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
-
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.
-
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.
-
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
-
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.
-
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.
-
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:
178,412 Total Clicks
Date Range:
Mar 15 — Oct 15
Trending:
Mild
Consumer Insight Topics:
