This document discusses consumerism among millennials in the post-recession era. It notes that millennials came of age during a period of economic instability and have seen that jobs and material goods can be lost. As a result, millennials value experiences over goods and place more importance on access to products and services than ownership. This has led to the rise of the sharing economy, where companies like Uber, Airbnb and Zipcar allow people to access goods and services on an as-needed basis from others. The document examines how this shifts the concept of a product's value from ownership to accessibility and discusses some of the challenges companies face in marketing to millennials.
This report outlines 10 of the most compelling macro trends identified today—trends whose impact will be felt in 2015 and beyond as they continue to unfold, the ones shaping societal mood, behaviors and attitudes. This report explores where these trends stand now and where they’re headed, with insights gleaned from a J. Walter Thompson MEA survey of consumers across six key regional markets and a spectrum of industry experts and innovators.
It’s time for a move to the Middleburbs, where we take refuge in content safe havens and our brand expectations are continuously rising. And with a new generation of tech-obsessed consumers entering adulthood, today’s cultural landscape is changing and creating new opportunities for marketers. Mindshare North America's latest Culture Vulture Trends report is here, unveiling the latest consumer shifts and cultural trends forecast to grow over the next year.
Womenomic Luxury, Cognitive Technology, New Wave Boomer Beauty—just a few items from our Future 100 list of what’s next in the year ahead.
It’s a wide-ranging compilation that reflects developments surfacing across sectors including technology, retail, food and beverage, travel, sustainability and luxury. The list also includes new types of goods or businesses, new behaviors and ideas with the potential to ladder up to bigger trends.
China’s brands haven’t yet made a notable impact on the global consumer market, but will that change in the near future? Before the country can develop a cohort of strong brands, its marketers will have to remake what “Made in China” means to consumers. A leading crop of Chinese brands are already chipping away at some of the key factors standing in the way of global success as China actively seeks to export more than just the rest of the world’s manufactured goods.
This report details the external and internal factors hindering the efforts of Chinese brands to take root in developed markets. It also details some of the strategies that prominent brands, from Lenovo and Li-Ning to Haier and Huawei, are deploying to knock down these roadblocks.
The document discusses 7 trends shaping brands in Mexico:
1. Increased citizen participation and demand for rewards through social media networks.
2. Emergence of more transparent and socially responsible brands.
3. Growth of women's roles in business and the workforce.
4. Rise of apps and initiatives to prevent, respond to, and mitigate natural disasters.
5. Debate around privacy with new laws enabling real-time phone tracking.
6. Evolution of dining experiences beyond traditional restaurants.
7. Younger generations embracing independent festivals and nature.
In January 2016, a team of J. Walter Thompson Company researchers spent 10 days in Cuba interviewing more than 40 Cubans about their lives, the economy, and opportunities as relations with the United States improve. The result is The Promise of Cuba. Here we offer a free excerpt of the full 78-page report.
This Trend report is the result of our Vigilantes work that constantly monitor the consumer behavior and product innovations to post it everyday on our magazine: L-1452.com
In our ninth annual report, we see how consumers are both welcoming and resisting technology's growing omnipresence in our lives. For many, technology serves as a gateway to opportunity and an enabler of hyper-efficient lifestyles, but those who are most immersed are starting to question its effect on their lives and their privacy. One result is that more people are trying to find a balance and lead more mindful, in-the-moment lives.
Our forecast also puts a spotlight on the growth of immersive experiences; the accelerating shift to a visual vocabulary; the new appeal of imperfection; and the rise of telepathic technology, which will enable brands to better understand minds and moods and react in a very personalized way.
The full report-in which we cover each trend in detail, highlighting what's driving the shift, how it's manifesting and what it means for brands-is available at www.jwtintelligence.com
This report outlines 10 of the most compelling macro trends identified today—trends whose impact will be felt in 2015 and beyond as they continue to unfold, the ones shaping societal mood, behaviors and attitudes. This report explores where these trends stand now and where they’re headed, with insights gleaned from a J. Walter Thompson MEA survey of consumers across six key regional markets and a spectrum of industry experts and innovators.
It’s time for a move to the Middleburbs, where we take refuge in content safe havens and our brand expectations are continuously rising. And with a new generation of tech-obsessed consumers entering adulthood, today’s cultural landscape is changing and creating new opportunities for marketers. Mindshare North America's latest Culture Vulture Trends report is here, unveiling the latest consumer shifts and cultural trends forecast to grow over the next year.
Womenomic Luxury, Cognitive Technology, New Wave Boomer Beauty—just a few items from our Future 100 list of what’s next in the year ahead.
It’s a wide-ranging compilation that reflects developments surfacing across sectors including technology, retail, food and beverage, travel, sustainability and luxury. The list also includes new types of goods or businesses, new behaviors and ideas with the potential to ladder up to bigger trends.
China’s brands haven’t yet made a notable impact on the global consumer market, but will that change in the near future? Before the country can develop a cohort of strong brands, its marketers will have to remake what “Made in China” means to consumers. A leading crop of Chinese brands are already chipping away at some of the key factors standing in the way of global success as China actively seeks to export more than just the rest of the world’s manufactured goods.
This report details the external and internal factors hindering the efforts of Chinese brands to take root in developed markets. It also details some of the strategies that prominent brands, from Lenovo and Li-Ning to Haier and Huawei, are deploying to knock down these roadblocks.
The document discusses 7 trends shaping brands in Mexico:
1. Increased citizen participation and demand for rewards through social media networks.
2. Emergence of more transparent and socially responsible brands.
3. Growth of women's roles in business and the workforce.
4. Rise of apps and initiatives to prevent, respond to, and mitigate natural disasters.
5. Debate around privacy with new laws enabling real-time phone tracking.
6. Evolution of dining experiences beyond traditional restaurants.
7. Younger generations embracing independent festivals and nature.
In January 2016, a team of J. Walter Thompson Company researchers spent 10 days in Cuba interviewing more than 40 Cubans about their lives, the economy, and opportunities as relations with the United States improve. The result is The Promise of Cuba. Here we offer a free excerpt of the full 78-page report.
This Trend report is the result of our Vigilantes work that constantly monitor the consumer behavior and product innovations to post it everyday on our magazine: L-1452.com
In our ninth annual report, we see how consumers are both welcoming and resisting technology's growing omnipresence in our lives. For many, technology serves as a gateway to opportunity and an enabler of hyper-efficient lifestyles, but those who are most immersed are starting to question its effect on their lives and their privacy. One result is that more people are trying to find a balance and lead more mindful, in-the-moment lives.
Our forecast also puts a spotlight on the growth of immersive experiences; the accelerating shift to a visual vocabulary; the new appeal of imperfection; and the rise of telepathic technology, which will enable brands to better understand minds and moods and react in a very personalized way.
