48% of Millennials say that the older the brand, the better the quality, according to GlobalData’s Q4 2019 Global Consumer Survey.
That being said, in this same survey, 58% of Millennials say that craft/artisanal products are better quality than normal ones, above the average of all other generations surveyed.
In the last few years, consumers have been gravitating towards brands that offer personalized services, are digital, convenient and sustainable. Established brands—often challenged by more agile and smaller players—are trying to keep up with these demands.
At the same time, millennial consumers also value craft and artisanal and see it as better quality. This tells GlobalData that there is an opportunity for established brands to use their longstanding name and reputation to their advantage while also offering new and more premium artisanal products.