Younger generations continue to evaluate products via more dimensions than ever before. In fact, taste and compelling packaging may not be enough to maintain consumer interest. Rather, shoppers now are considering and assessing the product experience, the ethos and values of brands, and the community they may become a part of as a loyal follower or early adopter.
This holistic outlook—coupled with significant spending power (last estimated to be $2.5 trillion across Millennials and Gen Z)—will influence how companies approach innovation and the multi-faceted benefits many need to deliver, especially as personal and planet health are top priorities for these consumers.