The full report-in which we cover each trend in detail, highlighting what's driving the shift, how it's manifesting and what it means for brands-is available at www.jwtintelligence.com
This document summarizes key takeaways from the 2015 Cannes Lions International Festival of Creativity. It discusses how cognitive neuroscience can be applied in advertising to make messages memorable by turning them into distinct memories encoded in the appropriate part of the brain. Brands must have a distinctive identity wrapped in an emotional story that creates meaningful connections. Data should be used creatively to target ads effectively. Brands need to focus on experiences rather than being rational and listen to audiences have conversations.
Forces of Change & The Importance of NarrativeOgilvy
OgilvyEntertainment creates compelling narratives that fuel deeper connections between brands and consumers.
In Forces of Change & The Importance of Narrative, President Doug Scott explores how disruptive innovation is driving new forms of content, creativity and engagement. While "storytelling" may be the latest trend, narratives have no limits in today's transmedia world. The state of play has shifted and the key is to activate deep content experiences driven by the power of NARRATIVE.
This document provides an overview of Generation Edge (ages 10-25), who have grown up with technology integrated into all aspects of their lives. Some key points:
- They think about and experience technology differently than older generations, seamlessly integrating it into socializing, education, creativity, and more.
- Growing up with constant connectivity and access to information has made them adaptable, self-reliant learners who challenge traditional structures and see the online world as a space for experimentation.
- Social media is both a source of conflict for managing their image and relationships, and a way to strengthen community.
- They are advancing conversations around gender, with more fluid conceptions of identity.
This document discusses how peer-to-peer (P2P) platforms are disrupting the travel industry. It outlines various P2P services focused on hospitality, experiences, transportation, and social connections. While some traditional players view P2P as competition, the document argues they could embrace it by partnering with these startups, launching complementary services, or taking inspiration from what consumers like about P2P's authentic local experiences and ability to connect and share. It also notes that P2P appeals most to millennials but could attract other generations, and that established brands have strengths around trust and convenience that P2P lacks.
"Old Age Is No Place For Sissies" 2nd of 12 #bizTrend for 2012Design | Intuition
Baby Boomers account for 40% of consumer demand in the U.S., and control 70% of the total net worth of American households ($7trillion). While the rest of us are saving for a retirement, the Boomers are spending their hard earned pensions, social security, IRAs, and 401Ks. While recent financial and housing market crashes have resulted in devastating losses to many, the amount of money set aside for the Golden Years of this ever increasing retired set is astronomical.
This paper is a brief look at the enormous opportunity that Baby Boomers offer to :
1. Durable and non-durable product retailers, manufactures and suppliers. (Automobile, travel, airline, furniture, home builder, hardware manufacturers, and more)
2. Service providers including the airline industry and home builders.
3. Municipalities and governments with respect to urban planning and infrastructure spending.
It’s time to reject FOMO and embrace Borecore, along with mindfulness apps, myth debunking, and a shift in focus away from Millennials. Mindshare North America's annual Culture Vulture Trends report is here, unveiling the latest consumer shifts and cultural trends forecast to grow over the next year.
This year's Cannes Lions International Festival of Creativity touched on a range of buzzworthy topics, from artificial intelligence to new media to gender equality. Here's our roundup of key takeaways and analysis from the event.
This document provides an overview of emerging trends to watch in 2016 across various sectors such as culture, technology, food/drink, travel, and brands/marketing. Some key trends highlighted include the growing emphasis on empathy in business, the increasing influence of China on Hollywood entertainment, a movement towards celebrating diversity and taboo-breaking discussions around women's health issues, and generation Z demanding influencers who combine their public profiles with social/political messages. The summary examines emerging themes across consumer behavior, media, and society.
This year’s SXSW Interactive was bigger than ever, with over 33,000 attendees and hundreds of panels and events. Our latest report explores key themes from the ballooning festival, from innovations in sustainability to the new frontier of artificial intelligence and virtual immortality. The report features on-the-ground insights, brand examples and interviews with experts from tech and academia.
Consumers of Tomorrow - Insights and Observations About Generation Z★ Duong Vo ★
Examines Generation Z and the defining traits and trends of the age group. Provides insight into the implications for companies trying to target this unique generation of consumers
The Future 100: Trends and change to watch in 2015Grzegorz Kosson
This document provides a summary of 100 trends to watch in 2015 across various categories such as culture, beauty, brands, food/drink, innovation, lifestyle, luxury, retail, sustainability, travel, and technology. Some key trends highlighted include the growth of mega-cities in China, a resurgence of feminism powered by social media, consumers focusing more on mortality linked to health awareness, children becoming very technologically advanced at young ages, Millennials drinking less alcohol and embracing healthy lifestyles, many films in 2015 being sequels and remakes seeking familiarity, and companies adapting workplaces and programs for an aging workforce.
In our latest trend report, we take a look at travel, focusing on how mobile devices, real-time connectivity, social networking and the growing expectation of instant gratification are reshaping the travel experience.
For this report, we interviewed travel experts and influencers and conducted quantitative surveys in the U.S. and the U.K. using SONAR™, JWT’s proprietary online tool.
As our purchasing power decreases, we still want to benefit from everything the consumer society has to offer. In order not to be frustrated and not to refrain ourselves, we found a solution: rethinking our consumption. We try to optimize our expenses, even when it means sharing our own goods with others and owning less, to keep on consuming as we wish to. Soone THE RIGHT TO USE WILL PREVAIL OVER THE PROPERTY RIGHT.
The document discusses emerging trends in several areas:
1) Museums are moving beyond Instagram-focused exhibitions to create immersive digital art experiences that involve visitors directly through motion-sensing and touch interfaces.
2) A new generation of "Xennial" politicians aged 30-45 are entering politics with priorities like addressing climate change, gender equality, student debt, and housing affordability for their cohort.
3) Brands are evolving to address social issues, become sustainability leaders, and drive dialog around previously taboo topics like menopause and hair loss by empowering new conversations.
The Sharing Economy: Where We Go From HereLeo Burnett
The above is a report compiled by Leo Burnett aimed at uncovering the unspoken realities of the American sharing economy. Visit humansbeing.leoburnett.com for more information.
- -
PRESS RELEASE
NEW RESEARCH GETS INTO THE UNDERBELLY OF THE SHARING ECONOMY
A U.S. Study by Leo Burnett Decodes What Brands Need to Know About the Future of American Entrepreneurship
CHICAGO – A new study by global advertising agency Leo Burnett, “The Sharing Economy: Where We Go From Here,” reveals the surprising and unspoken realities of the sharing economy in America and what’s truly happening in it. The research provides insights into how people perceive, and participate in, the sharing economy.
“The sharing economy is taking on a life of its own, but it is much more nuanced than we realized,” said Chief Strategy Officer Mick McCabe, Leo Burnett USA. “Our research reveals the psychology and the behaviors of sharers that can help guide brands including why people share and why they do not.”
Sharing has more texture than what’s largely reported in the media. People are chiefly motivated by practical needs, convenience and the ability to save or make money. A nominal 35 percent of people are primarily motivated to share by altruism, community and the environment.
