Industries based in big-ticket items appeal to first-time buyers
Implications - The concept of "adulting" describes a tongue-in-cheek, reluctant approach to traditional pieces of adult life like car ownership. Though based in humor, youth's distaste for these large, seemingly complicated purchases is genuine, and mostly based in a lack of education. Companies within these industries are appealing to first-time purchasers to boost education, simplify the process and encourage Millennials to partake in these more traditional milestones.
Workshop Question - Think of some of your big-ticket items, how would you better educate younger consumers about the purchasing process of those products?
1. Simplifying Big-ticket Item Purchases - Companies are looking for ways to simplify the process of buying traditionally complicated purchases for Millennials through education and innovative financing options.
2. Personalized Financial Education - Companies are leveraging personalized data to provide customized financial education and support, catering to younger generations who are taking an upstream approach to financial planning.
3. Gamification of Financial Education - Companies are using gamification to make learning about personal finance more interactive and engaging for younger audiences.
1. Automotive Industry - Companies in the automotive industry can focus on creating simpler processes for buying cars, educating first-time buyers, and utilizing community-driven financing options.
2. Finance Industry - The finance industry can utilize personalized data and gamification to provide customized financial education and support, catering to younger generations who are taking an upstream approach to financial planning.
3. Education Technology Industry - The education technology industry can focus on developing interactive and engaging methods of teaching personal finance to younger audiences.