31 OCTOBER 2019


For many years, people across the world amassed wealth for their future generations. They would save during their entire lifetime for their kith and kin. Ancestral property and estates were often seen as the best gift one’s parents could have left for them.

This was very pronounced in many traditional and conservative societies like India, where the Father of the home would work right through to his retirement with focused determination, in order to have his children well educated and then seek marriage alliances from worthy families. As a part of this progression of life, parents would have saved and invested in jewelry, insurances and other investments, keeping their children as the main focus.

This so-called thinking has since changed with the advent of Millennials. There is a distinct change and approach. For instance, being a legal heir to all the property of their parent's wouldn’t impress them half as much. The current generation ideally want to declutter their lives with less attachments to all these assets which they consider as a 'weighing-down' factor.

Trends of the current generation:

  1. Consider many aspects as a waste of time and money. Like buying a brand-new car.
  2. Want choice - Be it the clothes they wear, food they eat or the cars they drive, they need variety.
  3. Love to multitask - Doing things on the go, even if it were to update their social media accounts while on the road.
  4. Minimum investment in white goods - They never like to own white goods and would on the other hand, prefer outsourced services and make every service a home delivery, be it the launderette or food.
  5. Like ‘change’ - sameness and monotony doesn’t go well with them. This applies from jobs to eateries.
  6. Least commitments - Prefer to be free from all things that can tie them down, long term lease rentals. They love to be mobile and ready to pack.

Establishments and concept changes

  1. Clothes on hire would become more popular with less of purchasing. Today, even the auspicious Wedding gown is available on hire.
  2. Vehicles on hire are already very popular with many known local and international brands. One would witness scores of self-driven cars and two-wheelers on any highway, over a weekend. To add to these options, one can hire drivers by the hour, can hop on to a call taxi or even take a shared ride, of course all ‘paid for’ services.
  3. Food has seen one of the most dramatic changes – One can order food either take away, order on call, order through service provider, order directly from restaurant, hire part-time cooks or even buy ready-to-eat dishes off the super market. This trend could soon see the kitchen (and its associated white goods), a thing of the past!
  4. Domestic help to concierge services are abundantly available in today’s world. One has to only name the service and it would be available. These include household utility technicians like plumbers, electricians, painters, pest control services, and more.
  5. In recent years, apart from house rentals, white good rentals have also been on the rise and all household goods from a bed to refrigerator and washing machine to a dish washer. Renting has indeed taken a precedence over owning.
  6. Health and well-being specialists and personal investment advisers have increased by leaps and bounds. Therapists, fitness trainers and masseurs to tone you physically and investment advisers to help you financially.

While industry sees many of the above trends as challenges, there are equal benefits as well like least wastage of resources, no unnecessary capital expenditure, being debt free, less clutter, no waste of time and 'no strings' attached.

Service delivery has drastically changed where options are plenty - either face to face or virtual, through meetings or apps, on-site or on-call and with the advent of the concept of aggregators in every walk of life, the way we live has also changed. While there is no right or wrong answer as to what lifestyle one should lead, it is becoming more evident that the present generation is all set to hire, rent and not own anything – be it any goods. This being the impending reality, it is for businesses to accept and adapt and for older generations to be aware of.

This article is written by Willis Langford. An unbiased, result driven & passionate HR professional who has a flair for technology and keen interest in making this world a better place with a zest for life.