Energy products figure large among millennials: Accenture

Millennials aged 18-34 want to be the first to sign up for new energy products and services – 24 per cent of that demographic are classified as early adopters, compared with 17 per cent among the 35-54 age range and 7 per cent of those over 55.
About 22 per cent of millennials said they wanted to experiment with new technologies, which was higher than other age groups – 15 per cent for those aged 35-54 and 6 per cent for those aged 55 or over.
This finding was revealed by Accenture’s seventh annual energy consumer survey of almost 10,000 respondents across 17 countries.
The report found that the large millennial demographic exerts a strong influence on key consumer engagement trends amid an increasingly complex set of competitors vying for energy products, services and experiences.
Millennials, for example, are very receptive and far more likely to consider distributed energy resources products and services after receiving related information – 87 per cent compared to 60 per cent among those over 55.
Almost 80 per cent said they’d be more satisfied if offered an in-home digital assistant and monitoring service that suggested customised new products and services offers, compared to 62 per cent of respondents over 55 years of age.
When it comes to in home energy management, 61 per cent are likely to sign up for an application to remotely monitor and control home elements in the next five years versus 36 per cent of those over 55.
About 56 per cent of millennials, twice as many as people over 55, are likely to sign up for solar panels in the next five years.
Millennials view energy and engage in a far deeper way with energy providers and from a completely different vantage point.
While there’s obvious demand for new products and services in this space from them, they want information, and they want everything to be instantaneous and accessible on their terms.
Millennials’ expectations for digital channels are also higher.
For example, they attach more importance than older demographics to a personalised experience across digital channels as well as access to the latest digital technologies that enable them to interact with their energy providers.
About 83 per cent would be discouraged from signing up for additional products and services if their provider could not provide a seamless experience.
“Energy providers must take these and other insights about these groups to heart, to unlock value, because consumers’ preferences and behaviours are rapidly changing the market landscape,” Pakorn Suriyabhivadh, senior manager for Accenture Resources in Thailand, said yesterday.
“Successful energy providers will place design thinking at the heart of their business and view customer and retail operations as a strategic asset.”
Utilities have substantial opportunities to engage with millennials as they gain in influence over other |consumers.