Here are 3 trends I’m noticing in consumer behavior that all impact my life (and subsequently, other millennials) in some way, shape or form.
1. Binge TV-watching
Primary suspects: Breaking Bad, Scandal, Orange is the new Black
I think we are all guilty of this one. Instead of waiting for TV networks to show new episodes like the generation before us, subscription services like Netflix and Hulu have made it possible for average viewers to take the term “couch potato” to a whole new level.
I think it’s evident that someone will eventually develop into an entirely ala carte TV-subscription service where customers can pick and choose the networks and even the shows that they are interested in watching on those networks.
2. Using online stores’ “Find it in store” feature before attending a physical store
Primary suspects: Apparel, Consumer electronics,
I think a lot of businesses are on to something with the advent of “find it in store” functionality on their websites. Unfortunately for them, it may not generate the kind of online revenue that they had hoped. At least in my case, I tend to use that function to figure out when to actually visit the store. Living in New York, just about every imaginable store is within an hour journey and I’m still interested in seeing, touching, and “trying on” things that I purchase.
At the same time, I hate waiting. I know that if Old Navy’s website says a pair of pants is available in store, I’m much more likely to visit that store to buy the pants than buy them online. Instant gratification beats 4-5 days shipping & handling every time (even if I don’t plan on going to Old Navy for a week).
Until we see a revolutionized returns process, I think this trend will continue and several businesses will start to see their online sales dip while their traffic increases.
3. Shareable transportation
Primary suspects: Zip car, Bike share systems
As millennials achieve higher education and migrate to major cities, personal transportation is likely to take a backseat to public transportation. However, many of us still see a need to have an element of privacy to our public transportation options. Hence, we see the onset of shareable transportation alternatives.
Again we see a theme of impatience with millennials. My guess is that because we don’t like to wait for common public transportation choices such as buses or trains, we are likely to choose a more immediate and personal option in a CitiBike (NYC) or ZipCar. These options hedge the risk of buying or leasing a bike or car until we can afford it (Another thing we hate waiting for!).
I suspect that these shareable forms of technology will get cooler and more sustainable to attract millennial-types into the next generation.
Honorable Mentions
- Pretzel buns
- Neon everything
Are you witnessing any of these trends? Have you noticed any others? Comment below!