Although it is not a new concept, the minimalist lifestyle is trending across the United States. The movement has inspired people of all ages to move into tiny homes, cut their wardrobes and donate their possessions.
Millennials, in particular, are seeking out this minimalist lifestyle. Millennials, the 18-34 demographic makeup more than a quarter of the U.S. population and the majority of the workforce. Millennials have a unique set of values around how they choose to spend their money. They grew up during the recession, entered a struggling job market and must now pay off record amounts of student debt.
Millennials are highly adept at using technology and social media influences many of their purchases. They prefer to spend on experiences rather than on stuff.
Americans have accumulated more clutter over the last hundred years. In 1930, the average woman only had 36 pieces of clothes in her closet. Today, the average consumer has 120 items of clothing, but about 80% go unworn.
One should go through their closet. You have to take every single item out, lay it on your bed, look at it and say, ‘Do I love this- do I wear it often?’ If those two things are true, you should keep that item; if they’re not, then it is taking up precious space in your closet and has to go-period. The minimalist trend extends beyond stuff and into areas such as tiny, smaller housing.
I believe the minimalism and decluttering movements will stick around for some time. Even as millennials pay off their debt and garner more disposable income, I believe they will choose to spend their money on experiences—such as traveling, concerts and eating out—rather than things.
Contributor Deborah Weinsig-Fortune Magazine