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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Quote of the Day: “When deciding what products to buy, what’s most valuable to me is reviews from users regardless of whether or not I know them.”—Female, 32, MA

Adidas is continuing to take customization to the next level, with a new pop-up store that creates custom clothes in a majorly futuristic way. Knit For You, located in Berlin uses a laser body scanner to determine exact measurements for their personalized merino wool sweaters. To select their design, shoppers go into a dark room where patterns that can be adjusted with hand gestures are projected on their chests. The final chosen product is then knitted, washed, and dried in-store to be picked up in hours, for the price of $215. (Business Insider

BuzzFeed’s wildly popular food platform Tasty is expanding into the coffee business. In a partnership with NBCUniversal, Tasty has begun selling Brooklyn Roasting Company coffee beans, and of course, they’re “offer[ing] a quiz to help with decision making.” Quiz-takers will be asked about their favorite fruit, how they feel about caffeine, what their ideal morning is like, and more, to which they can answer with emojis. Once the coffee choice is made, consumers can make it even more personal by creating their own labels. (Grub Street)  

Chinese Millennials are using digital devices for “connection, discovery and actualization,” more often than their American counterparts. A recent global survey from Labbrand found that 85% of Chinese Millennials are using their phones to make in-store payments on a weekly basis, compared to 44% of U.S. Millennials. They’re also more likely to broadcast their behavior online: Over seven in ten Chinese Millennials are posting movie, restaurant, travel, and other activity-related reviews weekly and over half say they share everything they do online, compared to 44% and 28% of U.S. Millennials respectively. (ReadITQuik

What cities are Millennial homebuyers flocking to? According to an analysis by LendingTree, the top three are Pittsburgh, Washington, D.C., and Des Moines, Iowa—based on mortgage requests by those 35 and under. The online loan company says that on average 36.1% of all their mortgage requests came from the age group, a slight increase from the year before, which they say is “thanks to a stronger jobs market and overall economy.” They expect to see more young buyers looking for homes as financial situations keep improving. (Yahoo FinanceCredit.com

YouTube is being criticized for filtering LGBTQ content. Recently, YouTube creators have discovered that some content featuring LGBTQ titles and themes are being filtered when users enable “Restricted Mode” to screen out “potentially objectionable content.” YouTuber Neon Fiona pointed to her own page as evidence, citing that videos with “girlfriend” in the title were filtered under the mode, but videos with “boyfriend” in the title were not. Not all LGBTQ content is filtered and one YouTuber observes, “This is something that no one’s really sure how it’s working.” (Tubefilter

Quote of the Day: “When I was watching the Super Bowl, I switched the channel or left the room when it was a commercial break.”—Male, 27, MN

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