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

“The issue I am most passionate about is jobs/unemployment, because I need a job.”

—Female, 24, OH

Half of all 13-17-year-olds are on Snapchat, according to Ypulse’s most recent social media tracker—so what are they really doing on there? One BuzzFeed writer observed his 13-year-old sister to find out how to “Snapchat like the teens,” and learned that the “app is [her] life.” She wakes up every morning to respond to about 40 incoming snaps with selfies, which she can do in under a minute. Responding is crucial, streaks (responding every day without a break) are “the MOST important thing,” filters are “VERY big,” and “EVERYONE looks at Cosmo on Discover.” When asked about her dad’s reaction to her incessant snapping she answered: “Parents don’t understand. It’s about being there in the moment.” (BuzzFeed

The Tab, a student-targeted site with articles on campus life and local stories, is not ready to let go of their 2.5 million monthly readers preparing to graduate—so they’ve expanded. The Tab National is targeting for 20-somethings, and describes itself as as “the Vice for people who don’t think that Uber or pop-up markets are necessarily a bad thing.” The Tab’s top-tier U.S. and U.K. university sites have captivated advertisers, who are guaranteed that their sponsored posts will get at least 25,000 page views—more than half of brand stories on the site are getting 50,000. (Digiday

You may have heard that Twitter is reworking their timeline algorithm, but what does that mean for brands? The new layout will use an algorithm to showcase the most relevant tweets, and “collated tweets from brands, athletes, politicians and other public figures will appear at the top of the timeline” so users won’t miss any trending conversations. For brands this means well-thought out content will still be key as “[t]he algorithm will likely favor content with higher engagement.” It could also mean more exposure: “organic posts [will] have the ability to drive enormous engagement and cause a buzz.” (The Drum

According to Pew’s new data, Millennial Democrats are far more likely than older generations and their Republican peers to get their political updates through social media, with 74% who are very likely going to participate in their state’s primary or caucus saying they learned about the election through a social site, compared to 50% of Millennial Republicans. Millennial Democrats are also the most likely to identify themselves as liberal: in 2015, half (49%) labeled themselves as liberals, compared to 41% of Gen X, 40%(of Boomer, and 35% of Silent Democrats. (Pew Research Center)

Luxury menswear brand John Varavatos’s shoppable, touchable video ad powered by Cinematique prompted eight times more Facebook engagement than standard videos. Viewers can click or tap clothing like as the video plays, and at the end of the ad are shown the collection they chose, leading to product pages on the website. According to recent data, 33% of fashion video are considered mainly “brand-building,” and only 16% of brands use shoppable videos. But that could shift as more marketers adjust to consumers’ video-consumption behaviors. (WWDDigiday)

Quote of the Day: “I participated in Bikram Yoga, because I found a few YouTube tutorials on it.” –Female, 24, MN

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