Future decision makers
At University, my friend Oscar used his student loan to purchase 100 toilet rolls, 15 heavy-duty boxes of washing powder, 30 bottles of washing up liquid and 50 tins of peeled plum tomatoes.
He charged his housemates a small monthly fee for their use, in the knowledge that buying essentials in bulk at the beginning of the year would make huge savings for everyone by the end of it.
Oscar is no longer alone in his frugal thinking.
The ‘Collective living’ movement is gaining momentum, and it’s easy to understand why; Much like the University halls setup, tenants live in a building with their own bedroom and share all the communal areas. Some only contain the basics, such as bathrooms, living and kitchen areas, whilst others have restaurants, shops, libraries, bars and spas. More than just discounted rent, these collective living spaces offer an easy way for tenants to interact with their co-habitants, offering the ability to build connections with people and to pool their resources.
So what does the growing popularity of collective living mean for brands?
Well, it means they have to start thinking about the decision makers of the future. They need to identify the people buying all the communal essentials. They need to rethink how to reach these people. They need to re-evaluate what their purchase criteria are. They need to think about where and how often will they be purchasing.
They need to meet Oscar.