Novel alternatives to individual ownership entice millennial consumers
Implications - As elaborate alternatives emerge, Millennial consumers are facing a dynamic range of co-ownership options that differ greatly from individual ownership. Spearheaded by branded co-ownership programs and luxury members-only alternatives, there's no shortage of ways for young consumers uninterested in sole ownership to turn to unique sharing economy models that reap the same rewards.
Workshop Question - How can your brand cater to generational changes in consumption habits and practices?
Trend Themes
1. Branded Co-ownership Programs - There is a rising trend in branded co-ownership programs that offer unique sharing economy models that are focused on loosening consumers’ ties to individual ownership.
2. Experiential Sharing Economy - The trend of experiential sharing economy, as highlighted by Ford's Peer-2-Peer Car Sharing and luxury transit services like Leap Bus, empowers a wider range of consumers by facilitating access to high-end, resource-intensive services.
3. Service Sharing Economy - The service-sharing economy trend led by apps like Wand Messaging and VeryUs focuses on delivering alternative means for sharing'some kind of resource'at a lower cost.
Industry Implications
1. Transportation - The transportation industry can take advantage of the trend by introducing a wide range of luxury transit services offering experiential sharing solutions to consumers.
2. Technology - The technology industry can benefit from the branded co-ownership programs trend by providing apps that facilitate sharing economy models and deliver innovative solutions to consumers.
3. Hospitality - The hospitality industry can take cues from the trend of experiential car-sharing and hotel-sharing platforms by offering luxury services, bundled amenities and co-sharing facilities to attract millennials and younger customers.
5 Featured, 44 Examples:
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Date Range:
Mar 15 — Oct 15
Trending:
Mild
Consumer Insight Topics:
