Access Over Ownership And The On Demand Generation’s Consumption Habits

memeThe Netflix model of having access to items rather than owning them has been applied to dozens of industries, and Millennials are among the biggest adopters of this ever-growing trend. They don’t care as much about owning everything — whether it’s music, TV shows, or luxury dresses — as long as they can obtain these things when they need them. This mindset is what changed the music industry — YouTube is now the top way in which teens listen to music — and this attitude is influencing marketers who want to tap into Millennials’ purchasing, or rather renting, habits.

Rent the Runway isn’t new, but many female Millennials are continuously turning to it when they need a dress for a special occasion. Whether it’s prom, a school formal, their birthday, or graduation, teens and twentysomethings know that this method allows them to wear their dream dress at a more affordable price. This is valuable in that special occasion dresses aren’t worn often, and they can be pricey for something that then collects dust in their closet. However, if they rent a dress, solely for the situation in which they need it, the “runway” dress becomes more attainable. This also reflects a concept in the age of social media where every outfit is photographed and shared across one’s network. Many Millennials worry about their same clothes constantly being captured on Facebook and Instagram, but renting provides a solution in the form of a temporary expanded wardrobe.

Renting apparel also taps into showrooming, another shopping trend we’re seeing in that Millennials are visiting physical stores to scope out the selection, but not buying items in-person. Rather, they’re treating stores as if they were showrooms, and then going online or comparing prices before making purchases. Rent the Runway for example coincides…


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“I’ve been using Apple products for years. Although Samsung technology is probably better, I am so used to Apple that I would probably not switch.”—Female, 18, PA

Major financial institutions are still trying to figure Millennials out, so Prudential conducted a survey to gather some much-needed intel. The Great Recession-era adults are pessimistic about their financial futures: 79% don’t believe that “comfortable retirement” will be a possibility when they’re in their 80s and 70% think “it’s impossible” to save the recommended annual amount to make it possible. Ypulse found that saving for retirement falls behind other, more imminent financial priorities. (MediaPost)

Teens are rallying around the issue of gun control in increasing numbers. A recent survey from Everytown for Gun Safety and Giffords (conducted by Ypulse) found that gun violence prevention is the top issue young people expect the candidate they vote for in 2018 to take a stance on. Six in ten 15-18-year-olds said they’re “’passionate’ about reducing gun violence” and 72% of 15-30-year-olds agreed that politicians who don’t do more to combat gun violence shouldn’t be re-elected. (Mic)

Need proof that the future of STEM is female? Just take a look at children’s drawings. From 1966-1977, researchers asked 5,000 students to draw a scientist, and about 99% of them drew men. Fast forward the same study to 1985-2016, and one-third of children drew a female scientist. But we still have a long way to go to break gender stereotypes: 14-15-year-olds “drew more male than female scientists by an average ratio of 4-to1." (CNN)

Digital consignment store ThredUp wants to open 100 IRL stores. They’re expanding their physical footprint from two to ten stores this year, with more planned for the future. Why are online-only brands increasingly building bricks-and-mortar? (Think: Glossier, Everlane, even ThredUp competitors like The RealReal). Creating experiences with guests from a common check-out up to an in-store event builds “trust” and “awareness.” (Glossy)

Are Instagram and dating apps “crippling” relationships? Psychotherapist Esther Perel thinks so. Ypulse data shows 27% of 18-35-year-olds have used a dating app, 12% use them weekly, and nearly eight in ten use other social media apps weekly or more often. All that time scrolling past potential partners creates a new kind of loneliness: Instead of feeling “socially isolated,” they’re “experiencing a loss of trust and a loss of capital while you are next to the person with whom you’re not supposed to be lonely.” (Recode)

“We should be nice and good to others because we would want the same in return, being rude to someone doesn't make the situation any better.”—Female, 21, MI

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