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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The Newsfeed

“I love reality TV shows. It's always fun to watch average people make themselves look foolish just for a shot at fame.”

—Female, 17, CA

“Bored kids” and “desperate parents” are the most likely to love their smart speakers. Nine out of ten children who own one say they enjoy their device, and 57% of all smart speaker owners with children admit entertaining their children was one of the reasons they opted for the purchase. Ypulse found 13-34-year-olds consider Amazon Alexa one of the “coolest tech products” so it’s no surprise smart speaker owners love their devices: 65% “would not want to go back to their lives before getting one,” 42% consider it an everyday “essential,” and over half of parents plan to purchase another. (Fast Company)

Plastic surgery is reportedly having a moment with Millennial men. According to the American Academy of Facial Plastic and Reconstructive Surgery, of the over one-third of men who are “extremely likely” to consider cosmetic procedures, 58% are 25-34-years-old and 34% are 18-24-years-old. Some reasons they’re willing to go under the knife (or needle)? To boost their self-confidence, to appear less tired or stressed, and to stay competitive in their careers. Experts say social media and the self-care trend is making men more appearance-conscious. (Bloomberg)

Reading Rainbow is back and it’s all grown-up, just like its fans. The well-loved show's host, LeVar Burton, is picking up a book and laying down a podcast for his Millennial fans. He’ll be reading selected works of fiction and breaking down the themes just like in the old days, but he’s also adding a little something extra: his personal take on the tale. The only thing missing from the original PBS Kid’s show? The coveted chance to get on screen and read a review from your favorite story.

(Huffington Post)

Gen Z is thinking finances-first when making college decisions. Almost 80% consider the cost of an institution in their decision of where to attend, which makes sense considering over one in three are planning to pay for part or all their expenses. Avoiding the student loan debt that most Millennials know all too well is a key component of their finance-savvy thinking: 69% of teens are concerned about taking on loans, and the number of teens who plan to borrow has dropped 10% since 2016. (CSF)

Leisure and hospitality are the “hottest” jobs for teens this summer. A full 41% of teens went into leisure and hospitality last year, nearly double those that landed a wholesale and retail gig. Education and health services rounded out the top three, with all other industries claiming 5% or less of the summer teen workforce. When Ypulse asked teens where they’re planning to work this summer, restaurants and fast food jobs combined would land the top spot on the list. (Markets Insider)

“Everybody loves Drake. People that claim to not like Drake don't know themselves well enough.”

—Female, 21, CA

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