In this blog I’m going to be researching my target audience;

Since the bank that I’m creating have a target audience aged between 15-25, that is the age group I will be focusing my research on. For those aged 15 to 25, they are at the tail end of millennials and the beginning of  Generation Z.

While doing my research, I find that there is little financial report done for those aged 15 to 20, perhaps becomes they are still currently in school.

Thus I turned my attention to the Millenials reports because Millennials are currently the largest generation in history with a lot of spending power. Also, the tail ends of the millennials (aged around 22-25) still falls within my research range. Reading through these reports gave me a sneak peek of the current spending habits and what kind of economy my target audience might be going into.

After sifting through numerous online articles, I found many interesting reports which predict a change in the lifestyle and the needs of the younger generation.  There is just too much information to document all in a single blog, but I would like to discuss a few of the most interesting articles I found.

One of the best reports I read was by Goldman Sachs, named the “Millennials Infographic“. In this report, they have gathered some very interesting data on those aged around 22 to 42 years old.

Other very useful articles include ” THE DELOITTE GLOBAL 2021 MILLENNIAL AND GEN Z SURVEY” and “Millennials and Money Understanding financial experience“, I’ll also be referencing both of these reports in my research.

There is just too much information to document all in a single blog, but I would like to discuss a few of the most valuable insights I gained from reading the articles and summarise the important points;

 

1) We are getting more and more tech-savvy

Millennials are the first generation to have grown up with the internet, especially for the more privileged Gen Z’s, who perhaps have never known a time without it. Because of this shift in technological advancement, online shopping and services are an essential part of their lives;

And it should also come as no surprise that many are used to getting instant access to price comparisons, product information and peer reviews. These online functions are forming an important part of a customer’s purchasing decisions;

Thus, It is now more important than ever that brands create a strong social media presence. While I agree with the report that just having a strong brand is no longer enough to lock in a sale, I disagree with the statement that “brands are shrinking in importance, social media is growing.”;

For me, when a company creates a presence on social media, it’s a form of marketing. While good social media marketing can give a company more sales, having quality products, excellent services and good branding is still essential for a business’s longevity. An article from 99designs explains how even just by just having good branding can impact a business in the long run;

“Marketing drives sales, branding drives recognition and loyalty……Branding isn’t the best solution if you’re looking to drive sales. But it is the best solution if you’re looking to build brand recognition, drive positive brand sentiment, and foster customer loyalty, which is just as (if not more) important—and which, coincidentally, will have a major impact on your ability to drive sales in the long run.” – 99designs

 

 

2) Money instability, inequality and uncertain future outlook

As we can see from the above report, the millennials are in more debt than ever, and overall have less money to spend. Due to this situation, the price of items has become a more important consideration when purchasing an item;

With massive income inequality, along with job security worries; a lot of young people are pessimistic about their financial future;

 

 

3) Delaying many of life’s big choices, more than 1 way to live your life

Due to income instabilities, a lot of young people are being put off from buying homes, marriages and parenthood.

 

While money plays an important factor in the delay of important life events, it could also be due to the fact that now young people have much more options than before. Many choose to travel or start a business before settling down, there is less urgency to follow the life patterns of the older ways, where certain milestones or actions are socially excepted to be done at a certain age.

 

4) sustainability and accountability 

 

It’s no surprise that young people are placing importance on sustainability and the environment. Not only that, the young generation of today are more likely to hold companies accountable, calling out sexism or racism.