About Humans Being
Inspired by Leo Burnett’s HumanKind philosophy, Humans Being is a thought leadership series and ongoing exploration that pieces together the story of us. It’s a study on the changing face of humanity in culture, society, emotion, values and the human condition. We explore the intersection of where cultural trends become norms and ultimately mores. Humans Being “Sharing” follows the “Relationships” and “Technology” editions that explore the cultural and technological influences on relationships and the changing role of technology in society. Visit humansbeing.leoburnett.com for more information.
About Leo Burnett
Leo Burnett Worldwide operates with a simple and singular approach: put a brand’s purpose at the center of communications to truly connect with people. Part of the Publicis Groupe, Leo Burnett Worldwide embraces a HumanKind approach to marketing and is one of the world’s largest agency networks with 85 offices and nearly 9,000 employees. The global agency works with some of the world’s most valued brands including Coca-Cola, Fiat, Kellogg’s, McDonald’s, Nintendo, P&G, Samsung and Tata among others. For the past four years, Leo Burnett has been ranked #1 in "New World Thinking" by The Gunn Report. In 2014, Leo Burnett was named "Network of the Year" at the International ANDY Awards, ADC Awards, MENA Cristal Festival and at the inaugural Cannes Health Lions. To learn more about Leo Burnett Worldwide and its rich, 80-year history of creating iconic brands, visit our site, Facebook page and follow us via @leoburnett.
###
This document summarizes the findings of a survey on consumerism and the sharing economy. Key findings include:
- Most respondents agree that current economic models are not working and overconsumption puts society and the planet at risk. However, consumption is also seen as important for jobs and the economy.
- "Smarter consumption" means being more discerning and making choices aligned with one's values to replace guilt with purpose. It includes consuming only what is needed, buying higher quality products, and reducing waste.
- Many people feel weighed down by excess possessions and regret purchases they don't need. They admire those who consume mindfully and locally.
The document discusses 13 mobile trends for 2013 and beyond. Some key points:
- Everything Is Connected: Machine-to-machine communication is maturing, enabling objects like washing machines and coffee makers to communicate wirelessly. Cars are also becoming mobile devices with built-in connectivity.
- Everyone Gets Connected: Efforts aim to connect the next billion users in developing regions by expanding 3G/4G networks and designing more accessible hardware/software.
- The Mobile-Driven Life: Younger generations expect constant connectivity. Mobile will become the primary screen and starting point for brands. Consumers will get personalized recommendations and offers tailored to their location and profiles from connected devices like cars.
The document provides an overview of trends to watch in 2018 across various industries including culture, technology and innovation, travel and hospitality, brands and marketing, and more. In the culture section, it discusses the rise of the female gaze in film and photography and the focus on more women working behind the scenes. It also mentions the growing importance of intersectionality and representing diverse groups. Finally, it covers new forms of interactive storytelling emerging on streaming platforms.
This document provides tips for businesses on how to effectively market to and serve millennial customers. It begins with an introduction to millennial spending habits and preferences shaped by growing up with technology. It then lists 6 general characteristics of millennials: they expect technology to work quickly and easily, are social online and off, want to collaborate, are all about adventure, value corporate values, and expect a customer experience like that depicted in the 1960s TV show The Jetsons. The document provides further details about each characteristic and examples of companies successfully engaging millennial customers. It concludes by emphasizing the importance of sharing customer experiences and focusing on the human element of customer service.
This document summarizes key takeaways from the 2015 Cannes Lions International Festival of Creativity. It discusses how cognitive neuroscience can be applied in advertising to make messages memorable by turning them into distinct memories encoded in the appropriate part of the brain. Brands must have a distinctive identity wrapped in an emotional story that creates meaningful connections. Data should be used creatively to target ads effectively. Brands need to focus on experiences rather than being rational and listen to audiences have conversations.
Forces of Change & The Importance of NarrativeOgilvy
OgilvyEntertainment creates compelling narratives that fuel deeper connections between brands and consumers.
In Forces of Change & The Importance of Narrative, President Doug Scott explores how disruptive innovation is driving new forms of content, creativity and engagement. While "storytelling" may be the latest trend, narratives have no limits in today's transmedia world. The state of play has shifted and the key is to activate deep content experiences driven by the power of NARRATIVE.
This document provides an overview of Generation Edge (ages 10-25), who have grown up with technology integrated into all aspects of their lives. Some key points:
- They think about and experience technology differently than older generations, seamlessly integrating it into socializing, education, creativity, and more.
- Growing up with constant connectivity and access to information has made them adaptable, self-reliant learners who challenge traditional structures and see the online world as a space for experimentation.
- Social media is both a source of conflict for managing their image and relationships, and a way to strengthen community.
- They are advancing conversations around gender, with more fluid conceptions of identity.
This document discusses how peer-to-peer (P2P) platforms are disrupting the travel industry. It outlines various P2P services focused on hospitality, experiences, transportation, and social connections. While some traditional players view P2P as competition, the document argues they could embrace it by partnering with these startups, launching complementary services, or taking inspiration from what consumers like about P2P's authentic local experiences and ability to connect and share. It also notes that P2P appeals most to millennials but could attract other generations, and that established brands have strengths around trust and convenience that P2P lacks.
"Old Age Is No Place For Sissies" 2nd of 12 #bizTrend for 2012Design | Intuition
Baby Boomers account for 40% of consumer demand in the U.S., and control 70% of the total net worth of American households ($7trillion). While the rest of us are saving for a retirement, the Boomers are spending their hard earned pensions, social security, IRAs, and 401Ks. While recent financial and housing market crashes have resulted in devastating losses to many, the amount of money set aside for the Golden Years of this ever increasing retired set is astronomical.
This paper is a brief look at the enormous opportunity that Baby Boomers offer to :
1. Durable and non-durable product retailers, manufactures and suppliers. (Automobile, travel, airline, furniture, home builder, hardware manufacturers, and more)
2. Service providers including the airline industry and home builders.
3. Municipalities and governments with respect to urban planning and infrastructure spending.
It’s time to reject FOMO and embrace Borecore, along with mindfulness apps, myth debunking, and a shift in focus away from Millennials. Mindshare North America's annual Culture Vulture Trends report is here, unveiling the latest consumer shifts and cultural trends forecast to grow over the next year.
This year's Cannes Lions International Festival of Creativity touched on a range of buzzworthy topics, from artificial intelligence to new media to gender equality. Here's our roundup of key takeaways and analysis from the event.
This document provides an overview of emerging trends to watch in 2016 across various sectors such as culture, technology, food/drink, travel, and brands/marketing. Some key trends highlighted include the growing emphasis on empathy in business, the increasing influence of China on Hollywood entertainment, a movement towards celebrating diversity and taboo-breaking discussions around women's health issues, and generation Z demanding influencers who combine their public profiles with social/political messages. The summary examines emerging themes across consumer behavior, media, and society.
