Mar 2021

GET READY TO ROAR…

How the different generations will ROAR in the 2020s

Our new report GET READY TO ROAR feeds off a thought we recently
found inspiring:

“Luck is where preparation meets the moment of opportunity”

After well over a year when the entire human race has been biding time – waiting expectantly for a vaccine to allow the world to get back out there – we at Gone Shopping emboldened ourselves with the idea that we create our own luck and set ourselves the challenge to identify thoroughly optimistic insights to help prepare us and our clients for our shared moment of post-covid opportunity.
No naysaying or scepticism – we heartily embraced the notion of a new era that promises recovery and rebirth.
No prevarication – we forbade ourselves to sit on the fence.
No gloomy retrospection – we focused on foresight, fact-gathering and insight.
And no obsessive pondering – we prioritised actionability and inspiration.
When you try to project the future in times of such uncertainty, it’s never easy. In certain instances, we’ve simplified and pulled together a web of facts and thoughts that inevitably have their own complexities, and merit their own analyses. That is not the goal we set ourselves here. The result we believe we have achieved is a mix of positivity and hope tempered with realism and pragmatism.

Our Over-riding insight
On the cusp of change, the 20s will ROAR, but every generation will ROAR differently

We are on the cusp of CHANGE

The elements are set to align….

There is a lining up of what the economy needs to rebound:
• Governments are putting in place support packages and widely available credit.
• This will enable a powerful spending splurge – economists are predicting growth as consumers come out of their bubbles
• Society can change at record speed – at the start of covid, we saw entire routines and lifestyles turn on their heads within days. We can expect the same volte face as the vaccine frees us all.
• There is a tsunami of imminent innovation waiting in the wings – game changing innovation – already developed- will create jobs and economic growth.

Let’s not forget that much of the population will face the toughest times post-covid. There will be high levels of unemployment, hopefully short-lived, but widespread. As with many economic crises, the luxury consumer is often better placed to rebound. Many will emerge from covid wealthier and stronger. It is with the luxury consumer in mind that our study has been created.

No doubt about it….The 20s will ROAR…

There is a rebound brewing in consumer mindset:
• Globally, consumers are hungering for FREEDOM –
• LIFE HAS BEEN ON HOLD creating pent up desire from a year in and out of lockdown
• SCIENCE IS THE LIBERATOR, freeing consumers to live, regain control, dream, laugh, plan, interact
• SPEND SPEND SPEND to make up for lost time and use savings in a joyful rush of euphoria
• Social life is set to ignite as life will again be textured and characterised by what happens outside the home
• A RELAUNCH OF THE SOCIAL SCENE as exuberant, extrovert and decadent as possible
• EXTRAVERSION = THE NEW M.O. as we move from social distancing to social gathering
• Personal freedom is set to explode as we move from ponderous introspection to giddy extroversion
• EXPERIENTIALISM & SENSORIALISM = THE NEW FOCUS as we focus on life lived in the present
• THE RENEWAL OF SEXUAL APPETITE in a post-pandemic release of sexual desire

Whilst both Sceptics and Positivists agree that the elements are lining up, the big questions are WHERE they’ll align first and WHEN each market gets its turn. Will it be China? Will it be the already affluent hotspots of the developed world? Or will we be surprised by new luxury continents roaring first and loudest?

The economic baton will be passed to the young as each generation are destined to ROAR differently….

Conventional wisdom would have us believe that ROARING is the domain of the Young; that decadence and desire erode with age, that verve and entrepreneurialism subside; and give way to maturity and conservatism; responsibility and resignation; exhaustion and disinterest. This was certainly the case in 1920s America, when two thirds of the population were 35 and younger, with a median age of 25.

Today we have a reversal of this age-based schism. We may have an ageing population, but it’s made up of generations who defined the very notion of Independence and Hedonism. In their youth, Boomers were the biggest ROARERS society had seen in centuries, carrying throughout age the same excitement and experientialism, decadence and desire as they go on to rewrite every decade. Conversely, today’s Young are arguably more serious in their demeanour and outlook, having been history’s kidults, robbed of childhood, prematurely thrust into a harder, tougher world.

As Boomers and Gen X review both the feasibility and appeal of staying in the workplace in their current role, the economic baton gets passed to the young.

