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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Millennial News Feed

Quote of the Day: “This year, I’m planning on taking [my] wife and kid to the Philippines so he can experience his mother’s culture. His mother is Filipino while I am African American.” –Male, 32, CA

Over the last few years, airline flight safety videos have become marketing clips, with some going viral and brands getting more creative with their messages to stand out. Delta’s new in-flight safety clip is no exception, and they’re trying to speak young consumers’ language with a parade of internet guest stars. Meme celebs like Nyan Cat and Overly Attached Girlfriend make appearances in the “walk down Web culture memory lane” that has been viewed almost 2 million times in two days. (The Next Web)

The start and stop years of generations is hardly agreed upon, and many distinguish teens as a completely separate generation from Millennials—one that brands are paying more attention to. Tips for connecting with Gen Z (aka Plurals, Homelanders, iGen, or post-Millennials) include exposing your quirky side (or getting a little weird), having #NoFilter, and engaging with them on the social platforms they use. (Adweek)

Back in 2013, we told brands to prep for the future of e-commerce, including subscriptions beyond the beauty box—and we’ve been keeping track of the trend ever since. The founder of subscription box startup Carnivore Club has some thoughts on where the popular industry will go next. Expect even more niche product offerings, luxury services sold en-masse, and big retail brands joining in on the subscription model craze. (PSFK)

Nothing says summer like a baseball game—right? Maybe not for the next generation. The number of casual young players is dropping, and some Little Leagues are struggling to pull in players. According to the National Sporting Goods Association, the number of seven to 17-year-olds participating in baseball fell 41% between 2002 and 2013. New preferences for other sports like lacrosse and soccer, and kids’ focusing on a single sport for the whole year, could be reasons behind the drop off. (WSJ)

The promposal trend, which we spotted last year, has only been growing and now brands are getting in on the public “will you go to prom with me” spectacles. MTV launched “Promposal Mania” last month, orchestrating promposal stunts with pop stars and broadcasting them on Snapchat and Periscope. Sour Patch Kids has asked teens to submit their promposal stories on social, and is hosting a prom for the winners of the competition. (The Drum)

Looking for a quick stat on young consumers to get you up to speed before a strategy session? Searching Ypulse is the best place to start! Silver and Gold members have access to 10,000+ articles, 20,000+ curated news items, and thousands of statistics on Millennials and teens drawn from our monthly national survey of the generation. Your search can begin and end with us. (Ypulse)

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