Millennials are no longer interested in product or brand ownership

What is it about millennials that presents so many problems for brands? The truth is that the new generation of consumers, who are becoming a key element since being the generational change are the point that brands need to understand, they are a real headache for those responsible for companies. Brands don’t understand millennials or, if they do, are slightly overwhelmed by the reality they represent. Because millennials are not simply younger consumers, they are saudi arabia mobile number directory who have vital goals and interests when it comes to consumption that are very different from those of older consumers.

With the change of generation, consumption patterns have changed. On many occasions, analysts have explained – taking statistics as a starting point – that millennials have different interests than their parents and even those of their older siblings. Members of the Millennial generation are not so interested in certain things that worked for other generations (such as buying that car to show that they have succeeded in life) as other elements much less tangible and much more difficult to understand.

For millennials, companies have to have goals and a cause, far beyond simply being a firm willing to make money. This is what makes companies that have ideals or that have as a roadmap (for example, firms that try to recover forgotten productions in proximity) have become their favorites. They also value other elements on a much more emotional level, such as feeling close to a brand or that it knows how to talk about you to you.

And, in addition, they have changed one of the elements that marked the consumption patterns of citizens since time immemorial. Millennials find ownership slightly indifferent. They do not need to be the owners of things to feel that they have reached a milestone in their existence (as happened with previous generations, who saw in buying their own house the exact moment in which they marked their success or their entry into adulthood) and they do not need to maintain their properties foreverMillennials have become the generation that rents, shares and resells. The property, for them, is only circumstantial.They don’t have a mortgage, but neither does the preferred purse

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The case of housing is the most paradigmatic. Millennials prefer to rent before launching into a mortgage, because they don’t really feel the need for the roof they live under to really be theirs. And it is that millennials have modified the sense of ownership, which explains not only that they prefer rent when buying but also the boom of the so-called sharing economy or the fact that this type of behavior guidelines are reaching other areas which are not what they initially expected.

Millennials have also changed, for example, how they wear clothes. The pages that allow you to rent bags or clothing products that are only necessary on special occasions (and that tend to have very high prices) are increasingly common and are increasingly successful, as are the stores and sites that allow you to buy clothes second-hand or selling the clothes that are no longer used to give you a new life. “When I get tired of some things, I put them aside and sell them again,” explains one of these young women to Reuters about how this type of behavior pattern works.

As the news agency points out, the charm of not owning something has jumped beyond the spaces in which its existence was usually noticed within millennials (such as houses or cars) to infect new market niches. There are even pages with social touches that allow De Phone Number to exchange products or provide products that they no longer use and that others will definitely need (and that result in a high investment of money), such as, for example , the case of furniture and products necessary for the care of a baby. In the United States there is already a clear example of the success of a website that connects families to pass things on to each other.

And, remember, the sharing economy has also completely modified how certain things are consumed, such as vacation rentals. Sites like Airbnb, which connect individuals with travelers interested in staying at home, have seen their positions threatened by certain industries.The industry has to respondBut how is this change in consumption patterns affecting brands? Are companies seeing how everything is getting out of hand? The truth is that, as analysts point out , traditional sellers are missing the opportunity. They are being too slow to understand this change in interest.

It is true that behind all this movement there is an economic question. Millennial consumers do not have the necessary income to consume all these products, due to the economic crisis in which they have been the main victims. If they did not opt ​​for this type of consumption modality, they would not be able to afford access to some of these products and services.

But despite this, brands should not expect that, once the economy changes, the situation of these consumers will change and they start consuming as other consumers did before, since in reality there are more elements than a simple adjustment in the prices. consumption patterns. Purchase interests and motivators have varied. And, in economic matters, it should not be forgotten that the millennials themselves are the ones who are buying high-end smartphones, since they consider that this is a luxury that they should afford.

Beyond economic issues, this change in consumption is motivated by its context and its interests. Millennials have changed the way people live in cities. His parents prioritized having space and went to the outskirts. They prefer to stay in the center, although that forces them to live in smaller places. And if there is less space, there are fewer properties: they are more austere in their purchases because they also have no place to put them. On the other hand, millennials have developed a certain social conscience that they apply to their consumption patterns. Sharing, reusing or reselling is much more sustainable.

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