If we are expecting the Millennial generation to spend us out of the economic doldrums, we may be waiting for a long time. Millennials just don’t seem to be that interested in buying stuff – a trend that has taken many traditional businesses by surprise. So what is causing this shift in buyer behavior?
According to a Fast Company Expert Perspective written by Josh Allan Dykstra, “The concept of shopping has shifted from owning stuff to buying into new ideas.” One theory on why this shift is occurring is the pervasive use of cloud technology. Music, movies, news, and even books are rarely purchased in physical form today. Instead, they are delivered through the cloud, whenever and wherever they are desired.
Millennials are also the connected generation. Anything they buy and use, they also want to share. It is about creating an entire experience that is connected through the cloud to their friends and followers. What businesses need to recognize is that the value of a purchase is more than just the purchase itself: it’s how the purchase makes our life better and how we can share this with our friends.
There are three trends that Josh identifies as the new reasons to buy.
The challenge we have as a country is to re-imagine our product and services under this new buying paradigm. Businesses that use clean and simple cloud technology and social consciousness will win. The others will go the way of the postage stamp.