American millennials’ tastes have turned many markets on their heads. From choice of food to the ways companies structure leadership, this large generation makes its preferences known. One trend companies are considering is how millennials tend to prefer amazing experiences rather than accumulating “things.” How can companies adapt traditional products and services to appeal to millennials?
As we know, people of all generations share experiences from travel, life events, and plain everyday life on social media. However, to earn lots of likes, what you share needs to be something really cool and original. That’s why many millennials are shying away from traditional hotel chains in order to stay at Airbnbs and boutique hotels instead. A hotel that looks the same as every other hotel is not Insta-worthy. A stylish hotel with neon pink signs, special events for its guests, and an arty atmosphere can definitely be shared with #nofilter.
Think it’s just travel that is shared in this manner? No way. Travel is just the tip of the iceberg. You need to have cool stuff to share while at home too! Cars with cool gadgets, gourmet foods, and remarkable VR adventures –many millennials got to have and share them all! But all at an affordable price, of course.
Questions:
- What should companies do to appeal to more millennials looking for unique experiences over accumulation of goods?
- What industries have changed or will likely change to meet this demand?
Source: Janet Morrissey, “Wooing Millennials With Exotic Experiences That Aren’t Too Costly,” The New York Times, February 25, 2018.