The Insights Family – the global leader in kids, parents, and family market intelligence – has launched its inaugural Licensing Report.
Revealed at Brand Licensing Europe, the report – in association with Licensing International – identifies some of the key trends that The Insights Family are seeing in its Kids Insights and Parents Insights data across the 22 markets which it serves.
Expression of individual identity
The data shows that now, more than ever, kids are looking for ways to express themselves. This can be through the toys they play with, the clothes they wear or even the way they choose to present themselves online.
Telling the story
To be a brand that Gen Z or Alpha desire and buy, they must be front and centre of minds. To do that, they need to connect with young consumers by telling a coherent and compelling story across an ecosystem with many touchpoints.
New media, new opportunities
The types of media where kids’ favourite brands & IP originate from also continues to shift: while properties that emerge from TV, books & media remain ever popular, increasingly IPs are emerging from video games, YouTube, TikTok and even virtual influencers. Brand communities – on platforms such as Discord, Twitch and TikTok – mean young consumers can rally around TV shows, films, videogames and more.
Ever-changing tastes
What Gen Z and Alpha want to purchase in relation to their favourite IP also continues to evolve. Brands and the licensing industry are working faster than ever to innovate new products & experiences that satisfy constantly changing attitudes, behaviours and consumptions. Brands must also now be conscious about contributing positively to wider society.
Next stop, Web3
This generation are as comfortable existing in a virtual world as they are the physical, and they expect a seamless integration between the two. Two years ago, the idea of a licensed in-game skin, Roblox game or NFT were considered foreign concepts to many. Now, many brands consider them to be a core part of brand activations and digital strategy: a kid might consider them as much a part of their identity as the T-shirt they put on that morning. But they have a very sharp sense for inauthenticity, and brands experimenting with NFTs and building in the metaverse need to be conscious of this.
The report also includes expert commentary from industry professionals – including key figures from Discovery, Epic Story Media and BBC Children’s Digital – who share their opinions as to the opportunities and challenges that they see resulting from these trends.
“We are the only company in the world to have continually collected data on the attitudes, behaviour, and consumption of kids, parents, and families pre-, during, and post-pandemic,” said Nick Richardson, founder of The Insights Family.
“We have seen how the pandemic has sped up some trends, as well as creating new trends. Some of the trends which our report touches on is how this next generation have higher expectations when it comes to brands having purpose and enabling them to personalise and express themselves.
“In addition to this, it also covers how we are seeing them responding to a sprawling digital ecosystem in the form of Web3, metaverse and NFTs.”
Licensing International – the trade association which has been at the centre of the multi-billion-dollar brand licensing industry for 35 years – also believes that it is increasingly important for all industry stakeholders to have access to reliable and up-to-date data, research and insights.
Elizabeth Foster, director of content & communications, added: “As the trend timeline continues to compress and families are focused on the constant emergence of new technologies and innovations, it is crucial for the global licensing industry to stay informed.
“Having the most in-depth and up-to-date data allows brand owners and their partners to take full advantage of the incredible opportunities that exist in licensing right now.”