Brands relaunch products with a fresh approach to target younger audiences
Implications - Marketers are increasingly narrowing their focus on the Millennial generation, going so far as rebranding their image to appear more youthful and hip to appeal to this large market group. Millennials present a huge opportunity for brands as they comprise consumers who are vocal about their brand preferences and comfortable spending money. According to the CEO of Buzz Marketing Group, Tina Wells, Millennials in their 20s spend thousands a month, and the younger their age, the more disposable is their income. Thus, for companies that are more rooted in tradition and "old-fashioned" themes, rethinking your brand image may be in order.
Trend Themes
1. Youthful Rebranding - Companies are rebranding to appear more youth centric in order to appeal to the Millennial generation, tapping into their willingness to spend money and voice brand preferences.
2. Celebrity Endorsement - Major brands are using celebrity endorsements to appeal to youthful target markets as they present significant business opportunities.
3. Revitalizing Traditional Products - Marketing strategies that work towards breathing new life and hip vibes into existing products have tremendous potential to increase profitability and reimagine old brands.
Industry Implications
1. Food & Beverage - Companies explore youth-centric rebranding by introducing exotic flavors & prettier packaging, and revitalizing traditional food items.
2. Automotive - Auto brands are using celebrity endorsements and youthful campaigns to reach a young and hip audience, paving the way for disruptive innovation opportunities.
3. Entertainment - An increasing number of traditional establishments are catering to late-night revelers by transforming themselves into late-night hotspots, providing disruptive innovation opportunities for other businesses in the entertainment industry.
