Millennials Buy New Ideas Not Stuff

Millennials continue to shock the world by “not buying stuff.”  Generation Y has experienced an ownership shift. This ownership shift can be due to a generational shift, a lousy economy or technology. Many people blame the cloud for the millennials shift in buying habits. Is technology really the culprit?

Technology is the driver of millennials' habits but is not the cause. New technology is a result of new thinking and new habits, therefore new thinking is always first.  Understanding Generations Y’s attitude towards ownership and leveraging it can help organizations thrive in the new marketplace. Companies must learn to embrace the death of ownership.

To “own something” is not difficult for millennials to achieve. They have the ability to find and own anything they want in the traditional sense. Millennials put more emphasis on the value of the acquisition. Generation Y’s most important question is “What do we do with this?” A product or service can be powerful when it connects people to something or someone. Millennials are able to do something worthwhile with it rather than just “own” it. Here are three reasons millennials are purchasing things:

1.     People buy things because of what they can do with them

2.     People buy things because of what they can tell others about it

3.     People buy things because of what having it says about them

Companies need to tap into this new power and knowledge to change the way they sell things. The millennials ownership shift can mean the difference between a business failing or surviving.


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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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