Millennials seek exclusive identity and indie business model: study

Singapore

BUSINESSES targeting the millennial consumer market need to be aware of Generation Y's tech-savviness and their demands for authenticity and an exclusive identity, said Bernd Schmitt, pioneer executive director of the Nanyang Technological University's (NTU) Institute on Asian Consumer Insight (ACI) and current special adviser to ACI.

ACI conducted studies in India, China, Vietnam, Thailand and Indonesia in November 2016 - comprisingethnography research and immersive consumer group interviews - and found that millennials "want to look good and stay healthy, want crafted, customised unique products and solutions, (and) have strong needs for experience, exploration and self-expression", noted Prof Schmitt.