Sharing and more generally the lack of need to "acquire" are widespread notions among Millennials. How can their consumption mode affect markets exactly? John Plassard gives us more insights in his weekly video.
Good morning and welcome to Weekly Insights with John Plassard.
The Millennials (born between 1981 and 1996) represent a revolution for the future mode of consumption, housing and thinking.
This generation is all the more interesting as many analysts have still not integrated it into their models. So there is a lot of room for improvement here.
Millennials are often considered a "market" because they consume a lot and have a lot of purchasing power. But at the same time, they represent a very open generation, often very tolerant, which learns quickly and is therefore particularly mobile.
This generation has a rather responsible and reasoned consumption, like their elders, with a few differences: they limit their spending less to what is really useful and they have a propensity to save more, contrary to popular belief.
Sharing and more generally the lack of need to "acquire" are widespread notions among Millennials. One of the most glaring examples is Uber.
Sharing naturally follows on from the notion of renting. Renting apartments (exacerbated by the fact that Millennials are extremely mobile), clothes, furniture or even electronic devices (TV, computers, video games, ...).
Still unthinkable a few years ago, renting clothes is starting to gain more and more followers. Brands such as Rent the Runway have led the way, but many startups have also emerged lately.
When we talk about "sharing," we also immediately think of the collaborative economy that has developed through advances in technology and communication that have helped people find new ways to share goods like homes, cars and vacation rentals.
The benefits to consumers are obvious:
- Lower prices
- Test before you buy
- Short-term service
In short, millennials are an extraordinary generation that deserve special attention. Don't hesitate to ask us for more information on this subject.
Thank you very much. Have a good week, stay safe and keep on winning.