YMS 2024: Takeaways from the Youth Marketing Event of the Year

1. Experiential wealth is top of the agenda with Gen Z wanting IRL experiences:

Also known as the experience economy, young people value making memories and the impact these moments have on personal growth, this often outweighing monetary metrics. This generation craves memorable connections. 

2. Money and cost of living remains a key concern:

Affordability is still key but as we mention above, they want to live in the moment, whilst 54% would spend outside their budget for once in a lifetime experience, 97% are worried about the cost of living.

However, there’s no stronger way to offer value than offering a product at a discounted rate, young consumers managing a tight budget will thank you.

3. Traditional advertising simply isn’t working, ad avoidance is at an all time high:

Both Gen Z and Gen Alpha skip 97% of ads, and 60% of them are using an ad blocker. IRL and experiential marketing really has its place in modern marketing, with Gen Z being simultaneously hounded by the digital world, they have online information fatigue. 

We may be biased, but experiential is still king…

4. The power of human connection is still valued - but AI is the hot (albeit divisive) topic:

It’s no surprise that Gen Z are the most tech driven generation. 40% feel AI is a threat, but many are using it to help them. They are a generation that believes in working smarter, and are at the forefront of shaping this technology. They still believe in the power of human connection and place value on real interactions.

5. Schools don’t equip young people with the right life skills and this generation are curious:

They feel the need to upskill themselves and are turning to TikTok for advice. There is a place for brands to support here and be part of the conversation, if done (excuse the buzz word about to drop..) authentically and in a non patronising way. The Hustle Culture is real and Gen Z are leading the way, they need help to navigate running a small business or a side hustle.

6. Gen Z are more forgiving than we maybe think, they expect scandal but it’s how you deal with the clean up:

Phrases such as ‘cancel culture’ and ‘woke’ have been thrown around so much it now feels meaningless and Gen Z are disassociating themselves from these terms despite actually fitting the description of woke.

Interestingly, they are perhaps more forgiving than previously thought, 46% would ‘uncancel’ a brand if they made genuine steps to address challenges. They expect scandal, but it’s how it’s dealt with. Is the clean up sincere and proactive? 

The key takeaway for us was clear: brands must meaningfully engage with Gen Z and Gen Alpha  instead of holding them hostage with ads. The cost of living crisis is real, but making memories is far too important, and experiences help to shape them and the world around them. 

Brands have become complacent with how they perceive their role in the lives of consumers, they are not the hero of the story. Take a back seat and be the supportive cheerleader, not the dictating Uncle!