We may think of Millennials as impulse buyers looking for instant gratification and the latest “in” thing, but they are turning into careful shoppers who compare prices and hunt for bargains, according to an AdAge analysis of SymphonyIRI surveys. In truth, Millennials have always gravitated to offerings that were free or cheap (think: Napster and iTunes) and that turns out to be the main driver behind their buying habits. Nearly 9 in 10 Millennials ticked “has lowest prices” as a key retailer attribute when choosing where to shop. About the same number, 87%, listed an item’s price as a key… Read More
Categories: BlogWe’ve typically characterized Millennials as an optimistic generation but that outlook may not survive their present circumstances. According to a widely publicized Newsweek story, Millennials are now America’s most “screwed” generation. The story cites a host of scary statistics: Millennials’ net worth fell 37% from 2005-2010 (Matures’ fell 13%). The wealth gap between Millennials and Matures is the highest on record. They have the highest unemployment rate at 12%, and it’s worse for younger Millennials Their average credit card and other debt is nearly $13,000 The typical student loan burden is $27,000 Only about half of graduates are able to… Read More
Categories: Home Ownership, Recession Economy, Training IndustryAt the turn of the century, economists estimated that about $41 trillion in wealth would change hands from one generation to another by the middle of the century. Now, a couple of new studies help clarify which generations will be inheriting how much. For starters, according to a MetLife study, Baby Boomers still stand to inherit quite a bit from their Mature parents. They estimate that over the next couple of decades Boomers will inherit nearly $12 trillion. According to the study, roughly two-thirds of Boomers will receive inheritances and the median inheritance or transfer will be about $64,000. That… Read More
Categories: Baby Boomers, Matures, WealthAs we’ve noted, Millennials have deferred or avoided major purchases such as cars and homes and turned away from the traditional retail, recording, video, and television businesses. They hunt for discounts, deals, freebies, and near-free (99¢) pricing. Now several commentators have suggested that technology has altered the generation’s approach to buying in an evolutionary way. For example, Millennials may avoid purchasing because they don’t have money, still live at home, and are concerned about the environment. Or, as a ZDNet columnist suggests, it could be that smartphones provide much of what cars used to: socialization, movies, shopping, even dating. Why… Read More
Categories: Bloghttp://www.newgeography.com/content/002960-are-millennials-screwed-generation Wonderful column on the plight of the Millennials in this time of “new normal.” Worth the read. What the author doesn’t mention is that the Millennials were raised to follow agenda and rules. They have. And now this. Bitterness? You’d better believe it. How will their bitterness manifest itself in ten, fifteen, or twenty years? No one knows. It could be a whole new level of activism to change their status quo. It could be reverting to their Boomer parent’s days of “tune in, turn on, and drop out.” When confronted with this size of an uphill battle, fight… Read More
Categories: Baby Boomers, Generations, Recession EconomyThe generation currently most likely to shop for groceries and cook at home, the Baby Boomers, will be spending less and cooking less. Meanwhile, the Boomers’ demographic replacements, the Millennials, don’t cook at home nearly as much. When they do, they are primarily interested in value (i.e., price) and convenience. That adds up to a tectonic generational shift for the grocery industry, according to a joint study by Jefferies and AlixPartners. Boomers, currently the leading grocery shoppers, are headed for retirement and fixed incomes and decreased demographic significance. They’ll be spending less when they do grocery shop, they’ll be cooking… Read More
Categories: Baby Boomers, BlogMillennials expect technology to do just about everything for them. They even expect it to take the place of cash in the near future, according to a Visa survey. 80% of Millennials already shop online. Another 63% uses the Internet for financial transactions. 19% use their cell phones for that purpose, too. 8 in 10 Millennials now say they expect all shopping and transactions to take place online or through technology. 73% believe that should be possible using a smart phone or other mobile device. According to the survey, only 23% of Millennials’ purchases now involve cash, a figure that… Read More
Categories: Blog, Downloadable Media, Product DesignI was in NYC yesterday and included some comments about the rarity of farmer’s kids in the workplace. I emphasized that they typically don’t fit the generational stereotypes, that they have a strong work ethic long before their peers do. A guy from the audience handed me a slip of paper that told me to explore a YouTube video and this is what I found. Hysterical. Right on. Perfect. I’m a big fan of farmer’s kids. They’re exceptional. They’re becoming rarer, though. One guy in the audience said they’re changing, though. I don’t know, but I know I like these… Read More
Categories: Workplace