Lifestyle Trend or Permanent Change: 20-Somethings Downsizing
How are they downsizing? From my research, I noticed that they are buying smaller cars and living in smaller apartments and houses. They are reducing the amount of clutter in their homes by buying fewer clothes as well as home furnishing, subscribing to fewer magazines and choosing not to continue to update their tech gadgets when a "slightly" newer one enters the market. Don't misunderstand they are still shopping but they are only buying what they need and no more. They are no longer just going in "blindly" purchasing something because it's the hottest thing out right now. These 20-somethings are doing their research and are questioning things.
Financial constraints may be a reason for a few but the majority are voluntarily doing this. Why are they choosing to do this? Many, have seen their friends and family members in debt or consumed by items and they don't want to be controlled like that. Despite not doing this for financial reasons, many find that they are able to save more money and actually have more free time to pursue other interests such as traveling and the arts. They want to be able to enjoy their lives "without being bogged down by lots of stuff", as one 20-something young woman said.
This is very intriguing because they are creating a whole new target market. Although this change is currently small, I think retailers as well as marketers and advertisers should keep a look out on how this lifestyle change may affect them, if more 20-somethings decided to pursue this new lifestyle.
Are you part of this new lifestyle change? If so, what made you interested in it?