Understanding the market opportunity for young adult consumers for a financial services company
A diversified financial services company needed to better understand the emerging Young Adult consumer, in order to optimally position its brand and build market share. As such, the client needed to understand the composition, attitudes, financial needs, and media habits of Young Adults.
HawkPartners leveraged syndicated and customized secondary research sources to build a fact base about the Young Adult financial consumer. We summarized market size and growth trends, total financial opportunity, generational attitudes and behaviors, financial outlook and needs, financial product ownership, general media usage, and media use by which to learn about and shop for financial products. We compared Young Adults to older generational cohorts across different measures.
The client has pursued a range of initiatives to better align its brand to the Young Adult market and provide Young Adults more compelling products, including promoting environmentally-friendly features, developing a Student Banking offer, and promoting ways to build credit and spend responsibly. In addition, the client has shifted its media mix towards channels more relevant to Young Adults, including social media and event sponsorship at local universities.