How about putting a group of millennials in a pool of balls or allowing them to play with giant toys? As weird as it may sound, but the fact is that millennials today are increasingly turning away from expectations that come with adulthood, to focus on experiences, that make them feel alive. On the other hand, the silver set can be found to be harnessing the power and potential of technology to address their lifestyle preferences and their needs.
Brands will have to learn to leverage these changes in attitude and experiences. In fact, they have already begun helping millennials leave behind anxieties of their adult life towards youthful experiences that are fun- filled and close to nature. At the same time, they are developing tech-enabled platforms that will encourage peer-to-peer interaction and economy, among the boomers.
The more diversity you bring to your team, the greater your chances of finding ground-breaking innovation.
In this yet unexplored world, millennials try to unwind, reduce stress and create experiences with high social interactions that will free them of day-to-day responsibilities and chores. Prioritizing ‘experiences’ over stuff, this anxious generation is choosing to participate in adventurous events inspired by summer camps and carnivals, outdoor Yoga camps, and stress-reducing getaways, to enjoy youthful freedom and to take a break from their adult life.
This trend is creating opportunities for several start-ups, while also compelling established companies to use adventurous and youthful activities to draw millennials to their doorsteps.
Meanwhile, the new generation of retirees, confident of living a quality life, are not sitting at home knitting. This age cohort is ready to embrace the new sharing economy initiatives, such as professional opportunities, financial freedom and helpful tech innovations, that will counterpoise barriers to income and resources. They are increasingly choosing to go digital for their interactions. The fitness industry has woken up to the opportunity that pensioners present, so has the travel industry, dating sites, property, among others.
As the trend catches on, we will see more brands recognizing the diverse expectations of the two segments and creating programs that will meet the needs of the disruptive demographics of today's aging marketplace.