THINKHOUSE has teamed up with AIB to launch a new youth-focused marketing platform called “Powering the Youth Economy.”
As part of the platform, THINKHOUSE worked with the bank to develop insights into the 630,000 Irish youths who are aged between 16-24.
“The Youth Economy, Decoded”, is the first initiative under the new platform and was led by AIB chief economist David McNamara, with insights developed by THINKHOUSE’s Youth Lab.
The research reveals a generation increasingly embracing side hustles, online selling and freelance work while placing greater emphasis on personal values when making purchasing decisions.
According to the findings, 34% of young people have two or more income sources, while 25% earn additional income through online selling, freelance work, creator activity or gig economy opportunities.
Online selling has also increased sharply among this age group, rising from 16% last year to 27%, the largest increase of any age group.
The research also found that 88% had taken at least one values-based spending action in the previous year, including buying second-hand, supporting ethical brands or checking a product’s provenance.
Elaine Purcell, chief marketing officer at AIB, said the findings highlight the changing financial landscape facing younger generations.
“Young people haven’t inherited the same financial playbook their parents did. They’ve inherited a world with more financial decisions and more uncertainty meaning they’ve had to build resilience in the face of these challenges. 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.
“We have a responsibility to understand those realities and to support young people in ways that are relevant and right. ‘The Youth Economy; Decoded’ gives us a valuable, evidence-led understanding of this generation and informs how AIB can play a meaningful role in helping young people build financial confidence, explore opportunities and work towards a sustainable future.”
The initiative also includes the launch of AIB’s Youth Index, which will track changes in youth sentiment over time and help inform the bank’s ongoing engagement with younger consumers.
Jane McDaid, founder and head of creative innovation at THINKHOUSE, said the research-led approach reflects a longer-term commitment to understanding young consumers.
“This is important work. The team at AIB recognises the importance of listening to young people and, most importantly, is prepared to turn those insights into action. The introduction of this new platform, alongside AIB’s new Youth Index (which tracks changes in youth sentiment over time) demonstrates AIB’s commitment to serve young people long into the future – this is the kind of generational thinking we need in businesses today.”
The integrated campaign rolls out this week across social, digital, out-of-home, audio, creator partnerships and PR, supported by AIB’s owned media channels. Starcom, part of Core is handling media buying and planning.
The full research report is available HERE
Credits:
Client: AIB
Research, Insights & Report: AIB, Ipsos B&A and The Youth Lab at THINKHOUSE
Strategy, Creative Campaign Development & Production: THINKHOUSE
PR, Social, Digital & Creators: THINKHOUSE
Media Planning & Buying: Starcom, part of Core
