Social Enterprises Advisor
Given the events since March 2020, it is clear that the world will need to adapt rapidly to new models of operating ranging from the workplace, to how we socialise, engage with friends and family, and travel
Priya Singh CA(SA)
Social Enterprises Advisor
Reflecting over the past few months, it is almost inconceivable to think we would be living under lockdown in most countries across the world in the 21st century. It also struck me that millennials and the generation that followed would be most affected and consequently will be the generations that are likely to have the greatest influence in shaping a post-pandemic world. (Millennials are defined as those individuals born between 1981 and 1996. In Africa, the 18−35 age group has seen an explosion in the last few years and is our biggest growth market.)
Thinking about how the world is shifting, I see the role of millennials in two key areas – millennials as customers and consumers, and millennials as the owners and drivers of entrepreneurship. Observing consumer behaviour over the lockdown in various countries, the biggest growth has been seen in technology, e-commerce, online shopping, and online food purchase and delivery. In a world where it is not clear how and in what form the world can, if ever, return to normal, new ways of working, interacting and consuming products and services will need to be designed.
For traditional entrepreneurs, this means reflecting on the market and how that market is changing and adapting. What are the products and services that are gaining prominence in 2020 and beyond, compared to the past decade? Millennials, as users and consumers, can give us a good sense of how that type of demand can be shaped over the next few years. Then there is disruptive innovation and entrepreneurship – who better than millennials themselves driving that innovation and entrepreneurship? There have been significant global shifts and demand, in areas, for example, such as at-home wellness and mindfulness, ergonomics at home and cashless transacting. In a recent Young Entrepreneurs Report, it was claimed that millennials were significant drivers of growth of small businesses in the US economy, and over the two-year period 2016−2018 had launched around 52% of new start-ups. This statistic seems significant, given that this is in a post-pandemic world and the opportunities in the range of areas where millennials would feel the most comfort have gained significant prominence over the past six months. In summary, the world feels like a blank space as we recalibrate after months of lockdown around the world. Millennials are well placed to drive the change we need to see in the future.
Millennials as consumers and entrepreneurs
It is a significant time for millennials to drive growth in small-business entrepreneurship, both as consumers and as entrepreneurs themselves. Key areas where opportunities abound are the use of technology in home office environments, in at-home home wellness, mindfulness and stress management, adapting to the new workplace and creating a new normal, and in the increased proliferation of e-commerce and experiences online. Millennials will shape the post-pandemic world in a significant way, especially on the African continent, where this group constitutes such a large part of our population. Understanding how millennials engage in the world today will guide how we develop new normal in the days ahead.