This year’s SXSW Interactive was bigger than ever, with over 33,000 attendees and hundreds of panels and events. Our latest report explores key themes from the ballooning festival, from innovations in sustainability to the new frontier of artificial intelligence and virtual immortality. The report features on-the-ground insights, brand examples and interviews with experts from tech and academia.
Consumers of Tomorrow - Insights and Observations About Generation Z★ Duong Vo ★
Examines Generation Z and the defining traits and trends of the age group. Provides insight into the implications for companies trying to target this unique generation of consumers
The Future 100: Trends and change to watch in 2015Grzegorz Kosson
This document provides a summary of 100 trends to watch in 2015 across various categories such as culture, beauty, brands, food/drink, innovation, lifestyle, luxury, retail, sustainability, travel, and technology. Some key trends highlighted include the growth of mega-cities in China, a resurgence of feminism powered by social media, consumers focusing more on mortality linked to health awareness, children becoming very technologically advanced at young ages, Millennials drinking less alcohol and embracing healthy lifestyles, many films in 2015 being sequels and remakes seeking familiarity, and companies adapting workplaces and programs for an aging workforce.
In our latest trend report, we take a look at travel, focusing on how mobile devices, real-time connectivity, social networking and the growing expectation of instant gratification are reshaping the travel experience.
For this report, we interviewed travel experts and influencers and conducted quantitative surveys in the U.S. and the U.K. using SONAR™, JWT’s proprietary online tool.
As our purchasing power decreases, we still want to benefit from everything the consumer society has to offer. In order not to be frustrated and not to refrain ourselves, we found a solution: rethinking our consumption. We try to optimize our expenses, even when it means sharing our own goods with others and owning less, to keep on consuming as we wish to. Soone THE RIGHT TO USE WILL PREVAIL OVER THE PROPERTY RIGHT.
The document discusses emerging trends in several areas:
1) Museums are moving beyond Instagram-focused exhibitions to create immersive digital art experiences that involve visitors directly through motion-sensing and touch interfaces.
2) A new generation of "Xennial" politicians aged 30-45 are entering politics with priorities like addressing climate change, gender equality, student debt, and housing affordability for their cohort.
3) Brands are evolving to address social issues, become sustainability leaders, and drive dialog around previously taboo topics like menopause and hair loss by empowering new conversations.
The Sharing Economy: Where We Go From HereLeo Burnett
The above is a report compiled by Leo Burnett aimed at uncovering the unspoken realities of the American sharing economy. Visit humansbeing.leoburnett.com for more information.
- -
PRESS RELEASE
NEW RESEARCH GETS INTO THE UNDERBELLY OF THE SHARING ECONOMY
A U.S. Study by Leo Burnett Decodes What Brands Need to Know About the Future of American Entrepreneurship
CHICAGO – A new study by global advertising agency Leo Burnett, “The Sharing Economy: Where We Go From Here,” reveals the surprising and unspoken realities of the sharing economy in America and what’s truly happening in it. The research provides insights into how people perceive, and participate in, the sharing economy.
“The sharing economy is taking on a life of its own, but it is much more nuanced than we realized,” said Chief Strategy Officer Mick McCabe, Leo Burnett USA. “Our research reveals the psychology and the behaviors of sharers that can help guide brands including why people share and why they do not.”
Sharing has more texture than what’s largely reported in the media. People are chiefly motivated by practical needs, convenience and the ability to save or make money. A nominal 35 percent of people are primarily motivated to share by altruism, community and the environment.
About Humans Being
Inspired by Leo Burnett’s HumanKind philosophy, Humans Being is a thought leadership series and ongoing exploration that pieces together the story of us. It’s a study on the changing face of humanity in culture, society, emotion, values and the human condition. We explore the intersection of where cultural trends become norms and ultimately mores. Humans Being “Sharing” follows the “Relationships” and “Technology” editions that explore the cultural and technological influences on relationships and the changing role of technology in society. Visit humansbeing.leoburnett.com for more information.
About Leo Burnett
Leo Burnett Worldwide operates with a simple and singular approach: put a brand’s purpose at the center of communications to truly connect with people. Part of the Publicis Groupe, Leo Burnett Worldwide embraces a HumanKind approach to marketing and is one of the world’s largest agency networks with 85 offices and nearly 9,000 employees. The global agency works with some of the world’s most valued brands including Coca-Cola, Fiat, Kellogg’s, McDonald’s, Nintendo, P&G, Samsung and Tata among others. For the past four years, Leo Burnett has been ranked #1 in "New World Thinking" by The Gunn Report. In 2014, Leo Burnett was named "Network of the Year" at the International ANDY Awards, ADC Awards, MENA Cristal Festival and at the inaugural Cannes Health Lions. To learn more about Leo Burnett Worldwide and its rich, 80-year history of creating iconic brands, visit our site, Facebook page and follow us via @leoburnett.
###
This document summarizes the findings of a survey on consumerism and the sharing economy. Key findings include:
- Most respondents agree that current economic models are not working and overconsumption puts society and the planet at risk. However, consumption is also seen as important for jobs and the economy.
- "Smarter consumption" means being more discerning and making choices aligned with one's values to replace guilt with purpose. It includes consuming only what is needed, buying higher quality products, and reducing waste.
- Many people feel weighed down by excess possessions and regret purchases they don't need. They admire those who consume mindfully and locally.
The document discusses 13 mobile trends for 2013 and beyond. Some key points:
- Everything Is Connected: Machine-to-machine communication is maturing, enabling objects like washing machines and coffee makers to communicate wirelessly. Cars are also becoming mobile devices with built-in connectivity.
- Everyone Gets Connected: Efforts aim to connect the next billion users in developing regions by expanding 3G/4G networks and designing more accessible hardware/software.
- The Mobile-Driven Life: Younger generations expect constant connectivity. Mobile will become the primary screen and starting point for brands. Consumers will get personalized recommendations and offers tailored to their location and profiles from connected devices like cars.
The document provides an overview of trends to watch in 2018 across various industries including culture, technology and innovation, travel and hospitality, brands and marketing, and more. In the culture section, it discusses the rise of the female gaze in film and photography and the focus on more women working behind the scenes. It also mentions the growing importance of intersectionality and representing diverse groups. Finally, it covers new forms of interactive storytelling emerging on streaming platforms.
This document provides tips for businesses on how to effectively market to and serve millennial customers. It begins with an introduction to millennial spending habits and preferences shaped by growing up with technology. It then lists 6 general characteristics of millennials: they expect technology to work quickly and easily, are social online and off, want to collaborate, are all about adventure, value corporate values, and expect a customer experience like that depicted in the 1960s TV show The Jetsons. The document provides further details about each characteristic and examples of companies successfully engaging millennial customers. It concludes by emphasizing the importance of sharing customer experiences and focusing on the human element of customer service.
