Millennial Guide: 5 New Trends You Need To Check Out

millennial trends oct 2016

Impressive how quickly millennials are impacting just about everything we do – from shopping to traveling to investing.

1. Millennials are picking pets over people

  • Less likely to be homeowners, car owners or parents but much more likely to be pet owners
  • 75% have dogs, 51% have cats vs. 50% of overall population with dogs, and 35% with cats. (Source: Mintel)
  • Millennial men are more likely than millennial women to look for companionship in pets and are more willing to put in the time and effort of taking care of a pet.
  • “Pets are becoming a replacement for children,” said Jean Twenge, a psychology professor at San Diego State University.  “They’re less expensive. You can get one even if you’re not ready to live with someone or get married, and they can still provide companionship.”
  • The $63 billion pet industry has grown three-fold since 1996.
  • Millennials are twice as likely as Baby Boomers to buy clothing for their pets.

2. They’re decluttering/ going for the minimalist lifestyle

  • They are more into the style of life than the stuff of life.
  • This is a big threat to retail. They’re not into a lot of shopping.
  • They prefer to spend on experiences rather than on stuff.
  • 78%—compared to 59% of baby boomers—would rather pay for an experience than material goods. (Source: Harris Poll and Eventbrite).

3. They travel to explore and VR/AR will become key to their travel planning

  • The 17 to 34-year-old age group is expected to spend more on travel services through 2017 than any other age group. (Source: Expedia Media Solutions)
  • Half the world’s millennials would use digital headsets to preview a destination they are planning to travel to (Source: Priceline).
  • Augmented reality will allow people to go into a city, and as they walk around get information on their glasses. And at some point, as you go through a building, the glasses will be able to show you how the building you are in looked 200 years ago, creating a completely new layer of tourism. (Source: Priceline)

4. They’re abandoning big mainstream brands

  • Only one in five millennials has ever tasted a Big Mac, which speaks volumes about McDonald’s and its dwindling clientele.
  • The same applies to Budweiser and many other big mass brands.
  • Millennials prefer newer, more customized, specific options.

5. Millennials, who invest, prefer ETF’s to traditional mutual funds

  • ETFs are increasingly designed with a millennial angle.
  • 66% of millennials – vs. 43% of investors in general – expect to boost their holdings of exchange-traded funds. (Source: Charles Schwab)

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