When you’re talking about nearly a third of the population of North America, it would seem that anything related to this group is going to have an effect on the rest of the population and the future.
Here are a few examples:
- Millennials prefer to get married a bit later than their parents. (Will they also delay having children?)
- Millennials prefer car sharing vs. car ownership. (What does this mean for the auto industry? For the environment?)
- Millennials have an affinity for technology and information. (What “traditional ways of doing things” might fall by the wayside?)
- Millennials are big on health and wellness. (Will this generation live longer than previous ones?)
If you’re either in business for yourself or work for a company that’s planning to stay viable for the next 20-30 years, it might be a good idea to pay attention to the habits and interests of this massive group (if you’re not already). The Baby Boomers are already well into retirement, and the next wave of retirees will be Generation X, which will leave the Millennials as the majority of the workforce. There will come a time when this group will control most of the wealth in Canada and the US. This means that if you’re not offering what they need or want now, then there’s a chance that one day your product or service may not be needed or wanted by anyone. Perhaps it’s time to consider how your business can adapt and evolve.
Ultimately, this shift toward Millennials and what they’re looking for is an exciting time to gauge where our society will be moving in the next few decades, and what it’s going to mean for the financial industry.
¹ Norris, Doug. "Millennials: The Newest, Biggest, and Most Diverse Target Market." Environics Analytics, 2015, http://www.environicsanalytics.ca/docs/default-source/eauc2015-presentations/dougnorris-afternoonplenary.pdf?sfvrsn=6%20.
² "Millennials: Coming of Age." Goldman Sachs, 2018, http://www.goldmansachs.com/our-thinking/pages/millennials/.
³ Ehlers, Kelly. "May We Have Your Attention: Marketing To Millennials." Forbes, 6.27.2017, https://www.forbes.com/sites/yec/2017/06/27/may-we-have-your-attention-marketing-to-millennials/#409e42331d2f.