It’s clear that the way we buy things has changed dramatically over the last two decades.
Businesses that have been around for a very long time have gone out of business, and new companies have sprung up in their place.
Obviously, we can’t credit all of these changes to millennials. It’s clear that some things would have changed no matter what. That said, it’s just has clear that millennials have had an impact on the way we buy.
Here are some thoughts on how millennials have changed the consumer world we live in.
Affordability
Millennial’s don’t have the kind of financial opportunities that the generations before them did. A lot of millennials are graduating from school with a large amount of debt, and some students are struggling to find jobs in their field.
Because a lot of millennials have to be careful with their money, many of them try to be smart about what they purchase. They are less likely to buy luxury items and more likely to buy things that offer a lot of value to them.
Convenience
It’s become clear that a lot of millennials prize convenience. According to most classifications, a millennial is someone that came of age at the start of the millennium. This means that most millennials have had internet access for their entire adult life.
Online shopping is something that people of all age groups enjoy, but people in their 20s and 30s make up a big portion of the online shopping market. A lot of millennials make a point of purchasing things with their phones. That means they can buy no matter where they are!
Product Variety
A lot of products that have thrived for generations are now struggling to sell. Millennials aren’t buying items like cereal, soap, and diamonds the way older generations did.
Because millennials have a distinct taste, a lot of manufacturers are trying to offer items that appeal to them. At the same time, there are still companies that are trying to sell the things that older generations love.
Today’s consumers have more options than consumers of the past did, and that has a lot to do with millennials.
Ethical Consumerism
Millennials like to buy products just like other generations do. However, a lot of millennials identify with the things that they buy. Millennials want to make sure that the purchases they are making are ethical. Ethics can actually be a selling point in this day and age!
Companies like Tom’s have been able to succeed because of their ethical practices. Companies that cut corners and treat their employees poorly aren’t doing that well with millennials. While these companies still have an audience, they are struggling to win over the millennial demographic.
It’s clear that millennials have had a big impact on the way that we buy. Now, the generation after the millennials is starting to come of age. It will be interesting to see how this generation winds up impacting our shopping pattern. Let’s see how similar this generation is to millennials.