The recession isn’t just a short-term issue—negative economic effects from recessions often linger for young people, such as stagnant wages, low levels of savings, and delayed life milestones. We saw this with older Millennials after the Great Recession.
Since the current picture for Gen Z looks a lot like that for Millennials during the Great Recession, it’s safe to assume they too will feel lingering effects of this recession for many years. And Millennials, facing their second economic disaster in two decades, will likely suffer again. But a scary economic outlook for young segments does not mean that brands should shift their marketing efforts away from Millennials and Gen Z.
Millennial and Gen Z consumers will continue to represent an ever-growing share of your target markets. No consumer brand can afford to abandon these young segments now, no matter what happens in the near term. Their loyalty will be responsible for powering your return to normal growth in the recovery and beyond. It is in your immediate and long-term interest to let Gen Z and Millennial consumers know you are on their side during these difficult times.
Below are two insights from our recent genYZ study (attached above) that help you understand how to let young consumers know you value them and are on their side.