My audiophile publishing comeback wasn’t supposed to ever happen. When I sold HomeTheaterReview.com and AudiophileReview.com back in late December 2019, I told anybody that would listen that I was pretty much done. I was looking for some new challenges and even with the profound effects of the COVID-19 pandemic, I found plenty of them, including a high-pressure job at a Fortune 500 company and some pretty serious illnesses that I am thankfully coming back from nicely now. A few months away from the end of my non-compete agreement (which limited me from selling ads in the home theater space, not the audiophile space), I had a number of compelling conversations with some of my AV industry friends. Many got into the question of how many audiophiles we know under 40 years old. The short answer for nearly all of us was: not many. Nobody’s number was higher than 10.
Mind you: these younger buyers are actually out there in the wild, but they’re not necessarily part of the same conversation we Gen-X and older audiophiles are having. You have to know where to find them. But one came to my attention recently via a former writer from my old publication, Scott Wasser. His son Brandon is 22 and a recent graduate from business school in Maine. He could have likely gotten into to a more vanity-brand school for double the money, but that isn’t how Brandon rolls. He’s just starting to build a book of business as a money manager in the financial services business. He has already earned his Series 7 certification (no cakewalk, by the way) and he’s now ready to help people make and protect some serious money.
Brandon grew up with his father being a successful editor of newspapers mostly with a unique focus on consumer electronics. Brandon was able to inherit some gear over the years to cobble together the basics of an AV system, including an old but sizable plasma TV, a Denon receiver, some Definitive Technology speakers, and a few other goodies. In moving out of the house and into a situation with two other young adults, he was also able to upgrade from a pair of Sony noise canceling headphones into a larger-scale music playback system.
Four Important Things to Know About This 22-Year-Old AV Enthusiast
- Value is everything to him. When asked what would he buy if he had just won Powerball? His answer was solid and well thought-out. He said, “I wouldn’t buy anything differently,as I value owning real estate over audio and video components at this point in my life.” Smart kid.
- Gaming is his first love. Having personally called literally ever stereo store and custom installation firm (I am not kidding – 2,500 in total in North America), not a single one of them gets it when it comes to the importance of gaming. Why? Because they don’t like money, growth, and younger clients, I would guess. Today, the video game industry is larger than all of Hollywood movies and music combined it terms of top-line revenue. Why would one want to tap in to that market loaded with kids that are looking for the Nth degree of performance and willing to spend real money to get an advantage? Who else seeks the Nth degree of performance and is willing to pay a pretty penny for it? Oh…
- Surround sound is very important to Brandon. Unlike some younger users who are into vintage audio and specifically vinyl, Brandon likes himself some object-based surround. His next upgrades will be to speakers that have provisions for height/side channels on top of thin/tall floorstanding speakers. He likes a good stereo image but he loves the full, visceral experience of immersive sound.
- Sonos already has their fangs into him. Don’t get me wrong, I like Sonos, but it is a bit of a close-ended system that once you enter into you tend to stay tied to like a cult. It’s a bit like Apple in that respect. I am not that sucked in and perhaps Brandon will not be either, but it is something to make a note of regarding future upgrade paths. Those of us who have been around since the only way to do distributed audio was via massively complex custom-installed systems with elaborate wiring sort of view all of these new wireless multiroom ecosystems as nascent and—ultimately—sort of interchangeable. For younger audiophiles who grew up with Sonos as a playback system, there may be far more inertia and less inclination to switch to something like HEOS or BluOS or fussier systems like Play-Fi.
For Brandon, the driving force behind all of his decisions these days is value. The fact that he didn’t go $150,000-plus into debt to have some fancy Ivy League degree shows you how bright this young man is. The fact that he understands the long-term asset value of real estate (forget the recent, giant spike in interest rates) is equally as impressive. He is going to manage money well for people, I just have a good feeling about him.
I wouldn’t bet against this kid for one second. With his smarts and, even more so, with his overall savviness , he’s going to own real estate in a matter of only a few years. Maybe he will rent back to his current roommates for a while and be able to buy a home for himself with the income generated? Now, that’s not a bad plan…
What will be interesting to follow is how Brandon’s audio/video upgrade path develops over time. He has an older version of Sony WH-1000xm5 top-of-the-line Bluetooth headphones (buy at Crutchfield) . He bought a pair of the new ones that I reviewed recently and he actually returned them because the delta in performance over his old cans just wasn’t worth the money for him. This young man doesn’t play the fool. He values value and he doesn’t just blow his money because some influencer tells him to. Welcome to the new audiophile paradigm.
Millennials Seek Value When Spending Their Discretionary Money on Technology
Millennials, the generation born roughly between 1981 and 1996, are known for their unique approach to spending, especially when it comes to discretionary income. Unlike previous generations, who may have splurged on high-end products without much consideration, millennials are more cautious with their purchases, particularly in the realm of technology. Value, both in terms of price and functionality, is paramount for this demographic when making technology-related purchases.
One of the key reasons for this shift in spending habits is the financial uncertainty millennials often face. Many came of age during the Great Recession and have seen economic instability throughout their adulthood. As a result, millennials tend to prioritize saving, investing in experiences, and purchasing items that serve multiple purposes or offer long-term benefits. For example, instead of purchasing the latest smartphone with a slew of features they may never use, millennials are more inclined to buy devices that are practical, versatile, and durable.
This inclination toward value also means that millennials are savvy consumers who are well-researched before making a purchase. With access to an abundance of online resources, they can easily compare products, read reviews, and seek out deals. They are more likely to buy from companies that offer transparent pricing, excellent customer service, and warranty programs. Moreover, millennials are increasingly drawn to brands that align with their values, such as those that prioritize sustainability, ethical production practices, or social responsibility.
Additionally, the rise of subscription-based services, such as streaming platforms and cloud storage, has appealed to millennials’ desire for flexibility. Instead of making a one-time large purchase, they can opt for a recurring service that provides continuous access to the latest content, software, or storage at a fraction of the cost. This model allows millennials to enjoy cutting-edge technology without the upfront cost, making it a more budget-friendly option.
Millennials are driven by value when it comes to discretionary spending on technology. They seek products that are practical, versatile, and offer long-term benefits, all while staying mindful of their budgets. Brands that cater to these needs, with a focus on quality, sustainability, and transparency, are likely to see the greatest success with this generation.
Never having much money, but always an interesting music and audio components, I had no other choice than value. Every dollar scrimped and saved had to pay dividends. Makers like Polk were high on my list as with them I found great value.
It would seem to me that this is an area many audio equipment retailers miss or intentionally overlook. We don’t all have the big bucks, but plenty of us have been bitten by the equipment t bug. Fortunately I’m in a better fiscal place in my life at this time, but I still put together a system with value in mind: Parasound Halo, Goldenear speakers, Marantz CD player, and until last year a16 year old iMac for a server.