Today’s millennials are facing different challenges that their parents never encountered. For millennials today, student loan debt and rising urban costs are causing a new focus on simplifying life. It’s not just the focus on frugality that’s changing the way millennials live, however.
Many are seeking convenience and a the asset-lite lifestyle because they’re questioning the trappings of consumerism. In light of this, many have accused millennials of “killing” various industries. The truth, however, is that millennials and their new choices are spawning new industries. Why are millennials changing their ways and hunting for convenience? Here are a few reasons why.
Convenience
Millennials have grownup up during a world that emphasizes convenience. Between fast food, video streaming, customized social media feeds, and the ability to Google any question or concern in real-time, they’ve been raised to deem everything in terms of how briskly, efficient, and accessible it is. Businesses that acknowledge this want are creating it a priority to deliver convenience in contemporary, artistic ways.
If millennials are willing to outsource and automate one thing as basic as buying groceries, you’ll be able to bet they’re searching for a more convenient way to purchase or consume your product. Finding how to satisfy this want can yield dividends.
Exorbitant Pricing
Many millennials today are looking for tiny houses and subscription-based services. They’re cutting the cord and eschewing ownership for the opportunity to rent. They’re doing this in part because it’s so expensive to live in the cities where they tend to work. The median rent for a studio in Sydney city today is around $2200. Other cities boast similar prices. This can make it difficult for millennials to want to spend their money on other things. If they’re already tied down to an expensive apartment, they might seek a simpler approach elsewhere.
The cost of living doesn’t stop with home expenses, either. In western countries, parking a car can cost thousands of dollars per month. This is part of the reason why things like car subscription services have become so popular among young people. Why should they own a car, when they can walk most places and use such a subscription service when they truly need to go farther?
The opportunity to break free and pay only for vehicles when they need them allows millennials to avoid the unnecessary expenses that go along with ownership. They’re getting all of the convenience with none of the burdens.
Ownership is often inefficient
More millennials today are focused on their carbon footprint and how their lifestyle impacts the environment. With politicians and the news focusing on climate change and what people can do to prevent it, many have found that it is their own that does the most harm. Many millennials find that this is a better approach for the environment, allowing them to live out the values they preach on social media. With ownership, they are contributing to an eroding national problem. By embracing a subscription-driven lifestyle, these millennials get what they need without unnecessary burdens.
Millennials are increasingly transient
Owning a vehicle, a home or some other asset creates ties that can keep a person from exploring opportunities. Today’s millennials are more transient and mobile than in previous generations. Much more work entirely online or at least have the ability to travel with their work. This means that they don’t have to put down roots in one single place. Beyond just the desire to explore, these millennials have a desire to keep themselves mobile so they can take advantage of any opportunities that might follow. This has led many to rent and use either shared or subscription-based services over buying and owning things.
Millennials are smart and are responding to the conditions presented to them. They’re facing a changing world in which they have to adjust to the higher costs of living. They’re having to keep their options open in a job market that isn’t as easy as it once was. To respond to this, many have sought out a more convenient and more asset-lite lifestyle. Companies have to had to respond, providing new products and approaches to suit the needs of their most important customers.
