Spending to woo millennials is investing in future
Asian millennials will have more spending power than any previous generation by 2020, with an estimated US$6 trillion (S$8.1 trillion) in disposable income, said consultancy Accenture.
Local bank DBS has said most of the 1 million millennials in Singapore are DBS or POSB customers.
To woo this group, broadly defined as those aged between 18 and 35, the bank has had a signature event in the past five years - the DBS Marina Regatta, a water sports event.
The bank will also be at the Millennial 20/20 Summit in the ArtScience Museum on Oct 25 and 26.It will feature more than 200 speakers from "disruptive" brands such as Lazada and household names like L'Oreal.
DBS head of group strategic marketing and communications Karen Ngui said the bank notes that millennials value unique experiences.
Mr Richard Rubnan Que, marketing director of L'Oreal Singapore, said millennials are less loyal and have shorter attention spans, so "it is critical for companies to develop a deep relationship with them and keep them interested in our... offerings".
Singapore Management University professor of marketing Kapil R. Tuli said brands need a "delicate balancing act" to ensure they appeal to other age groups.
But companies need to "recognise they have to be relevant to millennials as an investment for their future".