This Blue Paper discusses going beyond traditional demographic segmentation to better understand the behaviors, buying patterns and desires of consumers.
This document provides an overview of Ford's 2016 trends publication titled "Looking Further with Ford". The publication focuses on themes of inspiration, ingenuity, and strengthened identity. It discusses 10 trends shaping how people live, work and engage with the world. The trends include embracing everyday heroes, seeking multifunctional products and efficiency ("Swiss Army life"), feeling time poverty due to constant connectivity, downsizing homes ("The Tiny Home Movement"), and striving for health and well-being. Ford aims to design products that empower consumers and address their diverse needs.
Millennials: Who are they? What do they like? And how do they differ from previous generations, especially in terms of digital purchasing expectations and behavior? Find out here.
The document discusses a trend towards "digital minimalism" and reducing screen time due to concerns about the negative impact of constant digital connectivity on mental health and attention. Major tech companies are introducing tools to help users monitor and limit their screen time in response to this trend. There is also growing demand for simpler, less attention-demanding digital devices and a rejection of organizations that demand constant attention through notifications and alerts. Companies will need to rethink their user experiences and metrics to focus on long-term value rather than short-term usage in order to remain relevant to these changing customer preferences.
The document discusses how the customer experience should evolve for a world in lockdown due to the COVID-19 pandemic. It describes 8 ways that the human experience has fundamentally changed, including a loss of control, renewed health and safety concerns, physical distance from others, shifting priorities, disrupted habits, uncertainty, lack of variation in daily life. It provides examples of how people are responding to these changes and opportunities for brands to understand and address customers' new needs and behaviors during this period.
The document discusses 10 trends to watch in 2015 across various industries and topics. It notes that in 2015 there will be a focus on symbiotic celebrity brand partnerships, a new feminism movement powered by social media, and recognition of the benefits that older workers provide in the workforce. Connected technology is influencing even young children, and millennials are embracing healthy lifestyles. Meanwhile, the film industry is relying more on remakes, sequels and reboots to attract audiences.
This document provides an overview of trends to watch in 2015 according to JWTIntelligence. It discusses 10 trends across various categories including culture, beauty, brands, food/drink, innovation, lifestyle, luxury, retail, sustainability, and technology. Some of the key trends highlighted include the growing influence of women in business and new definitions of power, experiential public spaces that enhance nature, and a shift towards real, unedited representations in visual culture. The document also notes consumers will increasingly expect intelligent universal design and that dance is emerging as a new shareable content medium for brands.
In a year where the global economic crisis has made its presence felt, Mintel predicts the seven key consumer behaviour trends for the year ahead, looking at how adversity has created a new set of value systems.
While in 2009 fear played an important role in shaping consumer behaviour, 2010 will see a return of confidence and adaptation to overcome the restraints previously imposed on consumers.
Learn how the following trends are evolving:
Resilience
Reviewing and Re-evaluating
Prove it – Accountability
Escapism
Media Evolution
Ethical Responsibility
Stability
What does your commute say about society?Teresa Gaynor
In recent years, Casual Carpooling has seen a slow but notable increase in the East Bay of San Francisco, with new pickup locations sporadically emerging where there is a need. This increased demand for an alternative, unregulated sharing solution can tell us a lot about the trends we should watch out for in society. With a cross-section of incomes, ages, and ethnicities reflecting the local environment, Casual Carpoolers are an excellent mirror of society.
The following whitepaper from IBM which throws more light on how digital marketers are leveraging technological tools to engage better with today’s digitally empowered customers.
Mobile is Eating the World - Four ways to rethink customer experiences as mob...Brian Solis
Demand more from mobile
When was the last time you checked your smartphone? Was it a few minutes ago? Or maybe it was a few seconds ago. In fact, you might even be reading this article on your phone, on your daily commute to work or in the comfort of your couch at home on a tablet.
The point is, mobile is big. It’s so big that in May last year, Google has revealed that mobile search has overtaken desktop search. Effectively what this means is that we are searching more information with our mobile devices than on laptops or desktops.
For brands this is huge – it redefines the way they become discoverable. However, this also means that the competition to catch a consumer’s attention is fiercer than ever as smartphones and smart devices continue to evolve and take over the market.
This mobile consumer looks at their phone about 1500 times a day on average and they spend 177 minutes interacting with it daily. Their gestures, the way they act, their process to finding information – business are expected to understand that and act upon it.
This new generation is defined by digital, mobile, real-time and an always-on lifestyle. They’re nothing like your traditional customers.
So, in order to understand them and how they think, you need to redefine and rethink your mobile-first approach to customer experiences. Here are 4 ways you can do just that.
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According to Statista, revenue in the e-commerce market is projected to reach US$4,117.00bn in 2024. New technologies and methodologies constantly influence how the e-commerce market develops and shapes itsthe future of e-commerce. The main questions are in the air: How can we stay aligned with e-commerce business owners and ensure our engineering services meet their evolving needs?
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2. Executive Summary
In no generation is the aftermath of
the recession more pronounced and
ingrained than in millennials.
Millennials came of financial age during a period of acute
economic decline and subsequent unstable and slow recovery.
Millennials have seen that jobs and material goods can be
lost, that homes can go into foreclosure, and that the ability
to remain mobile for a new career opportunity or a worldly
experience is paramount.
At the same time, technological advances have brought
about an era in which immediate access – to information,
to skilled labor, to entertainment, to opportunity, to material
goods and to everything in between – has become not only
possible but expected.
Businesses today are faced with a considerable shift in consumer
priorities, along with the consequent emergence of a new
competitive landscape. In order to compete in this new economy,
in which permanent roots are eschewed and access trumps
ownership, companies may need to reevaluate some common
assumptions about the nature of consumerism.
In this white paper, you will learn
the following:
• How post-recession consumers
differ from their predecessors
• What the “sharing economy” is,
and how the concept of value
has shifted
• How marketers can adapt
their strategies to better reach
millennial consumers
3. Introduction
Post-recession spending behavior
Millennials come of financial age
Consuming experiences, not goods
Redefining a product's value
Global-scale accessibility
An alternative economic perspective
Collaborative commerce in practice
Sharing underused and high-cost resources
Sharing knowledge and skills
Marketing challenges
Looking forward
4
5
6
7
8
9
10
11
13
14
15
18
Contents
4. CONSUMERISM IN THE MILLENNIAL AGE 4
Perhaps more than any other generation, baby boomers in
their prime valued the luxury of ownership and full-service
– a characteristic resulting from numerous factors, including
growing up with parents who lived through the Depression
and the rise in commercialism following WWII.
A “keeping-up-with-the-Joneses” mentality, along with
a generally optimistic nationwide sense of economic
strength, led to a lot of shopping, a lot of buying and a lot
of collecting.
Things have changed.
