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: “When I order takeout or delivery, I’ll order almost anything as long as it can be split into multiple meals.” –Male, 27, FL

There’s good news and there’s bad news. Though the CDC reports that traditional cigarette use fell to a record low last year, electronic cigarette use continues to increase quickly for young consumers. E-cigarette use among high schoolers grew from 4.5% in 2013 to 13.4% in 2014. The product’s increasing accessibility could be contributing to the rise of its use, and theafter effects of the new chemicals in e-cigs are still largely unknown. (The Daily Beast

One teacher is finding out what is really going on in her students’ lives, thanks to a project that is now going viral. After Kyle Schwartz asked her students, many from underprivileged households, to write down something they wished she knew about them, she received revealing notes about their home and school life. One child shared that they don’t have pencils at home to do homework, while another confided that they don’t have a friend to play with. Schwartz has been sharing their notes on Twitter using the hashtag #IWishMyTeacherKnew, and encouraging other teachers to do the same. (The Daily WhatCNN)

Mattel is hoping to use crowdsourcing to find their next big toy. They’re asking members of product co-creation platform Quirky to “invent the future of play” and submit innovative new ideas for the company’s biggest brands, from Hot Wheels to Barbie. The project is a part of Mattel’s turnaround efforts, and the toys, games, and family products that Quirky users help create will be produced for the holiday season. We’ve said before that co-creation is the future of products, and 81% of Millennials say that they would be interested in helping a brand or company design a new product. (KidscreenEntrepreneur

Are Millennials that different from previous generations? Comparing Pew Research Center data from 1976-1979 and 2010-2013 shows that 18-34-year-olds today are less likely to expect work to be a central part of life than Boomers did when they were the same age. Almost double the percentage of Millennials expect that they’ll go to grad school, and are more likely than Boomers were at that age to say they “attend college to make more money.” (New York Times)

Museums and other art experiences are being Millennialized as young consumers’ spending clout grows. But exactly what kinds of art events appeal to them most? Ticketing platform Eventbrite surveyed members of the generation who attended a performing or visual arts event in the past 12 months to find out their preferences. Unsurprisingly, 66% prefer events with food. They’re also looking for unique experiences: 63% prefer events that are different from others they’ve attended. (Eventbrite)

Need to keep up with social media usage? Ypulse tracks social media trends in our monthly surveys, and we found that Vine, Instagram, and Snapchat have seen steady growth since November 2013. Finishing out 2014, 16% of Millennials were on Vine, 50% on Instagram, and 40% on Snapchat. Our Silver and Gold subscribers can find helpful visuals that detail our tracked trends in the Data Room on Ypulse.com. (Ypulse)

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