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: “For Halloween I’m dressing up as Erlich Bachman from the HBO show Silicon Valley.”—Male, 24, IN

Time has released their annual list of the 30 most influential teens. This year’s cut was chosen by “global impact through social media and overall ability to drive news,” and ranges from the dancing 14-year-old made famous from Dance Moms and Sia’s latest music videos, Maddie Ziegler, to 16-year-old founder of a high-end lacrosse equipment company, Rachel Zietz, to 17-year-old poster child “in America’s culture war over LGBT rights,” Gavin Grimm. Also making the list is 17-year-old app developer Ben Pasternak, who we spoke to earlier in the year. (TIME

The Uber for orchestras is aiming to get Millennials hooked on the classics. Groupmuse is a service that hires “young classical musicians to play small concerts in living rooms across the country.” Consisting of two 25-minute sets, the combinations of music can span a wide range: “We’ve had Dvorak and then string quartet arrangements of Guns and Roses.” The founder, Sam Bodkin, blames “steep entrance cost[s] to stuffy symphony halls” and the association that classical music is “boring,” for the lack of interest in Millennials. 70% of Groupmuse’s users were born in 1980s and ‘90s, and Bodkin has plans to partner with other classical music institutions to further spread interest. (WIRED)

Millennials are abandoning ship on shows that are just too hard to watch. A new study from TiVo found that more than half of Millennials have stopped watching a show because it was too “burdensome to access — i.e. not enough episodes were available to catch up on, episodes were behind a paywall or moved platforms,” or other obstacles. 91% of Millennials have active subscriptions to at least one streaming service, and their easy access to content has turned them off to the idea of having to put in effort to watch a show, especially when they think: “There are four other shows I can go watch right now.” (Variety

A brewer is targeting young and curious drinkers with an Instagram campaign that is the first of its kind. London brewer Fuller’s has strategically placed “blank” outdoor posters that encourage the viewer to take an Instagram and use filters to find hidden messages. The #FindFlavour campaign is promoting Fuller’s Frontier craft lager, and is backed by the insight that “social beer drinking is dominating across platforms, with fans sharing experiences, love of flavour and designs.” Participants who snap and hashtag their hidden message will get the chance to win movie tickets or free beers. (Morning Advertiser

A new augmented reality game is making little entrepreneurs out of kids. Osmo Pizza Co. uses an iPad camera and a simple mirror to mimic the experience of running a pizza shop for five to 12-year-olds. Players use physical objects to create pizza orders and exchange currency, that the iPad picks up on and translates into the game. They can also use their profits to upgrade their shop and level up. The game teaches math and emotional intelligence, as well as two important aspects of startups: making the consumer happy and growing a company by reinvesting money earned. (VentureBeat

Quote of the Day: “I would want anyone that is not named Clinton or Trump to be the next president.”—Male, 23, NY

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