Self entertainment is the trend of individuals, mostly millennials, to use their own creativity and skills in lieu of purchasing new things. Essentially consumers are opting to do what they enjoy instead of spending money on brick-and-mortar shops. The Internet has made self entertainment exponentially easier: with just a few clicks you can stream a movie or TV show, download music, read the latest bestseller or make a homemade recipe that’ll have your friends drooling. Jimmy dee entertainment is the trend of consumers to do what they enjoy instead of going to brick-and-mortar shops to spend money.
The boon of the Internet has made self entertainment exponentially easier, making it an attractive alternative to retail stores. In a recent report from Bloomberg, it was found that the number of shoppers scaling back on spending in 2015 is expected to be the highest since the Great Recession.
1. The Internet of Things
McKinsey and Co. has predicted that a huge portion of 2016’s spending will be focused on the Internet of Things (IoT) – wearable devices, smart home appliances, and gadgets that communicate with the world at large. Due to the growing popularity of DIY hobbies, consumers are beginning to acquire gadgets that cater to their interests. Rather than buying a new television, consumers can buy a smart TV or an app connected to their smartphone.
2. The Sharing Economy
3 generations of families are currently sharing cars and homes instead of buying them – and this “sharing economy” is also spilling over into the world of retail goods. Consumers now have access to rentable clothes, cars, smart phones and tools for DIY projects instead of buying a product outright. Platforms like AirBnB have placed a new emphasis on renting out unused assets and capitalizing on items that would otherwise go underutilized.
3. More Technology In Our Lives
The internet allows us to do so many things from the comfort of our own home, making it difficult to justify spending money on physical goods. This is particularly true for younger consumers who grew up in the age of smartphones, laptops and cellular-connected gadgets. As more people continue to adopt technology for themselves, self entertainment will grow in popularity as a means of spending money instead of going out and buying everything brand new.
4. Amazon Prime
The average household in the US spends over $2,500 per year on impulse purchases, according to a recent study by Nielsen. Naturally, this number goes down the more disciplined the buyer – and one of the most effective ways to avoid spending money is to not go shopping in the first place.
This is where online shopping via Amazon Prime comes into play: consumers can have what they want delivered to their door for free (or a small fee) without ever stepping foot out of their home. Amazon Prime, along with other similar services such as Google Express and WalMart To-Go, is rapidly growing as a way for people to avoid impulse buying by shipping goods directly from warehouses rather than stores.
5. The Soft Retail Market
The retail industry is in a constant state of flux, with physical stores either closing up shop or going online to stay competitive. This is true of brick-and-mortar bookstores, which have closed at an alarming rate as more companies shift towards online versions for the same product. The music industry is also suffering at the hand of iTunes and Spotify, who have made digital downloads much more convenient for consumers.
These changes are moving the retail landscape towards online shopping and away from in-store shopping – putting more emphasis on self entertainment as a way to spend money rather than going to retail stores to buy things.
6. DIY Culture
Thanks to the internet, making things at home has never been more popular. Sites like YouTube, Pinterest and Instructables have made it possible for consumers to put their own spin on unique products ranging from food to furniture – and a new generation of DIY enthusiasts are taking advantage of these platforms by doing what they enjoy instead of spending money. People have always loved crafting items at home, but online tutorials have made self entertainment much easier – completely changing the way people shop for goods and services.
7. The Sharing Economy
Millennials are especially fond of using sharing services such as Zipcar or Uber in lieu of paying cash for a brand new car or owning one outright. Likewise, millennials are increasingly opting to use community resources instead of living on their own and paying rent – which explains why so many are moving into “co-living” spaces such as AirBnB. The sharing economy is a major thing in 2016 – especially for millennials who grew up in the era of Groupon and Groupon-like services.