The economic downturn in the late 2000s hit a lot of
people hard and resulted in sweeping changes in attitudes
and habits, resulting in a shift from “consumption mania”
to a whole new economy.1
Priorities have shifted from demonstrating “status” with
the permanent trappings of the American dream to “status
updates” focused on key – but generally fleeting – moments
and thoughts.
Today, dollars are more likely to be spent engaging in activities
that can be shared via social media, as well as purchasing
the devices with which to share them, than making sure
one’s lawn mower is as impressive as the neighbors’.
Introduction
5. CONSUMERISM IN THE MILLENNIAL AGE 5
Post-recession
spending behavior
Post-recession consumers routinely base shopping
decisions on which store or website offers the
lowest prices after perusing weekly advertisements
and performing online research for the best deals.3
They shop locally. They are aware of which producers
have policies that protect the environment, support
“cruelty-free” initiatives or benefit those in need.
Moreover, if today’s consumers visit a premium store,
they typically do not “stock up” in one trip but
make several additional stops to discounters and
supermarkets, as well as making online purchases.
In the midst of all of this price- and socially-
conscious spending, material goods take the back
seat to experiences. Consumers may bargain shop
for household goods and groceries, but they are
loathe to deprive themselves of daily consumable
luxuries, such as a cafe mocha latte at the local
coffee shop or on-demand TV.4
Although people will always consume, we have
begun to view shopping as a necessary evil and
become more thoughtful and deliberate about how
our resources are spent.
In an article in Millennial Marketing, culture-trends analyst Tim Stock
of Parsons School of Design in New York was quoted as saying,
“The recession has left us acutely aware of the fallacies of finance and
the need for sustainability.”
2
6. 6CONSUMERISM IN THE MILLENNIAL AGE
Millennials are different from their parents. While
there are always exceptions, millennials are
typically more transient than their predecessors;
as they seek out the work-life balance and the
communities with which they feel most comfortable,
they often change jobs and move from place to place.
Millennials are also products of the “digital age,”
in which convenience trumps status, and experiences
– along with the ability to instantly share them
with the world – overshadow nostalgia or tradition
for tradition’s sake.
Thus, it is no surprise that it is the millennial
generation that has embraced the current movement
toward simplified living or “decluttering.” Where
people once purchased books on effectively organizing
their belongings, today the focus is on letting go of
those belongings.
In a March 2015 Washington Post article, Jura Koncius
succinctly stated, “The 20- and 30-somethings
don’t appear to be defined by their possessions,
other than their latest-generation cellphones.” 6
Millennials come of financial age
One group in particular, the teens and adults of today, categorized as
“millennials” (generally considered those born between 1980 and 2000),
have come of financial age in the post-recession era and taken these
consumer behaviors, including the daily indulgence of a coffee or an
online streaming service, one step further.
In early 2016, Marie Kondo’s guide to decluttering,
The Life-Changing Magic of Tidying Up, has held
a number one spot on the New York Times best-
sellers list for well over a year. It’s only one
of a wealth of books and websites devoted to
eliminating excess, downsizing, “tiny houses,” 5
and other similar topics.
7. 7CONSUMERISM IN THE MILLENNIAL AGE
Millennials are marrying and becoming parents at a much later age
compared with previous generations. Delaying these milestones has
made it easier for millennials to engage in the authentic and worldly
experiences that they desire, particularly through international travel.7
Having fewer material possessions facilitates personal mobility, not
only making it easier to relocate for a job opportunity, but also making
it easier to travel in general. If you can carry all of your necessities in
cell phone storage – and a backpack or duffel bag – you can leave on
a moment’s notice.
This love of travel has not translated into an uptick in car ownership;
in fact, car ownership among millennials has reached historic lows.
So, whether at home or on the road, how do millennials obtain access
to cars or other seldom-used products that they may occasionally need
if they don’t own them outright?
Consuming experiences,
not goods
It is access to travel that is important to millennials, not the
actual ownership of the car.8
8. CONSUMERISM IN THE MILLENNIAL AGE 8
We’ve come to realize that being able to use a product doesn’t necessarily
require owning it. If it’s something you can access conveniently and
inexpensively, there’s no need to shell out good money to make it “yours.”
For example, today’s consumers have eagerly adopted new technologies
that essentially replace things they used to buy outright, such as Netflix
for movies or Spotify for music. Having access to movies and music is
just as good for many people as owning physical versions of those things.
As noted in a March 2013 article in The Economist, “Before the Internet,
renting a surfboard, a power tool or a parking space from someone else
was feasible, but [it] was usually more trouble than it was worth.” 9
People could share resources with friends and family on a small scale
– borrowing a friend’s pickup truck to move furniture, crashing with
friends while one’s duplex was being tented for termites – but it was all
small-scale. Until fairly recently, we had few truly powerful tools for
sharing resources in a meaningful way.
Redefining a
product’s value
Unless you’re just into collecting stuff, the value of a product
isn’t in its ownership – it’s in the ability to use it as needed.
9. 9CONSUMERISM IN THE MILLENNIAL AGE
For many years, it was unthinkable to get around
without owning a car, unless you lived in New York
City or another major city with comprehensive
public transportation.
Now, you can use Uber or Lyft for occasional rides
or share vehicles on demand with services such
as Zipcar or Car2Go, and GM’s Maven allows users
to reserve rental vehicles with a smartphone app.
In many cities, you can even use bicycle-sharing
services for short trips through downtown.
In the past, if you were visiting another city for
a few days, your accommodation options were
limited to staying with friends or spending cash
on a motel or a hotel.
Today, even if your friends don’t reside near your
chosen destination, you can stay in a stranger’s
home through Airbnb – and you can be an Airbnb
provider when others are visiting your area.
Similarly, services such as Couchsurfing.com let
you crash on someone’s couch or in a spare room
for free, as long as you repay the favor for other
travelers in your town.
Global-scale accessibility
Today, we have a variety of
Internet-based services that
make resource sharing easy
and affordable.
10. 10CONSUMERISM IN THE MILLENNIAL AGE
Because the driving force behind millennials’ behavior in the market is the
need for access, not ownership, the stage has been set for a robust sharing
economy. As Rachel Botsman noted in her 2010 TED Talk, The Case for
Collaborative Consumption, “no one needs a drill; they [sic] just need the hole.” 10
The power drill is a perfect example of an item that everyone needs to use from
time to time, but few people actually need to own. The sharing economy, also
referred to as collaborative commerce, is built around the notion of spreading
the cost of ownership across several users. The more users, the cheaper the
item is for each person.
Consumers defray their personal cost of ownership by finding other users –
or waiting for those users to find them – who need something they own, from
homes and cars to household items and power tools. One user takes on the
upfront cost of purchasing the item, but that person can recoup it over time
from other users. Eventually, the owner could even turn a profit.
Of course, one doesn’t need a degree in economics to conclude that a rapid
increase in this type of sharing is directly at odds with the very nature
of consumerism.
