towards renting and refurbishing items, from furniture to cars.
Industry Implications
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Finance — There are opportunities for financial institutions to offer customized financing solutions for affordable milestones and employee well-being benefits.
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Tech — Developers can create user-friendly apps that make adult milestones, co-parenting, and educational tutoring more accessible and convenient.
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Home Improvement — Home improvement service providers can offer financing solutions and partner with e-commerce platforms to offer bundled services and rewards programs.
