Pictured from left to right: Yak, Szpitalak, Sun, and Huterstein, with Dan Murphy from _CNBC _moderating.

Millennials don’t stay with one company throughout their careers. They crave consistent feedback and embrace failure as a learning opportunity on the path to success. They’re comfortable investing in startups and don’t conform to the traditional 9-to-5 office schedule.

These characteristics and perspectives of Millennials were openly discussed at the 2018 Credit Suisse Global Megatrends conference, yielding some unexpected insights.

Anton Szpitalak, CEO and Founder of Tribe Breweries and Young Investors Organization (YIO) Board Member, emphasized that while Millennials might not face the same challenges as the previous generation, their problems are no less significant. The YIO, backed solely by Credit Suisse, is a prominent network of over 1,200 individuals from the world’s most influential families. Szpitalak highlighted the misconception surrounding Millennials, stating that their issues differ from those faced by earlier generations. He stressed the need to understand these differences.

Louise Huterstein, CEO of Pursuit Hospitality and fellow YIO Board Member, echoed this sentiment, adding that Millennials, having grown up amidst a constant influx of information, possess distinct expectations. They are acutely aware of possibilities and maintain high standards.

When questioned about their perception of Millennials, 42% of the audience chose “it’s complicated,” while 35% saw them as “a great business opportunity” and 22% found them “hard to please.”

Szpitalak considered the “it’s complicated” perception a misunderstanding. He emphasized the transparency of Millennials, suggesting that to understand them, one simply needs to observe their online presence, particularly on platforms like Instagram.

Pocket Sun, Founder & Partner of SoGal Ventures, the first female-led Millennial venture capital firm, highlighted the multidimensionality of Millennials, advocating for a nuanced understanding beyond simplistic labels.

Huterstein challenged these generational categories, advocating for collaboration and recognizing similarities across generations, particularly within families. She emphasized the business potential of catering to Millennials, highlighting the importance of anticipating the needs of future consumers to avoid stagnation.

While Chauwei Yak, CEO of GAO Capital, acknowledged the perception of Millennials as fickle, Szpitalak argued that they are merely adapting to a constantly evolving environment.

Targeting Millennials: Brand Strategies

When it comes to investments, Millennials prioritize risk, reward, social impact, and return. Huterstein compared their decision-making process to navigating the overwhelming choices in a supermarket aisle, where the fear of missing out on something better is ever-present. They are quick to shift loyalty if a brand doesn’t align with its promises but are equally quick to return if satisfaction is restored.

Sun emphasized that Millennials prioritize value over money. They expect brands to be ethical and sustainable as a baseline, not a selling point, and are quick to criticize those that fall short of these expectations.

Authenticity and storytelling are crucial for resonating with this generation. Szpitalak stressed the importance of aligning with their desire to solve significant problems, while Huterstein cautioned against prioritizing social impact over product quality. She argued that a strong product is essential for effectively communicating social good initiatives.

Sun echoed this sentiment, stating that sustainability and social impact should be ingrained in a business model, not used as the primary selling point. She cited Function of Beauty, a company in SoGal Ventures’ portfolio, as an example. Function of Beauty offers personalized, vegan haircare online, prioritizing high-quality, ethically sourced ingredients without explicitly marketing these features.

Huterstein reiterated the need for brands to stay true to their promises and adapt to evolving consumer preferences, comparing the market to a supermarket aisle with endless choices.

Millennial Workstyles

In the workplace, Millennials prioritize experience over high salaries. Huterstein highlighted the disparity between what corporations believe they offer and what Millennial employees actually value, citing tailored incentive trips as an example. Sun added that Millennials desire flexibility, such as access to gyms in different countries, aligning with their asset-light lifestyles.

She emphasized the increasing prevalence of remote work and digital nomadism, reflecting a generation that transcends geographical limitations. Huterstein added that Millennials blur the lines between work and leisure, seeking enjoyment in both.

Future Trends for Millennial Consumers

The next wave of innovation might arise from esports or addressing unmet needs in women’s health. Sun pointed out that medical research and procedures often neglect gender differences, advising businesses to recognize the significant consumer power of women.

Yak observed that while Millennials are data-driven, they also have short attention spans, seeking quick access to information. This highlights the need for user-friendly websites optimized for mobile devices. Sun identified an opportunity in catering to the nomadic lifestyle, particularly in the realm of international money transfers, where high fees remain a challenge.

Contrasting Asian and Western Millennials

Yak noted that Southeast Asian Millennials tend to be less entrepreneurial than their counterparts in China, the US, and the EU. She attributed this difference to cultural norms and a greater emphasis on traditional career paths.

Huterstein agreed, suggesting that societal expectations and a sense of obligation influence career choices among Asian Millennials.

Despite the digital fluency of Millennials, Generation Z surpasses them in digital nativeness. Sun noted that common Millennial characteristics are likely to be amplified in Gen Z, emphasizing their potential to shape the future.

The session concluded by polling the audience on their generational affiliation. Approximately 57% identified as Gen X, 23% as Millennials, and the remainder as Baby Boomers.

Explore:

Read the TechTrade Asia blog post about the Credit Suisse Megatrends session on artificial intelligence (AI).

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*Function of Beauty currently ships to the US and to parts of the UK.