Value for money is becoming more important to young people as the cost of living bites into being on trend, a survey shows.
YouTube has retained its crown as the leading entertainment brand, according to the Australia’s Top 100 Youth Brands Report 2023 released on Tuesday.
McDonald’s took out top spot in Food, Restaurant and Takeaway, with Krispy Kreme second (the preferred brand among young women) and KFC third (favoured by young men).
Cotton On won the fashion stakes on value for money ahead of H&M and Kathmandu, while Telstra won the communications category on quality.
Google (category winner for Technology), Woolworths (winner of Retail), Netflix and Instagram also feature in the top 10. Music app Spotify has also become a household name.
Nike won the gold medal in Sport and Fitness, ahead of second-placed Adidas and Converse in third place.
Commonwealth Bank was top pick in Banking, Finance and Insurance for providing high-quality products, ahead of PayPal (second) and ANZ (third).
The YouthInsight report surveyed more than 1000 Australians aged 14 to 24 to provide a snapshot of attributes and values associated with brands.
Australia’s Generation Z does not compromise on quality but is still conscious of a brand’s affordability, the research found.
Brands doing well are also those that care about society, treat workers fairly, use sustainable product development and offer student discounts.
Research director Anna Denejkina said brands must cater to this demographic, accounting for around one fifth of Australia’s population, and their hopes and dreams or risk losing market share.
“Within specific brand categories, we observe a consistent trend where the leading brands are those that possess a deep understanding of the preferences and motivations of young people,” she said.
“Brands championing ethical values, inclusivity, affordability, and convenience consistently occupy the top positions.”
Dr Denejkina said a staggering 90 per cent of Gen Zs love YouTube – for the video content and sense of belonging – with this sentiment consistent across genders, locations, and age groups.
Of the category winners, five brands were viewed as producing high-quality products, three were awarded as having the best value for money and two were selected for being on trend.
(Australian Associated Press)