Wednesday, April 29, 2020

Millennials Will Swap Experiences for Buying Stuff

One of the lasting effects of the Great Recession was a shift in consumer preferences from things to experiences. Homeownership, especially among millennials, fell out of favor amid distressed personal finances and changes in mortgage regulations while the rise of smartphones, social media and services such as Uber and Airbnb nurtured a consumer culture focused on dining, travel and events. A post-coronavirus, pre-vaccine world will upend this lifestyle, which will likely be replaced with the consumption patterns of older generations. As long as social distancing and fears of getting the virus persist, consumers probably will spend more on the trappings of their homes rather than services and experiences involving public spaces and crowds. . . . more