It’s a major shift that’s been waiting in the wings.
• It has been forecasted that Millennials and Gen Z will account for 45% of the personal luxury goods market by 2025
• As one of the largest generations in history – in sheer numbers – Millennials will become the dominating generation in the workforce
• They bring with them a very different value code: how they value success, how they define status, how they engage with change, how they view and live life’s opportunities
• Their futures are defined by how they can take advantage of the social progress available to them. This holds the potential to rewrite geographical power as emerging market Millennials are the ambitious optimists, full of hunger and entrepreneurial drive, whilst developed world Millennials battle pessimism and self-doubt.

Covid hasn’t created the shift but it will be the biggest accelerator of the transition of power from one generation to another.

Bullish Boomers will ROAR for FREEDOM…

Boomers are one of the largest generations in the world today, with 148 million in the EU, 69.56 million in the US and 14.28 in the UK. Born between 1946 and 1964 during the post World War II boom, they are now aged between 57 and 75. They lived through a period of major affluence and government subsidies that drove major reforms and improvements in education and society, such as the pill and feminism. They were the trailblazers of the swinging 60s and 70s. They are THE REBEL GENERATION who rejected and rewrote the rules by which previous generations lived. Known for their work ethic and self-assurance, they are independently-minded, competitive, goal-centric, resourceful and mentally focused. As they’ve progressed through each decade, they rewrite the rules and codes that age implies.

Now their aspirations are focused on living their current age on their own terms. They revel in their freedom and independence; they pride themselves on staying fit and up to date; they escape limits and restrictions remorselessly.

Not surprisingly, they are drawn to brands that promise FREEDOM.
• Brands like Levis that embody the spirit of their generation, that have grown with them, and sustained the test of time
• Brands like Harley Davidson and Jack Daniels that embody FREEDOM itself, made iconic by their icons from Keith Richards, Bruce Springsteen, Bob Dylan and beyond….
• Brands that represented a new spirit of youth – like Nike and Adidas- that still embodies their attitude through life, that spoke directly to their sense of can-do and self-assurance
• New entrepreneurial platforms – like Amazon – respected for efficiency and ingenuity, solving problems and making life easier

Preferred Boomer brands share the sense of agelessness and non-conformity; they are non-judgemental and difficult to place into tight boxes; they are irreverent; they provide a welcome escape from banality and convention. Interestingly, many of the messages these brands use today to appeal to younger generations also resonate with Boomers.

As Boomers ROAR for FREEDOM, they will be open to brands and propositions that play to their ageless, unconventional spirit:

• EXPERIENCES that represent escape and living intensely
• holidays to far flung places
• cars and motor bikes for their “on the road” odyssey
• yachts that release them from the everyday
• getaways that embody the ultimate in indulgence
• 2nd homes that transplant reality
• priceless experiences that underline and reward their uniqueness
• AGE-DEFIANCE
• fashion – rather than age-appropriate, this is about styling that plays to timeless youthfulness and a devil-may-care attitude to age
• beauty that redresses time, in terms of both daily routines and aesthetic treatments and procedures
• fitness for maximum performance
• health, both precautionary and specific
•CARPE DIEM ONCE-IN-A-LIFETIME PURCHASES
• the collector’s car
• the super fast motorbike
• the megawatt diamond
• the showcase home
• the mind-blowing holiday of their dreams

As the first-vaccinated coming out of Covid, get ready for the first ROAR to be the Boomer ROAR for Freedom.

Glitz-driven Xers will ROAR for a taste of GLAMOROUS HEDONISM

Aged between 40-55, Generation X can no longer be written off as the in-between generation, characterised only by the Boomers who came before and the Millennials who come after. Whilst less of them, with 65.2 million in the USA, 112 million in EU, and 14 million in the UK, they are a sizeable demographic. Mature and confident, with the income benefits of higher education, they now sit in positions of economic and social power, able to indulge their tastes and realise their aspirations.

Their upbringing prepared them for constant re-invention: 5 recessions, working mothers and latchkey childhoods; divorced parents and patchwork families; reducing fertility rates; as well as crack and AIDS. They morphed from Slackers into Businesspeople; they were Russia’s last Soviet Children; they were the heroes of 9/11. Their era created Britpop, MTV, indie films, grunge, video games and instigated the internet and the dot.com boom. They were the original Soho House members and the inspirations for major entertainment phenomena such as Friends, Sex & The City, Breakfast Club and the novels of Jay McInerney and Brett Easton Ellis.

