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
1. Accessible Milestones - Services and apps that offer more affordable and convenient options for traditional adult milestones.
2. Employee Well-being - Employers are offering more inclusive and family-friendly benefits to employees.
3. Rental and Refurbishment - The market trend is shifting towards renting and refurbishing items, from furniture to cars.
Industry Implications
1. Finance - There are opportunities for financial institutions to offer customized financing solutions for affordable milestones and employee well-being benefits.
2. Tech - Developers can create user-friendly apps that make adult milestones, co-parenting, and educational tutoring more accessible and convenient.
3. Home Improvement - Home improvement service providers can offer financing solutions and partner with e-commerce platforms to offer bundled services and rewards programs.
