Solopreneurship, Shopping and Self-Expression: How these generation-specific characteristics are shaping our marketplace
From Shark Tank to the sharing economy, solopreneurship has become a weightier portion of our economy in recent years. In fact, according to a recent report from MBO Partners, what they call “independents” remain a powerful economic force, contributing more than $1.3 trillion annually to the economy, more than 6.7% of U.S. GDP.
Why are these individually driven enterprises becoming so popular? Part of this trend is driven by the powerful Millennial generation who believe that work means pursuing passions, having work-life flexibility and setting one’s own course. Being a solopreneur centers on benefits to the person as an individual, and encourages self-expression and independent thinking. These are all concepts that have helped to define this generation.

The core of the solopreneur trend is the quest for freedom, and the adage weighing freedom against responsibility remains true in this situation. While technically “independent”, solopreneurs are serious when it comes to spending their money. They must make responsible purchase decisions and, because their very livelihood is often dependant on their ability to “hustle”, they know how to hustle for the best deal when they are shopping. We see this play out in their promiscuity when it comes to purchase behavior, as they shop for value above badge, and have heightened anxiety about making the right decision with their dollars.

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