104: Philip and Melissa Niu

Goodbye Traditional Retail, Hello Access Economy: Millennials have no interest in keeping up with the Jones’; American consumers ages 18-35 are placing greater emphasis on a better quality of life in lieu of dust-collecting stuff. As a result, traditional retailers will need to dramatically shift strategies to align with current buying trends. Parachut is on the forefront of the ‘access economy’, a business model with responsible consumerism at its core which promotes access to goods opposed to ownership. Co-founders, Philip and Melissa Niu, explain how they’re revolutionizing the future of retail through their Parachut Access Marketplace, and offer sound advice for working with family. [00:00:00] Retail Revolution: Access Over Ownership [00:06:04] Understanding Consumerism in America [00:11:30] Exploring the Millennial Mindset [00:18:21] Free Yourself from Your Possessions [00:26:45] Building the Parachut Access Marketplace [00:33:22] Advice for Working with Your Spouse