The Future Of Consumer | Live From Brooklyn NY
Live From Nano world’s fair in Brooklyn NY. September 2017
The Millennial generation is changing society, business culture, economics, and consumer behavior. As the first generation to grow up with the internet in the household, they have intuitive knowledge of technology, which has led them to disrupt industries and reshape the world. Businesses must adapt to the changes brought on by millennials to thrive in the new landscape.
One significant shift brought on by millennials is the rise of the status update as the new status symbol. Experiences have become more important than material possessions, as people now seek out unique and exciting events to share on social media, building their personal brand. This has led to the phenomenon of DIFTI (Did It For The Instagram), where people pursue experiences just to show that they were there.
The millennial generation is also driving the creation of a barbell economy, where companies must choose to either be a super luxury brand or a super value brand. Companies like Walmart, Apple, and Miniso are thriving in this new landscape by focusing on either high-end or budget offerings, while those that try to appeal to the middle market are struggling to survive.
The rise of the gig economy and the erosion of the middle class has created a divide between the haves and have-nots. As traditional jobs continue to disappear, people are seeking out freelance work and pursuing specialized skill sets. This has led to the growth of collaborative workspaces like WeWork, which cater to the growing number of freelancers and entrepreneurs.
Technology has also played a significant role in transforming the world, with voice-activated devices like Amazon's Alexa, Google Home, and Apple's Siri becoming increasingly popular. As voice becomes the primary way people interact with technology, the power of brands may diminish, as consumers are more likely to prioritize convenience over brand loyalty.
The future of television is also changing, as the traditional TV network model is replaced by streaming services and individual content creators. Millennials are more likely to watch content on their phones or tablets than on traditional TV sets, and the rise of platforms like YouTube has allowed anyone with a camera and an internet connection to become an influencer or even a celebrity.
The millennial generation is driving significant changes in society, the economy, and the way we consume content. Businesses must adapt to these changes and find ways to connect with this influential demographic, or risk becoming obsolete in the rapidly evolving landscape.