It's an appreciation of the "starving artist" lifestyle. They appreciate the struggle that starving artists are going through, but once they become successful they don't see the appeal of their product anymore. I think it's a way of living vicariously through another persons work, knowing that if they were to attempt the same, they would very likely always be a starving artist. By relieving their starving artist urges, they are more capable of concentrating on other aspects of their lives that are perhaps more practical. The same phenomenon can be found in a lot of underground rap fans. Once an artist has made it though, they can't relate to them any longer because their urges to be a "starving artist" themselves are no longer being fulfilled. (An idea that seems like the epitome of self in this generation (really, is there any other lifestyle more noble?)).
So they move on, hoping to either find the next big thing...or the perfect "small thing" for them.
There is also enjoyment in trying to guess which acts will turn mainstream. It's almost like a "buy low, sell high" social system with the prize being demonstrated superior understanding of others.
I'd imagine that hipsters know they're not all that unique. They realize that conformity is inevitable...and they respond to that with irony. By taking individuality to an extreme they become part of the group. Within the group, though, there is room for much individuality which I think appeals to them. In a sense, they are always either beating them or joining them...which is a win win in their eyes.
I find it one of the more interesting fads.
The fact that hipterdom has turned mainstream probably fuels it's mainstreamness as well. It's ironic...and it's exactly what it wants to do.
Too bad I'm not one.
I've always been labeled as a jock or stoner...perhaps with a weird habit of isolating myself and reading.
My question is: How do these pre adult fads integrate themselves into the the battle lines already drawn by previous generations?
There is already pretty clear cut evidence that hipsterdom doesn't smoothly integrate into traditional American liberalism. Perhaps somewhat surprising...but I've suffered through many talks about Ron Paul and the failures of Obama from many of my hipster peers.
Funnily, hipsters seem to be the voice of my generation.