With each generation there’s a shift in shopping. Recently I read two excellent articles about the current shift for millennials from shopping to buy stuff to shopping to buy new ideas. I think this extends a little bit further into shopping to buy investment pieces as well. And to experience life or even buy experiences or travel instead of just filling a house with nicknacks. People don’t just want to keep up appearances when it means sacrificing too much of their own happiness anymore.
As with anything, it’s an over generalization too. There will be different segments of any age group that shops differently and even some of this mentality spreading to older and younger generations.
These articles are just one point of view but if you are a business owner you should be reading them and trying to understand them. Experience the world through other people’s eyes and understand what they value so you can continue to provide value through your business.
I find myself identifying with this generation because the day I reject change is the day I’ve given my business a set shelf life.
The New Rich by Garance Dore:
http://www.garancedore.fr/en/2014/12/09/the-new-rich/
Why Millennials don’t want to buy stuff: http://www.fastcompany.com/1842581/why-millennials-dont-want-buy-stuff
Read it. Absorb it. Try and understand it. Talk about it. Observe it around you!