Business

Financially Savvy Millennials Value Experiences, Long-term Wealth & Stability

The Sydney Millennial 20/20 Summit will be held at Carriageworks on 14-15 November 2017.

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It’s a fact millennials are the first ‘digital-native’ and most highly educated generation in Australian history. They have an unprecedented tech-savvy ability and on-the-go connectivity which allows anyone to be a micro-influencer. In the words of Freddie Mercury millennials “want it all and they want it now,” and with Afterpay, seizing the day and living your best life now, are a wonderfully achievable reality.

Nick Molnar, Co-founder and Head of Afterpay recognises millenials are driven by creating memories and capturing fast-paced trends. “They’re financially responsible adults and savvy spenders looking to secure their next fashion purchase or travel adventure today,” he said.

The millennial is no longer just described as a generation, with such a strong cultural impact; their far reaching mindset permeates modern behaviour patterns and spending habits across multiple generations. With such a strong presence on the retail and spending scene, they are the driving force behind the disruption and reshaping of the Australian business landscape.

Mr Molnar added, “Nearly three quarters (73%) of Afterpay’s customer base are millennials and in a recent survey we found most millennials stick to a budget, spend hours researching their purchases and are more inclined to spend their own money than use a credit card.”

In fact 85% of Afterpay transactions are via debit card, indicating the smart spending initiative, which has become so popular with millennials, is in fact the sensible option for the rarely frivolous generation who are clearly willing to save large amounts of money for major purchases and experiences.

Millennial 20/20 Sydney is an event that will bring together experts from across finance, innovation, marketing and advertising, retail, travel, hospitality and lifestyle, food and beverage, e-commerce and fashion and beauty. Joining Mr Molnar is –

  • Helen Geoghegan, Senior Marketing Manager, Business at Westpac
  • Tiziana Bianco, General Manager, Innovation Labs, Commonwealth Bank
  • David Hyman, Co-Founder and Managing Director, Lendi
  • Anthony Millet, CEO, BRICKX
  • Casey Bosward, Social and Content Lead, eBay Australia
  • Alexandra Sloane, Head of Marketing , ANZ, Facebook
  • Patrick Schmidt, CEO, The Iconic
  • Sam McDonagh, Country Manager, ANZ, Airbnb

The event head of Millennial 20/20 Lauren Greschner highlighted the value of creating a space where brands can share insights on the spending habits of the ‘millennial mindset,’ and the importance of offering convenience, personalisation, authenticity, and a seamless experience to build a connection with this audience.

She said “Millennials demand to be treated as individuals. Their wants and needs adapt quickly and they expect companies to not only keep up, but predict their future needs. They aren’t afraid of trying alternatives and also won’t think twice about spending their purchasing power with companies that share and communicate values on social issues.”

Millennials are motivated by new experiences and are willing to save to make these a reality. With the hot issue of housing affordability, they are looking for money saving solutions so they can create both long term wealth while also enjoying new experiences like overseas travel.

Sydney has exclusively been selected as the newest location for the global Millennial 20/20 Summit, following hugely successful events in London, New York and Singapore. It is integral, brands join the discussion at the Sydney event and prepare their business for the changing mindset and spending habits to ensure they remain relevant in the future.

Feature image sourced from millennial 20/20 youtube channel
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