Shifts in Consumer Behavior and Market Trends

In recent years, various shifts in consumer behavior and market trends have been observed, reflecting changing preferences and priorities among different generations. On one hand, Generation Z's enthusiasm for tangible products is driving growth in the analog economy, with the resurgence of vinyl records, CDs, and print books. On the other hand, American Express is upgrading its Resy platform to win the restaurant reservation wars, while Jamie Dimon, CEO of JPMorgan Chase, is cautioning investors to be aware of the potential risks associated with rising asset prices and the expanding secondaries market.

The analog economy, which was once thought to be declining, is experiencing a surprising resurgence, driven primarily by Generation Z's preference for tangible products. According to a recent report, the market for vinyl records, CDs, and print books is growing rapidly, with many young consumers seeking a more authentic and tactile experience. For example, 13-year-old Charlie, who recently received his first vinyl record as a birthday gift, expressed his enthusiasm for the album cover and the physical experience of listening to music on vinyl.

This trend is not limited to music; the print book market is also experiencing a resurgence, with many young readers seeking a more immersive and tactile reading experience. Fatima, a 17-year-old fashion enthusiast, loves browsing vintage markets and buying print books, which she finds more enjoyable than reading e-books.

In contrast, the digital economy continues to evolve, with American Express upgrading its Resy platform to win the restaurant reservation wars. The company acquired Resy in 2019 and competing service Tock in 2024 to help its card members access both tables and special events at top restaurants. The platform has become increasingly popular, with many restaurants using it to manage their reservations and events.

However, amidst the growth and innovation in the digital economy, Jamie Dimon is cautioning investors to be aware of the potential risks associated with rising asset prices and the expanding secondaries market. The secondaries market, which involves the buying and selling of existing investments, has grown significantly in recent years, with estimates suggesting that between $62.5 billion and $120.9 billion were traded in U.S. direct secondaries in 2025. However, the market is structurally opaque, and investors often buy shares with incomplete information.

Dimon's warning comes as the S&P 500 has risen 14% over the past 12 months, and the Magnificent Seven are up near 17%. While the economic cycle appears healthy, Dimon is urging investors to take a deep breath and watch out for potential risks. He notes that the vast majority of Wall Street agrees that artificial intelligence will prove transformative for growth and efficiency, but he is concerned that the market may be getting ahead of itself.

In addition to the potential risks associated with rising asset prices and the expanding secondaries market, many managers are facing challenges in navigating changing priorities and expectations. A recent report highlighted the difficulties faced by Maria, a VP of operations, who had to absorb the burden of her boss's changing priorities and expectations. The report noted that many managers find themselves in this position, absorbing friction from above while protecting those below.

In conclusion, the shifts in consumer behavior and market trends reflect changing preferences and priorities among different generations. While Generation Z's enthusiasm for tangible products is driving growth in the analog economy, the digital economy continues to evolve, with American Express upgrading its Resy platform to win the restaurant reservation wars. However, Jamie Dimon's cautionary advice serves as a reminder of the potential risks associated with rising asset prices and the expanding secondaries market. As the market continues to evolve, it is essential for investors and managers to be aware of these trends and to navigate the challenges and opportunities that they present.