Pro-Millennial parents who are still in debt opt for value-focused parenting
Implications - Having gone through post-secondary education during the recession, Millennials have accumulated a fair amount of debt. This adds conflict to their transition into parenthood. As a response, services that are more economical in their approach to baby products are well received. In stark contrast to "budget-conscious" services, these focus on giving the Millennial more bang for their buck, enabling a happy balance between aesthetic-friendly services, and those that offer savings.
Workshop Question - What are two conflicting desires of your customer, and how can you consolidate them?
1. Economical Parenting - The trend of economical parenting is influencing products and services for millennials that offer savings and more bang for their buck.
2. Circular Economy - The trend of circular economy is influencing sustainable baby products and clothing, offering an opportunity for innovative recycling and refurbishing practices.
3. Direct-to-consumer - The trend of direct-to-consumer is disrupting the baby products industry by providing affordable and accessible options for parents.
1. Sustainability - The sustainability industry can explore innovative ways to recycle and refurbish baby products and clothing in a circular economy.
2. E-commerce - The e-commerce industry can explore opportunities to disrupt the baby products industry by offering direct-to-consumer models for affordable and accessible options.
3. Retail - The retail industry can explore trends of economical parenting and offer products and services that focus on savings and more bang for the buck for millennials.