Gig Economy, Platform Economy, Side Hustle, Makers, On-Demand Economy, Freelancer, Entrepreneur… whatever term(s) used, describes an incredibly fast growing occupational direction that is becoming synonymous with career or job for Millennials and Gen Z.Read More
A lot of what has transpired re: millennial finances over the years have been a bit on the negative side; even though there are very different stories happening across the generation’s various life stages. But I come bearing some promising news on the generation as whole from the folks at Fidelity; who found that 80% of 18-35-year-olds have an emergency fund, with an average of $9,100 saved, surpassing the average amount Boomers and Gen Xers have saved (which is surprising to me!).Read More
Information coming out from newer surveys is painting a picture of today’s Millennial that is a bit different from how Millennials have been described in the recent past. Often described as the lazy, narcissistic, tech introverts; more current data is showing they’re not so different from the population as a whole when it comes to retail spending. And that as we’d suspect, their perceived failure to launch into the traditional timeframe for life markers like marriage and kids, have impacted some key spending categories like real estate and transportation; but have also buoyed retail categories like travel and entertainment. 30’s are the new 20’s!Read More
Recently, I came across a report titled “Reaching Consumers during the Purchase Process.” The study, conducted by Starcom MediaVest, basically looked to identify and attribute the impact of various media types in the purchase process, to help advertisers hone in on the most opportune times when consumers are receptive to particular messages, and what sequence of media channels should be used. Very heady stuff!Read More
I recently came across a fun new tool from Ellie Mae called the Ellie Mae Millennial Tracker. Each month, data will be added to give an up to date perspective on the demographic make-up of today’s Millennial home buyer – the ones expected to dominate home buying in 2016 and beyond. Looking at the Seattle-Tacoma-Bellevue MSA data, here’s what Ellie Mae shares about these young buyers.
- 67% of primary borrowers are male
- Average age of borrowers is 30 years old
- Average loan amount is a little over $282K
- 4% average note rate
- 82% were for purchase of a home
What I thought most interesting was that 46% of borrowers are single. Long gone are the traditional life-markers of marriage then house and kids.
Seattle came in number five in a recent Zillow report on where the wealthy young people are congregating. Those Millennial households making $350K+ household income are about 4% of households. What was crazy here is that it was in-line with the % of Boomer households making the same level of income.
As this Geekwire article shows – some of the highest paying careers are in tech and healthcare. Both of which Seattle has a lot of! Add in our aerospace engineering industry and you have a recipe for young wealth opportunities.Read More
With a total of about 1.4 Trillion dollars in student loan debt hanging over heads young and old – and Millennials holding 50-60% of it – taking on additional debt is a valid concern for both newly minted Millennial grads and grizzled thirty-somethings. That was reflected in an early 2015 survey we did with theMillennial Lab Think Force in which we asked a few questions about Credit Cards ownership and use.Read More
The local, community cornerstone ofSmall Business has grown on and with Millennials. After feeling like they were burned by big business during the recession, the Shop Localmovement continues to resonate well with the young consumer. AnEdelman Digital study reported that some 40% of Millennials prefer to buy local even if it costs a little bit more than mass-market alternatives.
With the AmEx event - Small Business Saturday - coming up here next month, some ideas of how you can drive more Millennial traffic into your store November 28th and beyond…
- Make it new and exciting with an in-store event (young adults and youth shop in groups)
- Bring in a ‘special guest’ for entertainment or education
- Tap into your live and local media (like radio:) to accentuate your reach
- Team up with other small businesses around you for a block party or store to store scavenger hunt
- Utilize your current customer database to help spread the word
- Tie in a great cause with a portion of proceeds supporting a community non-profit
Per a new survey from IRI and CGK, 60% of Millennials believe that it’s more difficult to plan for retirement than to maintain a diet. Makes sense – for staying on diets we have the support of apps, activity trackers, menu’s, blogs, books, nutritionists, support groups, online forums, workout buddy’s, etc. But wait, we have some form of many of those same types of things for saving and retirement plans.Read More
In a recent article from Protective Asset Protection, they spoke to 3 Top F&I Trends You Need to Know.
From this whitepaper, there were quite a few items that were important as it relates to Millennials and their car buying and financing. But a few stats/graphics that really draw attention to the need to target Millennials.Read More
If you’re curious as to some of the nuances of being a Millennial, here’s an intriguing new look from Money at where this generation differentiates from X’ers and Boomers – ‘10 Things Millennials Buy Far More Often Than Everyone Else’. Following are a look at 4 of the 10.Read More
Nearly every feature of the ‘robo-advisor’ is attractive to Millennials.
- Personalized – They require customization to create personalization.
- Automated – They’ve got too much going on in their life to dedicate a lot of time.
- Low-Cost – For most, they are in the early stages of their career and not making the big bucks. Having really low fees and low minimums is critical.
With a projected 75% of the workforce being made up by Millennials by 2025, it was only a matter of time for Gen Y to outnumber their seniors. Per Pew Research, “over 1-in-3 American workers today are Millennials (adults ages 18 to 34 in 2015), and this year they surpassed Generation X to become the largest share of the American workforce.”Read More
As the recovery from the recession continues, and Millennial incomes continue to take shape, perspectives on the misguided Millennial investor have popped up. Yes, many are behind the 8 ball with student debt and less than stellar jobs, but many in the 18-34 age spectrum are now making decent money, saving some, and are in need of a financial plan and investment advice.Read More
JD Power's 2014 recent sales report points to a surge in automotive spending by Generation Y. Millennials accounted for 27% of sales in 2014, up from 18% in 2010. The past decline has been largely attributed to the recession. Which makes sense, less income and access to credit is a pretty limiting factor in affording a new car. But as the economy improves, job growth continues, and Millennials get older and start growing their families, the need and want for that new car comes along. In our recent survey of End listeners,Read More
Reported by MarketWatch Spending at restaurants, as measured by the Commerce Department's Retail Report, shows annualized sales rose to a seasonally adjusted 13.7% from September to January. That?s the strongest five-month stretch since December 2006, and a level only exceeded in the past 25 years in mid-1994 and late 1992. And while Millennials have continued to cut back on restaurant visits since the recession, making 33 fewer visits per person in 2014 vs. 2007, they still account forRead More
Reported on Insurance Business America from an Applied Systems survey of 1,000 Millennials of those that carried auto insurance policy, 35% completed their purchase online, but another 37% reported buying auto insurance in person. So while a majority believe that Millennials live and breathe solely by doing business through the web or via their mobile phone, the importance of in-person relationships should not be forgotten. While having a well-planned digital presence is important,Read More