A new report by youth marketing experts YPulse titled “No Place Like Home” provides significant new insights on how the Covid pandemic has changed how Gen Z and Millennials view the homes. The following statement summarizes key findings: “As young people look to their spaces as mental health retreats, at-home items and services that comfort, declutter, or foster a feeling of escape that from the outside world will resonate.” The opportunities for marketers are clear and will be elaborated on below.
YPulse previously observed that millennials have homebody tendencies, with a majority preferring to go to a café or watch Netfix at home as opposed to going to a party on a Saturday night. A recent survey confirms that this sentiment was present even prior to the pandemic, with, “…67% of 19-37 year olds telling YPulse in January this year that they would rather stay in on the weekends than go out.”
Both millennials and GenZ (widely regarded as the most stressed out generation in history) are seeing the home as a refuge from the outside world, as many have felt stressed by issues such as climate change, the 2008 recession, student debt, and now Covid-19.
YPulse and it’s Vice President for Content, MaryLeigh Bliss predict three major trends pertaining to young people and attitudes toward home going forward that are worth looking at and considering into how they affect marketers. They are:
1) Shifts in How Young People Use Their Homes Will Create Opportunity For Marketers
With a strong majority of Millennials and GenZ having the goal of owning a home, how they use that home will be of interest to markets in many product categories. YPulse points out several Covid-related shifts