Irish bank AIB has joined forces with agency THINKHOUSE to launch “Powering the Youth Economy”, a marketing effort built around young consumers, and the venture opens with research showing that 34% of Irish people aged 16 to 24 depend on at least two separate sources of income.<\/p>\n
The study, titled “The Youth Economy, Decoded”, marks the platform’s first output. AIB chief economist David McNamara directed the work, drawing on analysis supplied by THINKHOUSE’s Youth Lab, and it covers Ireland’s 630,000 young people within that age bracket. AIB, Ipsos B&A and The Youth Lab are credited with the research.<\/p>\n
One in four respondents earns extra money by selling online, freelancing, creating content or taking gig work. Online selling in the group jumped to 27% from 16% a year earlier, the biggest rise recorded in any age bracket.<\/p>\n
The findings also show that 88% made at least one spending choice guided by their values over the past year, such as buying second-hand, backing ethical brands or checking where a product comes from.<\/p>\n
Elaine Purcell, AIB’s chief marketing officer, said today’s young people must navigate a far more complex financial landscape, marked by heavier decision loads and greater unpredictability, than previous generations faced.<\/p>\n
“Despite that, the next generation is remarkably ambitious and is already shaping the economy through how they learn, earn, spend, save, build businesses and adopt new financial technologies.”<\/p><\/blockquote>\n
The bank is also introducing an AIB Youth Index to follow shifts in young people’s sentiment over time and guide its dealings with younger customers.<\/p>\n
Jane McDaid, THINKHOUSE founder and head of creative innovation, called it “the kind of generational thinking we need in businesses today.”<\/p>\n