Improved Prosperity is Changing the Context
North America’s Generation Y is the largest most diverse group in history. The talk about them has been decidedly negative, to the point where one giant media company had to halt their own coverage of Millennials because it was so dour.
Big Media lost their objectivity and were merely recycling a manufactured prejudice. They realized they were trashing their future readership. With Millennials arriving in their prime and with US prosperity rocketing, they’re moving ahead and creating an economic revolution. The big change today is prosperity and Millennials will get a big slice of that pie.
Although Millennials endured a challenging culture and business environment, they will actually extend the current economic boom for many, many years. And despite what some reports say about Millennials never changing, how credible is it that they would not mature and adopt new values? They said the babyboomers would never grow up too, but they fought, spent, and grew an economy.
Millennials Rent Everything – But They’ll Own in Future
For instance the “never own” dictate will be compromised as Millennials have the cash to buy gas guzzling SUVs and big homes of their own. Millennials are the major home buying group.
So let’s not confuse the context of their lives so far with who they will become and have at their disposal. They’re well educated, like technology, are collaborative and adaptable and they view things freshly.
They believe in small business and are ready to take the entrepreneurial journey.
“We are very encouraged that millennials are strongly inclined to begin the entrepreneurial journey,” said C.E. “Tee” Rowe, CEO of America’s SBDC, a network of nearly 1,000 SBDCs providing free consulting and low cost training — from a report in USAtoday.
The propaganda that Millennials have themselves been immersed in is continually exposed and tested. They’re certainly getting an alternate perspective from President Trump. They’re realizing what may have happened in the last 20 years — about how jobs were exported and big national debt has grown. They’re smart and motivated and they’re figuring things out for themselves.
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Right Now — Is a Starting Point
They’ve been saddled with $1.5 Trillion in student debt, under employment in dead end jobs, low pay without job security, no work benefits, living in their parents home, with fantastic dreams of buying property or their own house or condo (looking at $500,000 jumbo mortages).
Will they ever be happy? The answer is yes. The world won’t change. Millennials will change because the economy is giving what they want – money, power, and opportunity.
Two thirds of Millennials will leave their current jobs, for better jobs and better companies. Do you have a plan to understand them and retain their services and growing capabilities in a low unemployment economy? Focus on the word opportunity.
Millennials, Meet Business Opportunity
With a booming US economy, it’s only a matter of time before this critical mass event of Millennials with high paid employment occurs. That’s when they get control and will boost productivity to the best in history. Their need for housing will boost both the rental market and new home construction sector.
For the past decade, they’ve been tortured by criticism about living at home with parents, yet there is no housing at affordable prices available to them. Right now, adult lifestyle options are still limited given how high housing, gasoline and student loan costs are. Lifestyle has a price tag.
Some have adjusted ingeniously. Digital nomads as they’re called are roaming the world while working remote digitally. They have the courage to leave home to find cheaper living thousands of miles away.
Trading in Illusions for Reality
They’ve been trained for a world that simply hasn’t yet appeared and may never appear. Fairness, zero pollution, world peace, and come and go freedom, might be as elusive as free high speed wifi still is.
Even engineering and design jobs have been transitioned to developing countries. What’s remained are part-time retail jobs and now retail is disappearing (they love Amazon yet feel guilty about eradicating their own jobs).
This is an American generation that’s listened to others who say that carbon taxes, immigration, and free trade were good and that other nations must do all the manufacturing, and then deny that pollution is happening there. All the hypocrisy hasn’t been worked out, but they’re hacking their way through it.
That’s where Millennials are now. They’re hard to categorize because they’re so diverse. They’re growing up now and they’ll get it right. Why? Mostly because good paying jobs with a future are returning and financial freedom and autonomy will open their minds. With a low 3.8% unemployment in the US, there’s no way they can’t be hired or promoted. They’re getting their start, and more.
From Frustrated to Very Enabled
Millennial frustration and dissatisfaction is the key to a booming US economy in the next 20 years. All that negative energy is being inverted because real opportunity is now present. Optimism will grow each year through 2019 to 2024 and beyond until they get all they need. It’s a wonderful situation for them, us, the housing market and the tech based economy.
Their demand for housing in fact, will be one of the biggest economic boosters for 10 years or more.
Right now, some would say this generation is delusion, manipulated by mass media and special interest groups. If that’s so, the next ten years should be a great awakening. As they form families and have to pay the bills for their own kids, their list of issues will change.
Optimism About US Industry is Only Starting
Economic success for Millennials comes with the current creation of new design, engineering, and business opportunities in the United States. From startups to corporate, opportunity abounds now in the U.S. It seems not long ago that China was being heralded as the generation with a future, yet with trade wars looming, China’s future has become a little clouded.
Auto and solar systems manufacturing are just two key industries being revived which will give them plenty of sustained, well paid, employment and new business opportunities. And Millennials love the idea of starting their own innovative tech based business.
Waiting for babyboomers to retire or die was never going to work.
Millennials need industry and applied technology. Yes, many are climbing the corporate ladder, but this group is always eyeing entrepreneurialism as the way to a better. They love the open-ended possibilities. They’re getting into investment property and other passive sources of income too just like their parents and grandparents. Their influence on the Florida, Texas and California housing markets is just starting.
It’s been a predictable adaptation to a difficult economy dominated by FAANG type companies.
And when you combine 100 million growth hungry, educated people with the digital technology revolution that includes artificial intelligence, blockchain, robotics, and Internet-based services, how could we not expect a revolution of sorts?
Are All Millennials the Same?
The psychographic makeup of this age group is diverse too. Boston Consulting Group found they could characterized this way:
“we identified 6 distinct segments withint the Millennial population: Hipennial, Millennial Mom, Anti-Millennial, Gadget Guru, Clean and Green Millennial, and Old School Millennial. Each one exhibits traits in varying degrees and combinations.” — Boston Consulting Group Report — The Millennial Consumer, Debunking Stereotypes.
To be fair, every generation has had such divisions. However today’s generations have more options, tools, technology, political freedom, mobility, and cultural freedom. Their world is way more interesting and there’s more research being done.
It could be we’re not so much fascinated with Generation Y, as much as the world they have in front of them — chalk with potential for those who can capitalize on it.
“All millennials are not young professionals living in Brooklyn,” — from the United States of Millennials, Politico.com
Millennials + Big Tech in America
Stats show technology hasn’t improved U.S. Gross Domestic Product, however as President Trump pushes to bring tech industries back to life here in the US, we could see those numbers change. How could you rate something that was moved offshore to China?
And Millennials might be the ones to command the new ship soon. With the US national debt exceeding $20 Trillion and yearly trade deficits around $350 Billion, it’s perfect timing for the return of tech industry to America. Sorry China, but this generation wants its turn.
In the property management industry for instance, Millennials would have no hesitation about using apps and adopting property management software. Just one practical example of how it fits in well with their skills and expectations.
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