Why Millennials Don’t Buy Stuff
Being a millennial myself, I always find it interesting to read about my generation’s habits and how we may be affecting the economy compared to other groups. The article from Fast Company, “Why Millennials Don’t Want To Buy Stuff”, discusses the disinterest that Generation Y has in regards to purchasing things.
Apparently, the constant use of technology and an alternative reality in digital space has given Generation Y the motivation to think differently than older generations. They are always plugged into their phones, laptops, or tablets looking for instant gratification and ways to connect with one another. The endless exposure to technological advances within society leaves the millennials with a different mindset when it comes to actually owning something. Many young adults may find it completely unnecessary to acquire something when they are able to access it at the touch of a button or the flick of their finger. Purchasing things that can be found via digital networks is not needed and may become obsolete – businesses need to recognize this change in purchasing behavior. As the author said, “Instead of kicking against the wave (which is the tendency of many institutions and leaders), we can help our organizations thrive in this strange new marketplace by going with the flow and embracing the death of ownership.” In order to benefit from this switch in behavior, businesses need to re-design the way that their products are advertised to millennials.
Generation Y seems to be more concerned about the question “What’s in it for me?” when it comes to ownership. Why should they bother purchasing this? What is the benefit they will get in return? Is this product/service indispensible? Businesses must prove to the millennials that these items can do something important, that they can be shared, and the message that it could deliver to others.
In other words, it is all about the experience. A millennial must feel a connection with the product and recognize an experience that can be drawn from its purchase and ownership. If a good or new product can provide the millennial with links to others and something valuable, it may be worthwhile. Generation Y purchases things when they feel that they will gain something from it intellectually, socially, or spiritually.
An example of experiences holding the utmost importance, Match.com has now introduced ‘Stir’ events where singles can visit local bars or hot spots to mingle with one another. The events are meant to draw singles to locations that may spark some chemistry between individuals. ‘Stir’ events have given Match.com members more things to experience and in turn, have given possible members a reason to join. These events will provide more of an incentive for millennials to become members, as more events are appearing.
