Millennials are prioritizing their cars and homes less and less, and assigning greater importance to personal experiences — and showing off pictures of them. It's a trend that's ultimately helping fuel growth of billion-dollar-plus start-ups like Uber, WeWork and Airbnb.
The shift among members of America's now-largest generation is forcing many clothing retailers, particularly those with a young customer base, to quickly adapt, or in the case of Aeropostale, to file for Chapter 11 bankruptcy protection.
Millennials "aren't spending our money on cars, TVs and watches," Taylor Smith, CEO and co-founder of Blueboard, told CNBC. "We're renting scooters and touring Vietnam, rocking out at music festivals, or hiking Machu Picchu."
Blueboard, which sells "experiential" packages to companies, has customers including Astex Pharmaceuticals and GoPro and designs perks such as skydiving, cooking classes and couples massages.