In 2015, Capital One hosted its first roundtable discussion, C1NDX, aimed at discovering how new disruptive technologies were influencing consumer spending habits. A new “sharing economy”. I had the chance to participate along with several other influencers and enjoyed being able to offer my expert opinion on the new spending trends. What I found interesting is that technology is enabling a “we-based” culture and closer human connection. We all rant about how we don’t talk anymore because of smartphones in our faces, and yet, a completely new culture of human interconnectivity is being born from those very phones.
In its purest form, we’ve taken the Roman market day of trading and bartering to a whole new level with Uber, AirBnB, Couchsurfing, thredUP, ZipCar and more. We share our cars, clothes, homes and expertise with others in exchange for cash or other goods.
The video from the Capital One Roundtable is at the end of this post but I thought I’d weigh in on a few of the findings.
The Minimalist Mindset
Minimalism has become a mainstay in my life. I gravitate toward stuff only if it provides me with joy but generally, I’m sick of the clutter, have rid myself of 50% of my junk and am on my way to getting rid of the rest. Being a minimalist has no set criteria. You can choose to be minimal in many ways. It’s about keeping life simple, uncluttered and to remove any excess decisions.
With the rising costs of real estate, it’s no surprise that millennials would be open to living together with friends. Heck, I live with my parents to keep costs down.
46 per cent of millennials would be open to buying a house with friends – and living in it together – to share the cost.
Airbnb can help bridge the gap between lower- and higher-cost accommodations, and is most popular with those under 30, females and those earning $50,000-$75,000, according to the Capital One analysis.
We Crave Unique Experiences
I’m on this boat all the way! Once you’ve cast off the excess stuff and come to the realization that there is no value or fulfillment in it, experiences are the way to go. Filling your life with rich, vibrant, exciting experiences will provide happiness and fulfillment. You’ll know that you’ve spent your money wisely.
So, there’s no surprise here that 53% of millennials want to keep up with the latest in life experiences.
When I travel, I prefer to live like a local. Although I haven’t gotten on the AirBnB bandwagon yet, when I stay at a hotel, I treat it almost like a home. I prefer to save my money for one splurge meal a day, usually dinner, and shop at a grocery store for other meals.
The neat thing? I’ve found that hotels have become more open to me emptying part of the mini bar to use the fridge to store fruits, OJ and other grocery items.
53 per cent of millennials will go out of their way to check out something that they saw many people – even strangers – posting about on social media just so they can be in the know.
Although Canadians are spending more with Airbnb than hotels, the average duration of Airbnb stays may be longer. Why? The majority of Canadians (58 per cent) want to live like a local when travelling so they’ll have more unique stories to tell. This number increases to 67 per cent when looking at millennials.
Tracking your Spending Digitally
It’s without a doubt that I prefer to use credit cards to not only earn reward points but also to track my spending. Even though many experts recommend a cash diet for those with spending problems, I get lost in keeping track of what change goes into what envelope. It’s not simplicity at its best.
54 per cent of Canadians agree that using digital payments makes it easier to transact and budget monthly expenses.
63 per cent of millennials are more likely to make a purchase from a brand that enables a rating system by customers, as ratings can help bring transparency to the transaction.
Check out the video of the Capital One C1NDX roundtable discussion. You can also view a copy of the report with all the stats and several quotes from the influencers in attendance.