At Ignite, we’re always keen to investigate marketing trends and audiences. This week, our Brand Strategist Diana shared an article from Forbes around the office, about why millennials value experiences over ownership.
We thought this could be useful for anyone who wants to know how to tap into current markets.
Here’s our breakdown:
The financial crisis impact
As we’re all aware, the 2000’s brought a financial crisis, which kind of shifted everybody’s priorities. Financially-driven milestones set by the Boomer generation (owning cars & houses, starting a family etc.) became a lot harder to reach.
These milestones carried a lot of cultural significance, but millennials just couldn’t (and still can’t) meet them. As a result, we all shifted towards more achievable daily goals.
Millennials and Social Media
The future is uncertain (…and we can thank the crisis for that life lesson). As such, it’s no longer about where you’re aiming, but what you’re doing. These days, people care about creating social media moments. Essentially, if it’s worth going on Instagram, it’s worth doing. Through social media, millennials have tried to take back control of how society measures success. Long-term goals of the past (possessions) are out, short-term goals (experiences) are in. This is the new status quo.
Creating new experiences
74% of Americans prioritise experiences over products. As a result, many brands are starting to shift towards more experience-based marketing. For example, instead of pushing products through messaging, some companies are creating showrooms where their products can be experienced in-person. If you offer an interesting showcase (one worth sharing on social), then you essentially get free PR.
The closing comments of the article summarises millennial marketing pretty perfectly, so we’ll just leave them here:
“Companies that can transform to become more experience-focused are the ones that will succeed in the changing world.”