As Millennials move into their prime years, their attitudes, experiences and spending patterns are impacting businesses and the broader economy. A panel made up of four millennial investors and venture capitalists spoke about what their generation looked out for in the products they buy, the businesses they invest in and the experiences they seek.
Louise Huterstein, CEO at Pursuit Hospitality AG, noted that Millennials are seeking growth and life experiences that are “all-encompassing”. She urged brands seeking to target this demographic to stay authentic and tell their stories well.
While Millennials prize companies and brands that are sustainable, good design is also important in attracting them, argued Pocket Sun, Founder & Partner, SoGal Ventures. “You need to have good design in the front while doing all the good things in the back,” she said.
Beyond good design, products and services designed for younger consumers must also be easy to access or risk being ignored due to their short attention spans, advised Chauwei Yak, Chief Executive Officer at GAO Capital.
Meanwhile, Anton Szpitalak, CEO and Founder of Tribe Breweries said that investors looking for outsized gains would do well to consider younger companies “nibbling” away at the market share of incumbents in traditional industries.
“If there are only two incumbents in an industry, I know I can out innovate them,” he said.