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Insight of the Day: Deloitte’s 2024 Gen Z & Millennial Survey: Key Takeaways

Deloitte’s 2024 Gen Z & Millennial Survey: Key Takeaways

Findings:

  • Environmental Action: Both Gen Z and Millennials strongly desire more government and business action on climate change. They are willing to pay more for sustainable products and consider buying electric vehicles.

  • Generative AI at Work: While uncertain about the use of generative AI at work, frequent users from both generations see potential for improving work processes, with millennials being slightly more optimistic.

  • Economic Outlook: Despite cautious optimism about the economy, both generations feel positive about their personal financial situation. The cost of living remains a top concern, especially for millennials.

Key Takeaway:

Gen Z and Millennials are aligned in their concerns about sustainability and the economy. They are willing to take individual action and expect businesses and governments to do more to address these issues. While uncertain about generative AI, they recognize its potential to improve work processes.

Trend:

The survey highlights a growing trend of young generations actively engaging with environmental and economic concerns. They are increasingly conscious consumers and expect businesses to prioritize sustainability. There is also an openness to new technologies like AI, but with a cautious approach.

Conclusions:

  • Gen Z and Millennials are a powerful force for change, demanding action on sustainability and expecting businesses to offer sustainable solutions.

  • Their optimism about personal finances suggests a potential for increased spending on sustainable products and services.

  • The cautious approach towards AI indicates a need for transparency and education about its potential benefits and risks.

Implications for Brands:

  • Prioritize Sustainability: Invest in sustainable practices and clearly communicate your commitment to environmental responsibility.

  • Offer Sustainable Products: Develop and promote products that meet the growing demand for sustainable alternatives.

  • Embrace AI Responsibly: Explore the use of AI to improve efficiency and customer experience, but address potential concerns and ensure transparency.

  • Understand Financial Concerns: Tailor products and services to address the financial concerns of young generations, such as affordability and value for money.

  • Engage in Dialogue: Communicate openly with Gen Z and Millennials about their concerns and expectations, and actively seek their input in shaping your brand's future.

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