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: “Right now, I’m living at home with my parents and completing my education while also working.” –Female, 21, CA

Christmas in September! The toy industry is predicting that 2015 could be the “best year in a decade” and Walmart is getting a jump on the biggest season, starting its Toy Week two weeks earlier than usual. The retailer forecasts the kid-tested toys that will be the biggest sellers, and Star Wars merchandise, food-related toys (for the mini-foodies), and animal themed playthings are all on the list. (MediaPost)

Sensitivity and political correctness are reportedly ruling some college campuses, and some believe that childhood coddling is to blame. Campus rules and guidelines are beginning to instruct avoiding “microaggressions,” small actions or words that are seen as violent or offensive (asking a non-white student “Where were you born,” for example). Some professors are also being asked to use “trigger warnings,” warnings when course material may include violence and abuse that could “trigger” the trauma of a student who experienced something similar in the past. (The Atlantic)

NBC’s American Ninja Warrior has sparked a full on fitness trend. The obstacle course that contestants battle their way through on the show is being replicated in gyms across the country so that anyone can train to be a Ninja Warrior. Some of these gyms have formed a National Ninja League to grow the sport, with Ninja competitions and championships. At the same time, the number of applicants to the show has skyrocketed, going from 5,000 at the end of season 6 to 50,000 at the end of season seven, the most recent. (Racked)

“Who lives in a pineapple under the sea” might soon be the lyrics in a major choreographed stage production. Get ready for The Spongebob Musical! Spongebob Squarepants is coming to Broadway, and a crazy amount of famous musicians are reportedly contributing to the musical score, including Aerosmith, John Legend, and David Bowie. Actors will play the now iconic children’s show characters, with no prosthetics or costumes, and the plot will be an original story that retains the quirkiness of the series. (Mashable)

It feels like a new brand fighting to become the next Chipotle, aka Millennial and teens new fast/fine casual dining favorite, appears every day—and there’s another to add to the list of ones to watch. Indikitch is a fast casual India food eatery that is planning their expansion in Manhattan. They make all-natural GMO-free ingredients a priority, use an assembly-line set-up similar to Chipotle, and pride themselves on non-bland food with spice and heat. (Business Insider)

Quote of the Day: “My favorite store to shop in is The Apple Store. Best store layout i have every experienced. They have the products I want and the expertise to answer any questions.” –Male, 19, VA

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