Clothing brands used to focus their marketing on either brand recognition or the usability and comfort of their clothing. One of the biggest changes in today’s marketing when it comes to clothing is a much bigger focus on luxury and fun, rather than usability. When millennials buy clothes today, they don’t buy them because they necessarily need clothes, they buy them as a luxury, which changes the whole game for these brands.
It’s much more likely today that you’ll find fashion companies focusing on the influencers that promote their products, and how their clothing helps you “define yourself” better. The focus today has shifted from “basic survival” to self-expression when purchasing clothes, a fact that is clearly visible if you compare a clothing ad from the ‘80s and ‘90s with one from today.
They Spend a Lot More Money on Experiences
While millennials don’t spend a lot of money on “stuff”, they do like to spend money on experiences. Many young people today pay out of pocket just to go on an amazing adventure, such as skiing, skydiving, trips and more. Some important reasons that account for this change are social media and having a much more adventurous worldview than Generation X.
Most millennials have Instagram accounts to fill with pictures that show just how happy and successful they are, even if that’s not always the case. This might just account for the higher demand for special experiences, as these also contain the added benefit of counting as social currency in today’s social media culture. Our youth are also a lot more aware of the possibilities in the world, as they are more focused on adventures and self-exploration rather than finding a steady job and owning a house.
Buying Cars, Especially Gas-Based Vehicles
While one of the biggest signs of adulthood used to be getting a car, owning a vehicle today is considered both a privilege and a waste of money. Young people today are much savvier when it comes to the environment, and also have amazing apps that allow them to order taxis and rent electric scooters and bicycles at any time, from any place.
This is clearly shown in various recent statistical changes, including the fact that over the last eight years, the number of young adults who got their driver’s license between ages 18 to 25 went down almost 25%. While experts try to chalk this major shift down to young people preferring public transportation and their favorite ride-sharing apps, it’s clear that vehicles are becoming more streamlined, while car dealerships are becoming a thing of the past.
Sweet Wine Is Selling Much Better Than Dry Wine
There’s arguably no better proof that millennials are “softer” than their older generation than their different taste in wine. While older generations prefer more deep and dry types of wine, today’s generation has an overwhelming preference to sweet wines, such as champagnes.
Perhaps it’s a matter of toughness and perhaps it’s just a redefining of what sophistication means. What’s known for sure is that wine companies are adjusting their offerings to make younger people happy, as they are a large part of their customer base. These companies focus a lot more on selling sweet wine today, and tend to put the dry wines in a much less noticeable corner of their website.
Almost All Millennials Own Computers and Phones
One industry that is booming beyond all measures is the phone and computer industry. Almost 100% of all millennials own both a computer (either a desktop or a laptop) and a personal mobile phone. These are practically a necessity in today’s day and age, a fact that’s made easier by the cheap and powerful options available.
One of the coolest things about today’s technological performance, is that even a cheap Xiaomi phone or an entry level laptop, has hundreds of times more processing power than the original NASA supercomputers had back in the ‘60s. This trend is only progressing, which accounts for computer and phone sales consistently rising year after year.