Wednesday, August 26, 2015
How Does Business View Millennials?
In our world, we deal with Millennials daily and focus on how to work with them in an educational setting. The business world also thinks about millennials and their role in the present and future economy.
Here are excerpts from UBS Wealth Management Research that may be of interest:
Over the next decade, as Millennials mature into later adulthood, we expect their mobile usage and online activity to increase and become more ingrained into their daily lives. Given already heavy Internet traffic, social networking services could be catapulted into a forefront position. Consequently, we expect such online platforms to increasingly become the gateway for a range of online activities, from news and media consumption, to e-Commerce via personalized advertising, to video streaming.
While individuals would previously consult friends and family prior to certain purchasing decisions, social media, in-depth product information, online forums, consumer reviews, and price comparisons exponentially expand the universe of available information. Millennials have grown up with better tools, accessible at the simple touch of their fingertips, than any previous generation, leading to more informed and cost-conscious decision-making.
This generational shift favors organic food producers, as well as digital fitness gadgets and trendy athletic apparel.
In our view, these cyclical headwinds, paired with shifting attitudes toward getting married and having children at a later age, are driving low homeownership rates among young adults. This is a trend we expect to continue, and believe will favor rental-related companies—particularly in growing urban areas—as well as “sharing economy” businesses that utilize the Internet and mobile devices to provide on-demand services without an ownership commitment (e.g., Zipcar).