Evolution is inevitable had been justified by the millennials of today. Rather than thinking to save or to buy properties to plan future, we care more about the experiences on the spot.
The world is working round the clock chasing dreams. Technology advancements promised more free time and less work, but stress levels got to peak. Periodically the priorities of life keep changing and experiences over things.
Millennials get to know every fact without any influences with the ability to get everything on mobiles and get more information than ever before. We understand what makes us live happily.
Fact is that since 1987 itself the share of consumer spending on live experiences and events relative to total U.S consumer spending increased to 70%. So why millennials are choosing experiences over things? Let’s discuss!
Experiences are livelier than owning things
Over decades of researches prove that we prefer to spend money on new experiences rather than on buying new things in terms of happiness and sense of well-being.
Owning a home was a dream for the majority of people a few years ago but we could rent a house of our choice with no investment today. Millennials keep changing jobs on average of 3 years, so buying makes them feel imprisoned to a mortgage and staying in one place not knowing how long even staying there.
After all, would people rather hear about your new branded car or a trip to Costa Rica?
“Millennials don’t want to just read the news anymore. They want to know what they can do about it.” -Ian Somerhalder
Millennial value experiences over money!
“Deloitte Survey” on more than 7,700 millennials across 29 countries says 84% of the millennials believe changing the world is their duty. Wait, there is more!
Millennials are not the ones who choose a job for higher payment stubs. This survey also adds millennials choose the jobs in companies which also share the same personal values as them. They are excited to try everything new for new experiences which mean more to their values.
Similarly, a study by “Harris Group” says 72% of the millennials prefer to spend more money on experiences than owing materials.
Stability is no success to millennials
As I mentioned in the beginning, with generations “Success” has been redefining and millennials got a different version for the same. Precisely, more free time for yourself is the success today to millennials. They prefer flexible timings at work rather than 8 hours of strict timing with higher salaries.
I Guess every millennial’s goal is to travel and experience around the globe. Times change as success is experiencing more in life but not to sit in the cubicle in the entire service and get a luxury car or home or bank balance.
Millennials never think of LTI (Long Term Investment)
LTI (Long-term investments) make us slaves to mortgages and to same jobs for life security. But did you ever realize how investments make us insecure? Buying a thing and taking care of it and worried about its theft or damage is tedious. Isn’t it?
Loss of energy, time and money. Rather millennials like to put that money in renting a car for a road trip on Alaska highway in summers. More life and more memories which can never be taken away.
Let’s talk about the evolution of music. Millennials like to spend for a live music concert but now paying for a music cd and listening in the loop.
Market evolution based on Millennials
The traditional market runs on the balance supply and demand, but with the market of the internet, “Values” got the first position on the ladder. Any product in today’s market is evaluated on how it connects people to something or someone else. It becomes powerful only when it’s worthwhile to do or tell others about it or even it has to say something about us rather than just owning it for own pride.
FMCG (Fast Moving Consumer Goods) market has been also deviated to different graphs because of millennials. People say, “trendy clothes are cheaper than ever, and cheap clothes are trendier than ever”. John Oliver’s video on millennials also supplements this statement. Also adds many branded clothes are being out fashioned within weeks.
This trend is also creating more opportunities for start-ups with unique ideas. This trend brought by millennials is also forcing established companies to adopt the values to match them. Every innovation today is based on the experiences users or customers enjoy.
Social Media craving in Millennials
Biggest achievements for millennials is the craze in social media for them. The Harris poll states the facts such as craving for recognition has taken a steep growth. These days, even for posting a picture clicked in random, people check for the prime time of internet and keep on checking for likes and comments.
Everything is shared to let people know what we are doing. Social platforms such as Facebook, Instagram and Snapchat are the visual mediums for millennials to every update on the spot. But with time, we also think of immediate response from others.
But rather than self-promotion, if you are a person of sharing moments to others of same interest in real time, then you got your piece of cake. One such network capturing this trend in millennials is Buzzpad. Share every experience in real time with Buzzpad.
Considering the interests of millennials, this is a recently launched platform, currently active in few cities and expanding to explore round of the globe. you will be notified by every activity or happenings in real time based on our interest and helps you to explore them as you discover them on the platform.