Millennial Collectors are Coming
March 13, 2019
The main trait of the current epoch is the change of generations and the rise of the millennial, technology savvy, disruptive, and focused on the social impact. The millennial collectors determine the future of collecting, and they bring new principles and values in the collectable cards’ community:
- A strong spirit of co-creation and collaboration.
- Ideas of a sharing economy.
- Formal and informal social networking.
- Principles of transparency and trust.
The millennials’ behavioural patterns influence their collecting activities:
- They are eager to change the world and suppose business as a driving force (the millennials understand improving society as a business mission) – So, they are active collectors-investors who do not oppose financial goals and social activities.
- Millennials prefer to make decisions that are based on their own research and personal preferences – As a result, the millennial collectors are ready to take risks. They gravitate towards new art styles and often choose emerging artists (while collectors-boomers like more traditional decks and are not so risky).
- Millennials want to get involved through social media – And the millennial collectors stay in touch with each other in the social media platform (Instagram more than Facebook). They create social links there, expressing their ideas and looking for decks that meet their expectations.
New collectors actively buy cards online, and many of them are collectors-investors who purchase decks to resell them and get profit. The emerging investors, the decline of ‘brick-and-mortar’ retail, and the moving trade online have changed the cards collecting landscape: transaction costs drop while demand and supply growth. Reinvesting the money, new collectors-investors not only expand the size and quality of their personal collections but also accelerate the market. New investors are technology savvy, and they actively invest in emerging artists through crowdfunding platforms. A stream of cheap crowdfunding money increases the supply of lower-priced decks, driving demand higher.