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: “Google Maps is my GPS and I would be lost without it.” –Female, 22, DE

Young consumers have come of age in the era of social media, are not afraid to say what they think of brands online, and expect a response. Brands should be listening to the feedback, and Topshop proved that they are this week when they announced they would stop displaying mannequins being criticized for looking too skinny. The whole story started with a Facebook post from one shopper, which went viral and pressured the retailer to take action. (Digiday)

Vine has gotten brands’ attention primarily for being a hit with teen users, but in the few years the app has been around, it has evolved from the “Instagram of video“ into a piece of the entertainment industry. The app has made small changes that optimize it for the creators who are broadcasting out to huge audiences, and the users who prefer to watch, not post. (But did the platform make the top ten list of Millennial and teens’ favorite apps?) (Fast Company)

It seems that every week another brand comes out with a campaign to capitalize on the selfie trend, but KFC’s new selfie bucket may be the most entertaining yet. The brand has launched a campaign in Canada featuring the “Memories Bucket,” which takes selfies for diners, then prints them out—and yes, it also holds chicken. Sadly, the bucket was only created for the commercial, but KFC says they are “currently looking to work with some franchise owners to facilitate surprise and delight deliveries of the Memories Buckets to some of our more passionate fans." (Adweek)

Boomer and Xer bosses probably all want to know what motivates Millennial workers—but they might be surprised by some of the answers. A recent study found that working on challenging projects actually ranks higher than top salary for Millennials: 37% said that challenging work is their prime motivation, compared to 18% who said money, and 17% who said “coworkers that I enjoy.” (Forbes)

3-D printing has been called the future of many industries, but could it also be the future of fashion? A 3-D clothing line created by a 27-year-old student is making headlines, and showing that 3D printed style is possible. The collection took over 2,000 hours to print, but the creator, Danit Peleg, believes that the technology could “help democratize fashion and give designers more independence in the creation process.” (Mashable)

Quote of the Day: “I love the Amazon app because I can look up products that I want to buy and store them very easily. I also can scan barcodes while I'm in the store to check for the best price and if I want it, I can click one button to purchase it online instead of paying more for it in a store.” – Female, 29, FL

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