Pandemic Limits Fastest Growing Brands for 2021
Morning Consult recently released its report for the fasting growing brands of 2021 and the bottom line is the pandemic had an obvious effect on that growth. Of the 1,159 brands analyzed for the report, their average growth or purchasing consideration by consumers was just 0.33%.
The pandemic’s effect was even more evident by the top ranking of Moderna among Gen Xers and Baby Boomers and seventh among Millennials, who also placed Pfizer 18th. Interestingly, neither of the pharmaceutical companies was in Gen Xers’ top 20 list.
The top five among all adults were an intriguing mix, with Paramount+ first, followed by Moderna, HBOMax, Coinbase and TikTok.
Top Five Fasting Growing Brands, by Generation, October 2021
|
Gen Z |
Millennials |
Gen X |
Boomers |
|
Paramount+ |
Paramount+ |
Moderna |
Moderna |
|
Instacart |
|
Paramount+ |
|
|
HBO Films |
TikTok |
IcyHot |
HBOMax |
|
Wendy’s |
Afterpay |
TikTok |
Tylenol |
|
Google Maps |
Pep Boys |
YouTube Shorts |
20th Century Studios |
Morning Consult, November 2021
The Morning Consult report also highlighted several trends likely to accelerate during 2022 and beyond.
- Cryptocurrencies and exchange platforms moved more into the mainstream financial world, as indicated by Coinbase’s #4 position among all adults. Unsurprisingly, Millennials and Gen Xers were the most responsible for Coinbase’s growth, with approximately 25% and 19%, respectively, saying they would consider purchasing from Coinbase.
- Another new financial trend during 2021 was “buy now, pay later” (BNPL). With their enormous buying power and growing families, Millennials found this payment option very useful. Afterpay experienced an almost 8-point increase from 2020 and Affirm’s purchasing consideration increased 6.5 points.
- The dominance of Paramount+ in the rankings was attributed to its evolution from CBS All Access during March 2021 and its enormous selection of films, TV shows, live sports and news, which most other streaming services haven’t yet matched.
With the significant changes to the restaurant industry, it wasn’t easy to establish a strong brand relationship with consumers, but Gen Zers were attracted to the new campaigns of Wendy’s, McDonald’s and Chipotle Mexican Grill, and even Subway experienced a revitalized brand awareness among these youngest adults.