Comfortable with credit and often ladened with debt, they like LIVING LIFE LARGE. They prioritise being active and happy and are intent on work-life balance. They have entrepreneurial tendencies. They are MASTERS of REINVENTION morphing with elan and enthusiasm from banker to mindfulness expert; marketer to philanthropist; designer to doctor. They are driven by personal fulfilment and experimentation. They value self-expression, fun and self-fulfilment. They are youthful and mindful, ever-ready to re-invent for a new stage.

As the beneficiaries of luxury’s broadened reach in the 80’s and 90s, they are drawn to brands with glitz and status, rooted in times of affluence and joie de vivre. eg

STATUS BRANDS
• Brands that conjure up the high life (Porsche, Ferrari, Rolex, LV)
• Brands resonant of high living (eg Riviera brands like Dolce & Gabbana), elite hotels and destinations (eg Mustique, Maldives) and privileged experiences (Club 55, heli-skiing, elephant polo…)

BRANDS MADE FAMOUS BY TV & FILM
• TV icons (Sex & The City’s Manolo Blank, Jimmy Choo, Versace, Ralph Lauren, Dior, Gucci, Chanel, Fendi, Dolce & Gabbana, Tiffany)
• Advertising icons (Absolute Vodka)
• Film Icons (eg Devil wears Prada/ Vogue, Prada)

BRANDS MADE FAMOUS BY GEN X ICONS
• Naomi Campbell & Alaia
• Supermodels & Versace
• Kate Moss & Calvin Klein

Preferred Gen X brands bring a spin and a sparkle to life. They tend to have an entrepreneurial backstory; they are creative; they culturally reference; they are dynamic and exciting; they are part of the enjoyment of life. Like the Gen Xers who buy them, they too are MASTERS OF REINVENTION.

As Gen-Xers ROAR for a taste of GLAMOROUS HEDONISM, they will be open to brands that play well in a time of glitz and decadent rebirth that reflect their own talents for invention and reinvention.

REINVENTION of brands that summon up a giddier time. No matter how dated they may have seemed, brands whose heyday was in the 90s can now regain their edge; where being accomplice to kicking up your heels as a raison d’être can again achieve value and status.
• fashion
• destinations
• drinks
• icons

INVENTION of new entrepreneurial ideas to play to Gen Xers youthful reinvention of their middle-age and what their older years may look like
• property development concepts to cater to new living scenarios
• leisure concepts
• entertainment ideas
• wealth planning (for new models of inheritance)
• philanthropic platforms
• self-care and parental care
• mental strength through ageing

The immediate notion that comes to mind of Roaring 20s’ parties, underground speak-easies and unabandoned hedonism is most likely to be populated with Party loving, glitz seeking Gen Xers.

Millennial Progressives will ROAR for a taste of CHANGE….

Aged between 25-40, Millennials represent the largest demographic group in the world today. Simply put – there are lots of them: 1.8 billion globally, 102 million millennials in the EU, 72.1 million in the USA, 12.36 million in the UK. Born between 1981 to 1996, they are very different to previous generations having grown up as digital natives, born into a global society, experienced in constant awareness of terrorism, used to economic boom and bust. They live on Insta and have Amazon efficiency as the norm. In developing countries, they are the first generation to enjoy the benefits of education.

They believe themselves to be SPECIAL. They are tech-savvy, civic-orientated, conscious and aware, flexible, authentic, transparent, liberal, progressive. They prioritise kindness and compassion, are creators of “woke” culture, and celebrate diversity. They are team-orientated, nomadic and adventurous, practical and results-orientated.

They look for INSTANT GRATIFICATION: they value experiences, particularly travel; they enjoy extremes that make memorable moments; they desire recognition as valuable contributors; they are fluid, able to move into new existences at whim; they are egalitarian. They have a collective confidence to be seen as special. They prioritise progress.

