An interesting trend that has developed in Millennial consumer culture is that ownership has declined somewhat, much of this can be attributed to reduced spare cash free for saving and making big purchases Millennials are also much more likely to spend their spare cash on experiences, unique activities, holidays, concerts, festivals and travelling than generations before regardless of how much they have to spend These experiences can be very wide ranging, from organized day events to gap years and backpacking The key trend here is that millennials typically expect a certain quality of life and pursue it regardless of their reduced means
Key Questions Answered
- What products do millennials favor?
- Why do millennials favor and purchase the types of products that they do?
- How are they different from previous generations?
- How is this affecting the food, marketing, technology and retail industries worldwide?
- Learn about the key drivers behind millennial consumer behaviour and how companies are learning to tailor their products to suit
- Examine which types of industries and businesses are doing particularly well with millennials and which are not
- See how millennial consumer behaviour is changing our highstreets and online spaces
- Whilst millennials do have a leaning towards experiences and activities when allocating their spare money, millennials do want much of the same things as the previous generations Much has been said of the fact that millennial generations tend to marry later, have children later and purchase houses later, but a lot of the reason for this is because millennials are experiencing much tougher conditions than previous generations
- When it comes to activities and events that millennials and indeed younger generations emerging attend, the trend tends to be that they are certainly price conscious but willing to bypass cost concerns in the face of meaningful experiences that add to quality of life In particular events that provide any kind of unique and unusual challenge can be extremely popular and attract heavy spending from millennials
- Types of experiences and activities that have been less popular in the past have found a new lease of life as millennials become the largest generation group For instance one particular theme is that of camping or rather what it has become to this generation “glamping” Camping is a popular activity for millennials and it links into various other trends for them, such as convenience, cost saving, active outdoors, health trends and adventure experiences
Millennials & Activities: Happy to spend on activities and prioritize experiences
Millennials & Activities: happy to spend on activities and prioritize experiences
Cost is a major driver of purchasing choices, because of lower wages
Millennials are not willing to accept worsened quality of life despite less disposable income
It has been identified that millennials are more willing to spend on the “authentic” experience
Festivals and day events really connect with millennials and numbers are booming
Holidays with millennials are less traditional and tend to favor “instagramable” experiences
Attracting millennials to hotels is entirely possible with some changes
Unique experiences of all types can help to sell to millennials
Ask the analyst
List of Figures
Figure 1: UK house prices 1950-2017
Figure 2: Millennials, Generation X and Baby Boomers spending compared US, (% asked willing to spend on)
Figure 3: Tough Mudder event provides a unique day experience
Figure 4: Survey of millennial interest in outdoor activities
Figure 5: Number of annual festival events 2007 & 2017 compared
Figure 6: Travelling focused on social media content
Figure 7: Hilton Canopy hotel room, Reykjavik
Figure 8: Nvidia at gaming convention