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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“I move around every few years so it would be a huge hassle to have to buy and sell property so frequently.”—Female, 28, IN

Gen Z will spend the most on rent of any generation, but Millennials aren’t far behind. HotPads estimates that 2-20-year-olds will spend $226,000 on rent before they buy a home and 24-38-year-olds will ring in at $202,000. Despite the difference, Gen Z will own their first home one year earlier than Millennials because they’ll have “a stronger job market than [M]illennials”—but, despite the myths, they are buying homes in greater numbers. PS: Los Angeles tops the list of where young demos will spend the most on rent. (Business Insider)

What’s behind board games' popularity today? The NPD Group found that board games grew 8% compared to the toy industry’s overall growth of 8% in the past year and has “no signs of slowing down.” Digital detoxing plays a part, as more Millennial parents worry about their kids’ screen time and seek toys that foster face-to-face relationships. But despite the analog appeal, games are also getting high-tech and the word-of-mouth media they receive propels social media-friendly games like Pie Face to the top of toy charts. (Kidscreen)

Parents still have the most influence over kids today, but online celebrities are also top role models. Mintel research found that 86% of 6-17-year-olds say their parents are among their top role models, 62% say teachers, and 41% say siblings. But the top kind of celebrity that gets added to the category are social media celebrities at 35%, followed closely by musicians and athletes. Only 22% said actors were among their top role models and just 16% said the President. (MediaPost)

Disney has a new beverage to fill your Instagram feed: The Purple Wall Slushie. The Millennial & Gen Z-loved company has had no problem coming up with social media-friendly items, from Baby Groot bread to a viral Beauty and the Beast-inspired tumbler, and now they’ve rolled out a boba and taro beverage at Disney World. The Purple Wall is a famous destination to snap a pic for social media in the Magic Kingdom, and this slushy is made specifically to match up with the wall (and monetize on it). (POPSUGARInsider)

Speaking of Instagrammability, the Space Needle’s new, clear benches are sure to make for a thrilling photo op. The iconic viewing deck for the Seattle skyline has been in the midst of a makeover to create a better (and decidedly more social media-worthy) viewing experience. A metal base and caging has been replaced with a high glass wall from floor to sky, and so-called “skyrisers” will let visitors sit right on the edge of it all—and snap a selfie. (Curbed)

“People have been planning outfits since the start of the year [for prom].”—Male, 15, NC

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