They are drawn to brands that reflect their values and aspirations:
• Fashion brands that rewrite rules of luxury eg Gucci and Balenciaga, Supreme and OffWhite
• Democratic brands eg. in fashion like Asos, Converse, H&M, TJ Maxx and in life like IKEA, Costco and Target.
• New generation propositions that play to their value code like Glossier, Everlane, Fenty, Tesla and Veja.
• Life platforms and brands that are part of the fabric of modern life like Amazon, Youtube, Netflix, Google, Spotify.
• Brands that play to their tastes like Seedlip and hobbies like Playstation, Nintendo and Xbox in gaming.

Millennial Progressives will drive change through a new value code that impacts across experience; the way people look and are judged; the way we attribute status and achievement; through to what affluence and luxury mean in a changing world.

As Millennial Progressives ROAR for CHANGE, they will be open to brands that reflect their own goals and different value code.

• DISRUPTIVE BRANDS designed to be more honest, more transparent, more ethical along the entire chain, less into old school tactics like Glossier, Seedlip, Everlane, Warby & Parker, Veja

• EXISTING BRANDS/ NEW CODES & CUES playing to a new millennial sensibility and aesthetic, often tech-inspired, gender-free, confidently questioning the mores and styles of previous generation whilst embracing select traditions and cultural references.

Gen Z who follow are destined to cement the new value code and make it evermore the norm. As they do so, it is inevitable that Boomers will look on perplexed while enjoying the fruits of their labour and longer life expectancy. Rather than a fractious battle, it will be a harmonious co-existence of 2 extremes, moderated and balanced by GenXers who flipflop from one world to another.

A few final thoughts….

Does this suggest that the days of planning by mindset rather than demographics are over? Does it lock brands into an age-defined strategy, being the exclusive property of one age group vs promiscuously straddle a number?

Far from it……

We believe that all brands need a bullseye target as its focus, which will steer its brand positioning and direct its comms spend. This will inevitably be mindset-driven.

As the various generations pursue their different value codes, the biggest shift will be in the scale and nature of the challenge to identify a mindset that straddles generations. In doing so, there may be some surprises:

• Millennials and Boomers – whilst so different in many ways on the surface- may actually respond to the same messages and drivers. Brands may actually end up being the biggest generational unifiers
• Brands that play to millennial values – diversity, non-typecasting, non conformity- may end up celebrating and featuring the very generations they seek to distance themselves from. Think Gucci Cruise 2020 campaign featuring Iggy Pop within a throughly diverse group of revellers and hedonists
• In a time when all generations have been hit with fear of mortality, when pure survivalism jumped to the top of everyone’s agenda – whatever the end message and mindset – brands will have to project a real sense of positivity and optimism at the core of who they are. Feel-good will no longer be imbued as being saccharine, even naff- it will be the modern day liberating force.
• boldness will take the form of generosity – of spirit, of behaviour, of company culture. Identifying the mindset of the company will be as important as identifying the mindset of the consumer it seeks to target. The boldness will be in living up to it.

We’d love to share….

To discuss any points raised in this summary that resonate (or that don’t), to request a full presentation or discuss a project, please contact Dawn Coulter on dawn@goneshoppingagency.com.

SOURCES

• https://marker.medium.com/will-the-2020s-really-become-the-next-roaring-twenties-5a05ce995499

• https://www.bloomberg.com/news/features/2021-01-26/roaring-twenties-2020s-will-try-to-roar-like-1920s-after-covid

• Five charts that set the tone was NY Fashion Week 2021 kicks off / McKinsey & Co/ Feb 21

• https://liga2037.com/wp-content/uploads/2020/04/LIGANOVA_WhitePaper_TheConsumerPostCorona_en.pdf

• https://www.insidehook.com/article/sex-and-dating/sex-after-coronavirus?utm_source=direct&utm_medium=inline&utm_campaign=related

• https://www.dailymail.co.uk/femail/article-9161073/Top-fashion-designers-reveal-new-Roaring-20s-fashion-trends.html

• https://www.wardrobeshop.com/blogs/vintage-style-fashion/1920s-vs-2020s-fashion

• https://www.vogue.co.uk/fashion/gallery/spring-summer-2021-fashion-trends

• https://www.ft.com/content/3f3fd905-92a4-4361-ba4d-11bf222b2c33

• https://www.bloombergquint.com/gadfly/what-we-bought-in-2020-and-what-we-ll-buy-in-2021-another-covid-great-rotation

• https://www.whowhatwear.co.uk/spring-summer-2021-fashion-trends/slide2