Stefan Kelly is a Senior Behavioural Analyst at Canvas8. Stefan has a background in behavioural science and psychology, and has spent most of his career researching how people form beliefs and make decisions. Now he spends most of his time trying to understand the interactions between identity, uncertainty and culture. After work, he's likely reading old psychiatry blogs, scouring 2nd hand clothing apps, or failing to get Arsenal tickets.

With the world in constant flux, people are using their possessions to ground themselves. However, as certain types of physical goods become less commonplace, many are reflecting on what’s still worth owning in a sharing-enabled world.

The evolving nature of digital ownership means that people often feel like they don’t have enough control over the technology they use or the content they consume. Software updates, functionalities, and even access to content (including ebooks, TV series, and music) are increasingly controlled by companies and platforms. A television series can seemingly disappear or a household staple can change price at any point, leaving consumers feeling rudderless. Subscription models bring accessibility and convenience, but as they spread to more and more spheres of life, like the automotive industry, people may feel they have to continue paying for something that should be theirs. Even brands at the foundations of the sharing economy, like Airbnb, are reckoning with the consequences of what they’ve created.

Economic turbulence has impacted how people view their possessions, and home ownership still looms large in the minds of many as the ultimate safety net. However, as it becomes less attainable, they’re turning to smaller purchases for a sense of security, nostalgic comfort, and self-expression.

At the same time, the fluid nature of ownership is here to stay. The way Gen Zers and Yers engage with commodities is increasingly flexible. They purchase luxury fashion with resale in mind and see the sharing economy as a way to access a lifestyle they can’t afford. Many people are also questioning what makes for the most sustainable choice – not owning something in the first place or becoming a responsible owner of what you already have.

Ownership Reset

United States

Shopping

Luxury

Fashion and Style

Because of inflation, middle-class luxury shoppers are cutting back spending, pushing brands to target the wealthy. But many people still want indulgent experiences and affordable luxuries, so some companies are recalibrating to balance exclusivity with accessible indulgence in the shifting market.