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.