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…


Want to talk to us about the article
or dive into a custom study?

Millennial News Feed

Quote of the Day: "I want to be able to have, and provide for, a family in the next 3-4 years.” –Male, 20, NC

The gambling industry is (still) trying to figure out Millennials. While young travellers do seem to like Vegas, they’re not interested in playing slots, and more of their money and attention is going to technically non-gambling activities like fantasy sports. Some casinos are trying out skill-based machines that feel more like video games. According to the CEO of the Global Gaming Association “It's going to be a lot about throwing things up on the wall and seeing what sticks." (CNBC)

Digital natives have naturally integrated tech into their relationships, and teens are using texting and online flirting as a way of “dipping a toe in the ocean of romantic possibility.” But at the same time, in-person interactions remain important: 50% have flirted by friending someone on social media, while 55% have flirted by talking to their romantic interest in person. (The Atlantic)

Evidence that food is the new status symbol continues to mount. New research from Good Food magazine found that 16-24-year-olds in the UK spend more on food than any other age group, with much of that splurging spent on takeout. These young consumers are also spending more on brunch and other restaurant visits than older diners. (Vice Munchies)

Television has traditionally been relatively isolating, especially as an influx of content has made it less likely that everyone is watching the same show at the same time and time shifting has threatened the water cooler moment. But social media is making TV a communal experience again, as actors, writers, and the audience react to episodes in real time together. Social media activity is also an indication of a show’s popularity: Twitter and Nielsen have found that there is a connection between tweet volume and the size of the viewing audience. (NYTimes)

Exercise might seriously improve the mental health of bullied teens. A study from the University of Vermont found a 23% decrease in suicidal thoughts and attempts among bullied students who exercised four or more days a week. While the study doesn’t necessarily prove that exercise reduces sadness and suicidal tendencies, it is “an important first step” in connecting the two. (Common Health)

Quote of the Day: “I don't have kids, so my financial goal is to save the money I need to take the trips I want to take.” –Female, 25, FL

Sign Up Now

Subscribe for premium access to our content, data, and tools.

Already a subscriber? Sign in.

Upgrade Now

Upgrade for full access to the best marketing tools for understanding the next generation.

View our Client Case Studies