The millennial generation is finding themselves all grown up and ready for the world. As opposed to the more conservative previous generations, Millennials are more open to different lifestyles and housing options that their predecessors would consider to be less traditional. New housing options such as co-living have been increasing in popularity, and following similar ideas, co-working, co-traveling, and other shared space communities are on the rise.
Co-living companies like Literati.NYC, Common, and Purehouse all aim to provide affordable housing for millennials; placing like-minded individuals in clean and spacious apartments in the New York Metro area. Co-working companies like WeWork, provide workspaces for millennials who run their own small businesses, are independent contractors, or are freelancers. These spaces promote productivity by placing employees with other career-driven colleagues. Co-traveling has also recently been on the rise and is being promoted by ride-sharing companies like Uber and Lyft. Both of these companies have implemented programs that place riders with other individuals heading in the same direction, and the riders share the transportation fare, ultimately saving them money.
What do all of these companies have in common? Their common goal is to not only help millennials save money but also to build communities of goal-driven individuals. This sort of “shared” lifestyle is relatively new, as prior generations often solely focused on themselves and their immediate families. Another significant difference between the millennial generation and previous generations is the economy itself. The parents and grandparents of millennials were able to find affordable housing and keep up a lifestyle that today is near impossible to do with the increasing cost of housing, food, transportation, and recreation. Currently, the unemployment rate for millennials between the ages of 18 and 29 is 12.8 percent, and although they are considered to be the largest and most educated generation in the United States, they still find themselves struggling with enormous amounts of student debt and difficulty finding employment. Because of this, there is a tremendous need for affordable options for housing and other necessities.
Many businesses have begun to cater to the millennial generation, understanding the increasing cost of living. In fact, many studies have been done to show that marketing to millennials is a promising path for companies to take. Many corporations have taken to marketing through social media as millennials are easy to reach this way. A study by Crowdtap indicated that millennials between the ages of 18 and 36 spend approximately 18 hours a day taking in some form of media. Restaurants, cell phone companies, clothing brands, and other businesses have realized the promise of marketing to millennials, and their ads can often be seen on social media outlets like Facebook, Instagram, and Twitter.
As times are changing, so are the needs of the newest and largest generation in the adult world. With the ever increasing cost of living, companies are aiming to provide more affordable options for millennials from housing, travel, work, food, and other necessary services. These companies build on the sense of community that millennials seem to have developed, often providing affordable options for multiple individuals. It is almost certain that within the next few years, we will see that millennials are changing the way businesses are run, how we live together, and how we work.