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Consumerism is hitting a crisis - millennials staying away from shops

(Photo: Unsplash/Marcin Kempa)

https://www.channelnewsasia.com/news/commentary/consumerism-hitting-crisis-millennial-shop-online-11194338

The article details the recent decline in consumerism and largely attributes this trend to millennial consumer habits. It has been observed that younger consumers are less concerned with ownership and have a more collaborative and self-sufficient interest in environmental sustainability. Unlike their baby boomer and Generation X predecessors, millennials generally do not consider their capacity to spend as a key feature of their identities. Instead, they tend to prefer having experiences and creating memories, where making connections and interacting with others take priority. Even as corporations have attempted to co-opt this post-consumer ethos through experiential marketing, these companies need to note their products and services must come across as genuine and enriching in order for their initiatives to work for a millennial audience.

What are your thoughts on how millennials are reacting towards consumerism? Let us know in the comments section below!