Services specific to cohabitation create seamless routines
Trend - Brands are attempting to enhance the process of cohabitating with people who aren't partners or family by offering unique services that streamline or ease various living habits. This includes things like expense apps or individual room cleaning services.
Insight - Due to the growing cost of living in many cities, Millenials and Gen Z opt-in for cohabitating a space with strangers and/or friends. The prospect of living in areas outside of these cities, or potentially staying with family, is less attractive to these demographics who are seeking ways to expand their sense of identity and collect new experiences.
Insight - Due to the growing cost of living in many cities, Millenials and Gen Z opt-in for cohabitating a space with strangers and/or friends. The prospect of living in areas outside of these cities, or potentially staying with family, is less attractive to these demographics who are seeking ways to expand their sense of identity and collect new experiences.
Workshop Question - How could your brand consider its customers' living habits in the process of creating its products/services?
Trend Themes
1. Co-living - Due to the high cost of living in many cities, affordable co-living spaces have become increasingly popular among millennials and Gen Z, creating opportunities for services and products that cater to this demographic's unique needs and pain-points.
2. Shared Economy - Shared expense apps and prenup-inspired roommate agreements demonstrate the trend towards the shared economy and the need for innovative solutions that streamline expense-splitting and prevent arguments between roommates.
3. Roommate-finding Apps - The growing popularity of roommate-finding apps like Badi highlights the need for innovation in the processes of finding and connecting with potential roommates.
Industry Implications
1. Real Estate - The rise of co-living spaces and roommate-finding platforms presents opportunities to innovate within the real estate industry by creating affordable and convenient living spaces that cater to the needs of millennials and Gen Z.
2. Fintech - Shared expense apps and prenup-inspired roommate agreements present opportunities in fintech to innovate in ways that streamline expense-splitting and prevent conflicts between roommates.
3. Hospitality - Co-living and roommate-finding apps present opportunities for hospitality businesses to expand their offerings into affordable living spaces and communal living experiences.