If consumerism is defined as “a social and economic order that is based on the
systematic creation and fostering of a desire to purchase goods and services
in even greater amounts,” 11
how does consumerism integrate with a collaborative
economy, which exists primarily to minimize the purchase of goods?
An alternative
economic perspective
In the collaborative economy, if you own it, you can rent it to
someone; if you don’t own it, you can rent it from someone.
11. 11CONSUMERISM IN THE MILLENNIAL AGE
Collaborative commerce in practice
In the shadow of the American economic crisis in 2008, some consumers
found peer-to-peer commerce especially appealing. As an Economist
article stated, “Some see sharing, with its mantra that ‘access trumps
ownership,’ as a post-crisis antidote to materialism and overconsumption.”
12
But these attitudes do not necessarily translate into
behavior. For example, Adam Berk’s Neighborrow,
a site that was dedicated to helping neighborhoods
engage in local collaborative commerce, had thousands
of registered users. However, Berk was unable to get
even three of them to make a transaction.
Berk told Fast Company magazine that even though
the local borrowing service made perfect sense on
paper, he couldn’t get people to buy into the concept.
Instead of sharing perfectly good tools, he said, people
“go buy [a drill]. Or they just bang a screwdriver
through the wall.” 14
The Fast Company article, titled “The ‘Sharing Economy
is Dead, and We Killed It,” makes some excellent
points, but its focus is concentrated on the sharing
of physical goods, with the power drill being the
ubiquitous example. The September 2015 article states
that of eight sites dedicated to the idea of locally sharing
tools and similar products, only one, NeighborGoods,
is still in business.
IT MAKES LIFE
MORE AFFORDABLE
86%
IT’S BETTER FOR
THE ENVIRONMENT
76%
IT'S MORE FUN THAN ENGAGING
WITH TRADITIONAL COMPANIES
63%
IT MAKES LIFE MORE CONVENIENT
AND EFFICIENT
83%
IT BUILDS A
STRONGER ECONOMY
78%
IT'S BASED ON TRUST BETWEEN
PROVIDERS AND USERS
89%
U.S. ADULTS' PERCEPTIONS OF
COLLABORATIVE COMMERCE 13
12. 12CONSUMERISM IN THE MILLENNIAL AGE
One reason for the slow adoption of that service model
might be that the math just doesn’t add up for certain
things. That’s the take from Ron J. Williams, the
founder of a company called SnapGoods.
Williams offered this example for the Fast Company
article: “For a drill, which by the way now costs
$30, and you can get it on Amazon Now and have
this thing delivered to you in an hour if you live in
New York City – for something worth $30, is it really
worth your time to trek potentially 25 minutes to
go get something that you spent $15 to use for the
day, and then have to trek back?”
Even if you don’t live somewhere that has Amazon
Now, you can get free two-day delivery through
Amazon Prime or next-day delivery for a few
bucks more. Borrowing loses much of its luster
when it’s virtually as cheap and convenient to
make a purchase with a couple of clicks.
Regardless, local product sharing resources keep
popping up, including a platform called MyNeighbor.
Cofounder Brendan Benzing told Fast Company he’s
convinced that “things will be different” for their
creation: ‘It’s not often the [first] company ... tends
to succeed. It’s the 10th or 13th.”
USERS
OFFERERS
MOST OFFERERS ARE ALSO USERS. TOTAL PARTICIPATION IS 44%
RIDE SHARING
SERVICE PLATFORMS
10%
11%
9%
6%
7%
22%
17%
19%
14%
11%
(UBER, LYFT, SIDECAR)
(HANDY.COM, CARE.COM,
TASKRABBIT)
(AIRBNB, VRBO, HOMEAWAY)
(CAR2GO, ZIPCAR,
GETAROUND)
(INSTACART, POSTMATES,
CAVIAR)
ACCOMODATION SHARING
CAR RENTAL FOOD & GOODS DELIVERY
42%
22%
PERCENTAGE OF U.S. ADULTS PARTICIPATING IN THE SHARING ECONOMY15
The same modern technology that lets people
easily communicate their needs for borrowing
items also lets them purchase items cheaply
and have them delivered right to their front doors.
13. 13CONSUMERISM IN THE MILLENNIAL AGE
Sharing underused and
high-cost resources
It’s simply easier to buy a drill, even if it means leaving it unused
in a closet or garage most of the time, than it is to arrange to
rent one.
This is not true for homes or cars.
Renting an apartment for the weekend or hiring a ride has a much
lower opportunity cost than buying either item. Companies that
can identify products and services that are more troublesome
to purchase outright than they are to rent have the opportunity
to succeed in a collaborative economy.
Uber and Airbnb are successful collaborative commerce companies
because they specialize in resources that are much more difficult
to own than to rent. Having a car or home that sits idle is
economically suboptimal to paying an affordable rate only
when you need transportation or accommodations.
While it may be true that the average drill owner
uses the tool for only 12 to 15 minutes in its entire
lifetime,
14
purchasing one is a fairly low-hassle
endeavor for most consumers.
14. 14CONSUMERISM IN THE MILLENNIAL AGE
Information is an excellent example of both an
underused and a high-cost resource.
Today’s technology makes access to expertise
abundant and convenient. For example, in 2007,
Chris Lintott, a researcher and science communicator
at the University of Oxford, invited the public to
help him perform scientific analysis of a million
galaxies; today the result of that initial brainstorm,
Zooniverse, is one of the most popular and successful
citizen science projects in the world.
Similarly, while playing a collaborative online
game called Foldit, gamers from around the world
solved a complex protein-folding problem within
three weeks that had baffled AIDS researchers for
over a decade.
And companies are discovering that if they require
a temporary team to complete a large project, they
can save time and resources by dividing the project
into multiple small tasks and assigning them to
thousands of skilled freelancers.
These projects are not limited to automated tasks
or application of hard sciences either. With the
advent of virtual workforce platforms, companies
have access to a cost-effective tool for supplementing
Sharing knowledge and skills
their internal teams with the expertise of independent
professionals to complete large-scale projects quickly
and efficiently.
Closer to home, it will almost always be more efficient
and less costly for a consumer to rent the services
of an expert than to become one.
Just as many homeowners are more likely to call a
plumber or a handyman to make home repairs for
them, individuals having technical issues with their
laptops can now let an expert remotely access the
computer to fix the problem.
Finally, for medical needs that require a hands-on
solution, not a virtual one, there’s Heal, described
in a Forbes article as “an app to find doctors or
nurses who make house calls for a fraction of the
cost of the ER.” 16
Today’s companies can maintain small in-house
teams and rely upon scalable, remote talent only
when needed to complete creative projects, such
as content development, data management and
quality assurance.
15. 15CONSUMERISM IN THE MILLENNIAL AGE
When marketing products for sale to end users,
manufacturers and retailers must highlight functionality
while also addressing millennials’ basic values.
Although lower cost may be attractive to millennials,
a higher-priced product that is judged to be green,
timely, useful, versatile and of high quality may be
deemed worth the investment by this new generation
of consumers.2
Social networks can be harnessed to
help facilitate trust in local and regional businesses
that make quality goods.
A bigger marketing target is the sharing economy,
which will potentially double in 2016. Millions of
micro-entrepreneurs are joining the collaborative
commerce bandwagon, which currently boasts 17
companies with revenues of over a billion dollars.
These visionaries will demand original and ground-
breaking advertising campaigns and have the
resources to fund them.17
Marketing challenges
Businesses today, and particularly retailers, must redefine the value of their products
in reference to the sharing economy. Capitalism can continue to thrive if this
generation of retailers embraces the new economy and takes the time to adapt to
the values driving it.
COLLABORATIVE COMMERCE COMPANIES
WITH REVENUES OF OVER $1 BILLION 18
16. CONSUMERISM IN THE MILLENNIAL AGE 16
A company that can offer underused, high-cost
goods and services (particularly lodging, automobile
use and professional services) in a convenient
package is positioned to capitalize on consumer
goodwill toward the collaborative marketplace
without succumbing to consumer apathy toward
its relative inconvenience.
Most importantly, however, technology has facilitated
the broad sharing of information, and strong
personal networks and connections have followed.
Marketers cannot ignore the fact that this information
sharing among millennials extends to the methods
by which they make purchasing decisions. In fact,
this new spin on “word-of-mouth” endorsement
or criticism has the potential to make or break a
product’s success from a marketing standpoint.
Although half of millennials state that a poor
online review of a business would not stop them
from frequenting that business, marketers cannot
downplay the importance of the personal opinions
of friends and peers on millennials’ consumer
behavior.19
In fact, positive feedback holds even
greater weight in the realm of the sharing economy
– 69 percent of consumers in a recent survey
stated that they would not trust a collaborative
commerce company unless recommended by
someone they trust.13
COLLABORATIVE COMMERCE PROJECTED REVENUE GROWTH BY SECTOR20
2013 2025
PEER-TO-PEER LENDING
AND CROWFUNDING
ONLINE STAFFING
PEER-TO-PEER
ACCOMODATION
CAR SHARING
MUISC AND VIDEO
STREAMING
EQUIPMENT RENTAL
B&B AND HOSTELS
BOOK RENTAL
CAR RENTAL
DVD RENTAL
SHARING ECONCOMY
SECTOR
TRADITIONAL
RENTAL SECTOR
17. CONSUMERISM IN THE MILLENNIAL AGE 17
Social media platforms make it easier than ever
to share personal experiences with goods and
services, both positive and negative. With the
click of a button or the tap of a finger, a post can
reach hundreds of thousands – and even millions –
of consumers. Particularly if a site is well-traveled
and trusted, the effect of a positive or negative
review may be almost instantaneous.
It may have been said in the past that there is no
such thing as bad publicity, but businesses today
must be prepared to consistently monitor social
media and their reputations on it, allowing them
to both capitalize on the good and engage in
immediate damage control regarding the bad.
Connecting with Consumers in the New Economy 13
• Consider alternate business models not as
replacements, but as supplements, to your
operations; develop new revenue streams “by
facilitating peer-to-peer or other like-minded
marketplaces.”
• Focus marketing messaging on product quality
and consider developing quality maintenance
programs for potentially shareable goods.
• Tap into millennials’ sustainability awareness
by highlighting product longevity and
participating in waste-reducing practices.
• Focus on offering consumers experiences in
addition to – or as extensions of – purchases
of material goods.
• Monitor social media outlets and interact with
consumers in real time.
• Focus on a seamless purchasing experience,
from initial product introduction through
research and ultimately actual purchase.
18. 18CONSUMERISM IN THE MILLENNIAL AGE
While collaborative commerce has emerged as a
natural extension of this shift in values, ultimately
its popularity is not predicated upon a desire to
share or to join a community. As with all consumer
behavior, it’s entirely about convenience. Just
because something can be shared doesn’t mean
it necessarily will be; if the process is not either
easier or more affordable (and preferably both) than
the traditional means of using products and
services, it’s unlikely to replace the status quo.
The typical consumer will push a button for a ride
because it’s easier than buying a car, visit the
emergency room because it’s more convenient
than scheduling a doctor’s appointment, or order
a power drill from Amazon because it’s more
convenient than asking around the neighborhood
for one.
For those eager to adapt their business models
to leverage the rising popularity of collaborative
Looking forward
In a very impersonal digital age, millennials are getting back to the basics of connecting
with others – albeit largely through the use of technology. They value sharing meaningful
experiences with friends and family and view ownership of material things as financial
and physical obstacles to these experiences.
commerce, finding ways to make the sharing of
physical products more convenient and affordable
will be key to broader adoption.
On the other hand, there will always be items
that must be owned outright. Businesses can take
heart in the fact that America was built on the
concepts of consumerism and ownership, and it’s
likely to be some time before most Americans
feel comfortable with the idea of broadly sharing
the items they use on a regular basis.
When marketing to millennials, the key is to
remember that, when they do make purchases, it
is after careful deliberation – usually after consulting
friends and family – and with a keen eye toward
price, quality, value and sustainability.
19. 19CONSUMERISM IN THE MILLENNIAL AGE
12
All eyes on the sharing economy. March 7, 2013, The Economist.
http://www.economist.com/news/technology-quarterly/21572914-
collaborative-consumption-technology-makes-it-easier-people-
rent-items
13
The sharing economy: Consumer intelligence series. 2015,
PricewaterhouseCoopers LLP.
http://www.pwc.com/us/en/technology/publications/assets/pwc-
consumer-intelligence-series-the-sharing-economy.pdf
14
The ‘sharing economy is dead, and we killed it. Sept. 14, 2015,
Sarah Kessler, FastCompany.
http://www.fastcompany.com/3050775/the-sharing-economy-is-
dead-and-we-killed-it
15
Exclusive: See how big the gig economy really is. Jan. 6, 2016,
Katy Steinmetz, Time Magazine.
http://time.com/4169532/sharing-economy-poll/
16
Want to be the next Airbnb or Uber? You need to understand the
sharing economy. Nov. 7, 2015, Forbes.
http://www.forbes.com/sites/bijankhosravi/2015/11/07/want-to-
be-the-next-airbnb-or-uber-you-need-to-understand-the-sharing-
economy/#2715e4857a0b5f63fdf27b43
17
5 reasons why the sharing economy will become marketing’s
biggest customer. September 14, 2015, Steve Olenski, Forbes.
http://www.forbes.com/sites/steveolenski/2015/09/14/5-reasons-
the-sharing-economy-will-become-marketings-biggest-
customer/#5cd70d4c1ce8
18
The sharing economy has created 17 billion-dollar companies
(and 10 unicorns). June 4, 2015, John Koetsier, VentureBeat.
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19
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1
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3
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7
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8
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11
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20. CONSUMERISM IN THE MILLENNIAL AGE 20
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