The ‘90s are still all that (and Urban Outfitters is happy about it), the latest tech is now for rent, gamifying financial responsibility for Millennials, and more news to know about young consumers…
In 2014, we asked Millennials which decade had the best culture, from music and movies, to clothing and cars, 46% of 13-32-year-olds, and 50% of 18-32-year-olds, said the ‘90s. Years later, the ‘90s revival is still going strong—if you need proof, just check out a Millennial or teen’s closet. Don’t miss how Urban Outfitters may have gotten themselves back on track by cashing in on the nostalgia trend. After years of decreasing sales, the retailer has experienced a 5% spike on the heels of their “’90s-tinged collaborations” with classics like Calvin Klein, Adidas Originals, Fila, and Wrangler. Targeting 18-28-year-olds, their new strategy is “offering customers product[s] he or she can’t get anywhere but Urban Outfitters,” and teaming up with brands that “get” their young (nostalgia obsessed) consumers.
Millennials’ Less is More mentality is driving the growth of rental services that offer everything from furniture to clothing. Don’t miss how the trend is even pushing into the tech sector. Grover is a startup renting out smartphones, laptops, wearables, and more for a monthly fee, telling customers to “Buy Less. Experience More.” The tech rental service offers 13 categories of products, including devices that have only recently hit the market. (Think smartwatches and VR headgear.)
Millennials are not the most financially secure generation, and their aversion to financial advisors isn’t helping matters. New research on marketing financial services to Millennials has found that the industry “keeps getting it wrong,” and they’re “leading with the least relevant and least interesting things” to the younger generation. But don’t miss how Lenny—a platform aimed at improving credit scores—may have cracked the code with gamification. Their new in-app game Lenny Points rewards users for responsible financial behaviors, unlocking custom offers from banks and credit card partners as players increase their credit line balances.
Millennials and teens are leading an entertainment revolution. Our recent monthly survey revealed that 13-33-year-olds are supporting non-traditional media access like online video subscriptions and streaming services, upending multiple industries. But their disruptive tendencies haven’t yet effected one very traditional pastime: going to the movies. Our research found that seeing movies on the big screen is still a draw for the generation, with six in ten 13-33-year-olds reporting they spend money on movie tickets in an average month.
Thanks to young and impatient consumers, the on-demand economy has continued to grow and has only become more immediate. Don’t miss Amazon’s new cooking show that lets Prime members order the featured meals with one-click. The show, which will currently stream only in Japan and some overseas locations, takes “a Three Stooges meets Barefoot Contessa meets late-night QVC” approach, and feature popular Japanese comedians along with various celebrity guest stars.
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