Experiences over Stuff
With the rise in shared economy and an increasing trend of non-ownership, this was a curious, qualitative research study to gain a deeper understanding into the universe of products and services that millennials purchase. The study was conducted using generative exercises to access latent knowledge around their decision making and value system.
Qualitative Research, Research Methods
Millennials represent roughly 25% of the U.S. population.
It is important to understand their values and what makes a product worthy of their investment.
Source: The Importance Of Millennial Consumers.” Investopedia.
Three hunt questions
The first step was to determine three key/hunt questions and then to formulate research exercises around them.
4 Participants and 1 Expert interviewed
American Millennials (23 - 38 years)
Diverse group - Americans / Latin Americans / Asian Americans
Having their own space / room
People that value experiences over stuff
Insights into how millennials see their universe of products and services
Products as vessels for experiences
Creating experiential products that are long-lasting and upgradable. With blurring lines between products and services, there is opportunity for businesses to stay connected with their customers long after the product is sold, via digital offerings.
Products as means of self-expression
To connect with the millennial consumers, brands must understand and align with their values and aspirations. Brands are increasingly becoming a means of self-expression for this consumer base as everyday purchase decisions become part of
Hoarding life experiences over stuff
Identifying products that would shift from assets to tools (experiences) / what people will stop owning. Creating businesses around subscription-based ownership of products or services that fulfill customer aspirations.
Sharing makes it count
Brands can gain attention by creating new, innovative, “limited-edition” experiences for their consumers.
Businesses selling hardware products must also consider the experience of how their customers would instagram and show off their products after purchase. Designing a wholistic experience with their products, including capturing and sharing post purchase, is becoming increasingly essential.
Desire for quiet and loyal products
With the increasing indifference among millennials towards brand labels, new businesses have the opportunity to create quality, minimalistic products. There is an increasing demand for clean, quiet and simple products.