The American dream seems to be changing. It's been classically defined by upward mobility, and possessions including a house and a car, all in service of family. Now, every aspect of that model seems to be shifting, as Americans change what they want to achieve, and why, and what they want to possess.
3 KEY INSIGHTS
1. From Upward Mobility to Economic Security.
The idea that each generation does better than the previous one is often cited as a pillar of the American dream. Polling in 2011 found that Americans preferred economic stability and security to upward mobility by a ratio of 85% to 13%.
The economy may or may not return to its pre-recession characteristics, but the drive for economic security by US consumers may be long-lasting in either case.
2. From Owning to Sharing.
The benefits of possessing things are now achievable in other ways--often through or supported by digital devices and technologies. Americans are experimenting with new types of collaborative consumption and cloud-based lifestyles that put an emphasis on access over ownership.
3. From Having it All to Having Happiness.
The recession and the inability of the economy to provide former levels of mobility and opportunity have spurred new emphasis on family and community as life priorities.
BUSINESS IMPLICATIONS AND OPPORTUNITIES
Post-possession consumers are still consumers. They may want the same utilitarian or emotional outcomes as buyers of physical goods, but seek to obtain them through different paths. This implies that businesses need to innovate and experiment with business models as much as-if not more than-they do around the products and services they offer.
Companies can shift from sellers to service providers. A sharing economy presents new opportunities for companies to experiment with business models. Ford, for instance, became the provider for 250 Zipcar locations on college campuses, reaching young people during their sharing stage-and possibly making them more open to Ford products later in their lives.
Work Policies May Need to Change. New priorities could move American society toward becoming more family-friendly in matters such as parental leave, daycare, and general employment policies. At the least, these matters could rise as political and social issues.
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KEEP UP WITH WFS NEWS & UPCOMING EVENTS
August 2, 2015 - Tomorrow the United States will announce regulations to cut greenhouse gas (GHG) emissions from power utilities nationwide.
August 1, 2015 - The Monsanto patent on Roundup Ready Soybeans has expired after 20 years. That means farmers can now legally collect the seeds from their plantings and use them to replant or even sell to other farmers.
U.S. Study Shows Oil Sands Produce 20% More Carbon Than Conventional Crude Heating Up Keystone XL Debate
July 31, 2015 - Today United States crude production includes 9% contribution from Canadian oil sands. By 2020 that number is expected to climb to 14%. This estimate is independent of whether the northern leg of the Keystone XL pipeline gets built or not. So the United States has much invested in Canadian oil sands production and as a result the U.S.
July 30, 2015 - One of my readers who follows my blog through LinkedIn admonished me a couple of weeks ago for being too critical of the fossil fuel industry.
July 28, 2015 - If you are a regular reader of this blog then you have read about the importance of our research into stem cells and their therapeutic value. I'm even contemplating having my stem cells harvested to inject into my osteoarthritic left knee to help restore the cartilage I have lost over the years.
July 26, 2015 - Three farm stories caught my eye this week. The first, a truly revolutionary one that pushes back the dawn of the age of agriculture some 11,000 years. The second, a GMO story featuring a new rice that produces less greenhouse gas. And the third, a Harvard study about declining zinc levels in food because of rising carbon dioxide levels in the atmosphere.
July 25, 2015 - Space has been big in the news in the last week. From the latest Pluto images to the discovery of a potential Earth-twin exoplanet, to new observations about the bright spots on the dwarf planet/asteroid Ceres, to Curiosity's latest findings.