The Millennial and GenZ way!
Millennials and GenZ have broken all the stereotypes laid down by their predecessors. Some may call them selfish, some eccentric, but in the heart of it all they are just folks trying to make their lives, by exploring, questioning and expanding their horizons. They take learnings from their parents and grandparents but make decisions independently.
Change is the only constant?
Millennials are increasingly adopting the concept of minimalism in their life. Minimalism essentially helps people focus more on what’s important to them by eliminating everything that doesn’t add true value in their lives. To accommodate this new lifestyle there has been massive growth in rental and subscription based models that gives them the freedom from ownership of unnecessary goods . In fact the allure of no ownership is now expanding from houses and cars to fashion as well. The trend of renting or subscribing to luxury fashion is here to stay and is pegged at an estimated projection of 3-4 billion dollars, in India alone.
Millennials and GenZ are the biggest spenders today. Economies are dependent on them and their way of life. Naturally businesses had to change their course of action catering to the new and refined needs. Subscription model is by no way a new one, we have all taken subscriptions to newspapers, cable tv, etc. Now you can probably subscribe to furniture, cars, and even luxury fashion. Work dynamics have changed and opportunities, adventures, sunsets, experiences are something people want to spend on. The Indian dream is no longer about chasing money, but more about chasing experiences!
The Conscious Calling!
Capitalism has left behind a lot of ecological problems and still continues to do so. Our survival had never been at such a risk. We are manufacturing more than we can consume. This awareness has also led to a change in buying behavior. Millennials have been more bold in the adoption of conscious consumerism. There has been a stark increase in start-ups offering subscription/rental models. In fact, the Subscription model works as the halo light which is aiding them to strike a balance between experiencing new things without the guilt of destroying the planet.