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The sharing economy has enabled Millennials to shape their own version of the American Dream.
In a new study conducted by disruptive digital market research platform MindSwarms, Millennials articulated a distinctly different version of the American Dream from their parents’ generation.
While their parent’s model was to accumulate wealth and buy to own, a down economy has made this path difficult for Millennials. Sharing brands have enabled Millennials to enjoy “rich” products and experiences, without the pressures of ownership.
Millennials’ experience with online brands and relationships has built a level of trust that further supports their excitement about the possibilities of Sharing Brands within their lives. This level of trust and enthusiasm is not shared by their parents – a generation still skeptical about online reputations and relationships.
With trust as a foundation for Millennials, Sharing brands allow them to be more:
- experimental, excited to try new brands and services that they may have little or no previous history with
- open, about entering into a rental or share relationship with a stranger
- fearless, able to look at the possibilities associated with outsourcing a task or embarking on a new adventure based on an online reputation
- spontaneous, able to enjoy share relationships when they want and not be bogged down with longer-term commitments
- fulfilled, by the reward of the experience
Brands like Zipcar, Lyft, Airbnb and TaskRabbit help Millennials to feel frugal, savvy and adventurous.
For a generation that values convenience over ownership, sharing brands are shaping the lives of Millennials and the Sharing Economy is enabling their version of the American Dream.