LSN : News : Stat: US Gen Z and Millennials are doom spending to cope with stress

Google reveals popular searches in yearly summary

Google

Global – Google’s Year in Search report offers a comprehensive look at the trending topics of the past year, including recipes, tv shows, films and songs. This annual summary not only reflects global interests, but also provides regional insights through its dedicated mini-site, which features interactive displays and games. The report finds that in 2023, audiences were captivated by films and tv shows, with Barbie and The Last of Us topping each trend, respectively. Barbie was so popular it also created offshoot trend searches including Barbie nails and Barbie outfits.

In addition, marking 25 years of Google Search, the report includes a special segment on historical search trends and year-by-year listings of popular films, books, actors and other categories, offering a nostalgic journey through Google’s search history. Interestingly, the most searched movie genre over the past 25 years was Bollywood. In State of Luxury: India we examine the global influence of Bollywood across sectors, including fashion, with leading stars being invited to act as global ambassadors for global powerhouses such as Louis Vuitton and Gucci.

Strategic opportunity

Niches are the new mainstream and as global cultural exports grow brands need to consider who to forge strategic partnerships with in order to create impactful campaigns that target new audiences

Fashion brand AMI shows how to succeed in Web3

AMI, France

France – How do you stand out in a sea of holiday-themed lines? Alexandre Mattiussi’s fashion brand AMI is spicing up the festive line-up with limited-edition mystery gift boxes.

The Parisian maison has released a capsule collection of 26 silver-hued and gift-ready items, giving iconic AMI pieces a wintery spin. Alongside apparel, AMI has dropped 999 digital mystery boxes, available to purchase until 20 December and retailing at £271.55 ($340, €315). Purchasing a box entitles buyers to join the F.AMI.LY, granting access to exclusive digital content and entry to two online private sales in 2024. In addition, a surprise element will be revealed on 25 December. Each Mystery Box owner will receive a special gift in the shape of an archival AMI piece, a meet-and-greet with the brand’s founder, a shopping spree at an AMI store, or an invitation to the upcoming autumn 2024 show in Paris.

‘We are willing to engage digital natives, an increasingly strategic and loyal audience, said AMI CEO Nicolas Santi-Weil. At LS:N Global, we reported on Heat, another brand using mystery boxes to tap into Gen Z mindsets.

Strategic opportunity

Take inspiration from AMI’s holiday activation. While the mystery element builds anticipation and engagement, the money-can’t-buy perks that the brand is giving away set the standard for how brands should reward superfans

L’Oréal acquires probiotic and microbiome research company Lactobio

Lands of Biome by Imprudence, France

France – Personal care company L’Oréal has acquired Danish probiotic and microbiome research company, Lactobio, in a move to boost its beauty ingredient offerings with live bacteria technologies.

Founded in 2017, Lactobio’s unique microbiome discovery platform and scanning methods enable researchers to identify the most effective Lactobacillus strains for topical formulations for skin and hair. The two companies will now work together to further develop 20 years of L’Oréal research into the skin’s microbiome.

In September 2023, L’Oréal also invested in Chinese biotech company Shinehigh Innovation, establishing a long-term partnership for the co-development of novel and sustainable beauty solutions.

As consumers increasingly seek proof points on product quality, efficacy and sustainability, Accredited Beauty is driving the beauty industry. The next generation of beauty will be driven by scientific evidence and skincare regimes that acknowledge skin health, rather than just aesthetics.

Strategic opportunity

Every skin microbiome is different and a one-size-fits-all approach to skincare won’t work. Skincare brands should partner with leading dermatologists to provide skin-scanning services and hyper-personalised skincare products based on the results

Stat: US Gen Z and Millennials are doom spending to cope with stress

Photography by Mart Production, Russia

US – Mindlessly shopping as a way to distract from concerns about the economy or foreign affairs, known as doom spending, is on the rise.

In November 2023, finance company Intuit Credit Karma surveyed 1,004 US adults and found that despite 96% of participants being concerned about the economy, 27% are doom spending. Gen Z and Millennials are the most likely to report feelings of financial anxiety (71%), but also most likely to be doom spending, with 43% of Millennials and 35% of Gen Z spending to cope with stress.

The survey also found that 27% of respondents are spending more and nearly one third (32%) have taken on more debt in the past six months. Among Gen Z and Millennials, 33% and 34% respectively say their spending has increased in the second half of 2023.

As the cost of living crisis, and consequent doom spending, continue through the festive period, financial apps and services that help streamline and control spending – such as AI-driven Budget Bots – could be a useful tool for financially concerned consumers.

Strategic opportunity

Consider how to help streamline, control and drive awareness of personal spending, or meet the need for feel-good spending on value-driven products and services that doesn’t inflict financial damage