The investment bank Roth MKM published its proprietary 2023 Millennial Survey last week, displaying trends, spending patterns and favourite brands of various categories.
Managing director and head of consumer investment banking at Roth MKM Paul Zaffaroni sums up in a release: “Health and wellness and convenience have become more important for Millennials since the covid-19 pandemic. Consumer brands that have adapted to these changes will continue to command premium valuations from institutional investors and strategic acquirers.”
Other findings included the shift in Millennial’s buying behaviours, showing that 76 percent have decreased their arbitrary purchases. This is attributable to the increment of prices for everyday goods.
In the course of the last 12 months, 45 percent of the participants switched from branded to private labels when purchasing new products. At the same time, Nike, Adidas, Vans and Steve Madden have been voted the leading fashion footwear brands a second time by Millennials.
On top of that, the survey revealed that 53 percent would reconsider buying directly from the manufacturer if personalization was an offered option and that only 28 percent who shop online signed up for subscription items on Amazon in the past year.
Even though the pressures of inflation are present, millennial consumers are still willing to spend their money on services and products that are unique and innovative, complimenting their personal demands.
In alliance with MFour Mobile Research, a total of 279 questions were set up to be answered by 2,500 men and women of millennial age. Included in the survey were brands within eight sections: apparel and footwear, home furnishings, health and wellness, beverage, healthy food and snacks, CBD and cannabis, sexual wellness and pets.