ON THE ISSUE OF CHAGING ECONOMIC BEHAVIOR AND PREFERENCES OF THE MODERN YOUTH

The article is devoted to the analysis of probable alterations in consumer behavior of today’s youth. The extent to which the questions of consumer preferences’ transformation are studied among Russian Federation youth is not high. In our view it is crucial to analyze these considerable lifestyle changes that have occurred over the last couple of decades especially in labor and consumer preferences. The analysis of these tendencies allows us to draw a conclusion about the modification of the initial consumer’s utility function. Having analyzed the current situation in the material goods ‘ markets together with taking into account the emergence and popularity of such systems of property relations as sharing and rent, the authors come to a conclusion about possible weakening of the sense of ownership’s role in the mechanism of individual’s satisfaction from the use of the material good itself. Consequently, the idea of focus shifting to intangible goods among the Millennials emerged from their considerable repartition of assets that are also often hardly acquired and distributed. The work leads to the point that both preferences and aims of the youth differ substantially from the ones that were presented even a couple of decades ago. There are remarkable changes going through the society’s attitude towards the idea of ownership and the benefits of joint use for the individual as well as for the society in general.

millennials, material goods, utility, sharing economy, utility function, behavioral economy, property relations, optimal choice, consumer behavior, reasonable use.

Altunina V. V., Altunina A. I. On the issue of chaging economic behavior and preferences of the modern youth. Business. Education. Law, 2019, no. 4, pp. 71–75. DOI: 10.25683/VOLBI.2019.49.475.