In Taiwan, millennials have become the most impactful group in terms of workforce and consumption power. On the one hand, millennials are shaping the new era of business not only because they have become the main labor force, but also because many of them have started establishing their leadership as managers or entrepreneurs. Compared to baby boomers and Generation X, millennials also have a higher growth rate in consumption, making them critical for marketers. Considering these factors, WPP Taiwan has hosted a study on Taiwanese millennials to understand their character and come up with ten observations and nine implications for brands. Here are the highlights of this study.
• Millennials are not confident of themselves.
Our study shows that 66 percent of millennials claim to lack of confidence, feeling anxious about their future. This might be because of low salaries and high housing prices. Living in such an economically challenging environment, millennials have started to search for other kinds of success, more “invisible” ones, such as the development of second skills and overseas working holidays.
• Millennials are enthusiastic about changing and improving.
Although millennials lack confidence, they still dare to make changes and improvements. They have never stopped searching for solutions to enhance convenience and efficiency. They apply the sharing economy to diverse areas such as co-living. They also fight for their beliefs and public interests, such as labor rights and same-sex marriage.
• Millennials believe that authenticity is not just about the product itself, but also about a brand’s stance and practices.
While older millennials (born between 1980 and 1990) are used to verifying the authenticity of the products and services they purchase, younger millennials (born between 1991 and 2000) take a further step to keep an eye on how a brand practices its promises and words. In addition, millennials appreciate and support brands that have a clear stance on topics relevant to them.
• Millennials feel lonely and create many “little circles/groups” to do things together.
Growing up in families with only one or two kids, many millennials did not have a lot of company in their childhood. In our survey, 38.6 percent of millennials feel alone and are searching for a sense of belonging. For this reason, millennials actively create their own “little circles/groups” when participating in different activities, such as gaming or dining. Therefore, more and more sub groups are forming among millennials based on their personal interests.
• Younger millennials have a relatively low sense of identification with Taiwan.
Unlike other generations who are optimistic about the future of Taiwan, millennials, especially younger ones, are somehow concerned about it.
Implications for brands:
• Brand and communication:
First, brand should have standpoints on topics that Taiwanese millennials care such as low salary, long working hours, and same-sex equal rights. More importantly, brands must practice what they preach. Secondly, brands should consider how to strengthen identification with Taiwan among millennials. For example, brands could invite millennials to promote Taiwan together.
The “one size fits all” strategy is not going to work anymore. Brands should leverage big data to learn more about target audiences and try to join and be part of millennials’ little circles. For instance, when targeting younger millennials, brands could start from understanding gamers. Only when a brand speaks millennials’ language can it ffectively reach this generation.
• Product and services:
Brands could consider how to help millennials boost confidence. For instance, brands could design products and services based on millennials’ pain points such as the down payment of housing. Being a “useful” brand will make millennials recognize and further fall in love with the brand. Additionally, brands could embrace millennials’ willingness to share and co-create new things. Thirdly, brands should think about how to add Taiwanese culture and DNA to their products and services.
• Retail experience:
Retail channels are not just for closing deals. Brands should redefine the objectives of each communication channel and design a unique journey for millennials to experience the brand. For example, physical channels could be the best places for consumers to experience and learn about new or abstract concepts.
In summary, this study identifies some challenges and opportunities for brands to communicate with millennials in Taiwan, and we hope to come up with more actions to take together with brands