Millennials = The Future of the Economy
Those finicky Millennials; what audacity they have driving the entire economy?
Back in November, I gave a TED talk highlighting the importance of socially responsible investing and its role as a concept that should really resonate with the younger crowd. Millennials have the power to change the direction of business RIGHT NOW if they would only seize the opportunity. During the day, I often keep CNBC on the TV in the background and throughout the day they interview billionaire CEOs and investors from time to time in order to get their take on the market.
A common theme among most interviews is that Millennials are of the greatest interest to billionaire investors for two reasons: 1) they are the largest consumer group in this country right now, and 2) their consumption trends are much different than those of previous generations. Did you know that about 25% of all millionaires in the U.S. are Millennials as well? They are not only shaping the world with their more conscious consumption habits, but on a per capita basis have significantly more money than other generations.
Yeah. Clearly Millennials are so lazy after being bogged down with student loan debt and have unappreciative work habits (sarcasm). That must be why 46 of the top 100 wealthiest people on Earth are all under the age of 40. This is because they are taking full advantage of app development and social media development and are creating some pretty incredible products. Naturally, current billionaire investors are paying close attention to what this generation is creating and selling as it highlights a new trend of consumption that is uniquely theirs.
Why is this important? Because the stock market will be driven entirely by the impacts of Millennial consumers over the next forty years or so. Here are some interesting facts about Millennials that show just how much drive they will have in the stock market and the future of corporate responsibility in the very near future. All of the citations for this data can be found on Aabaco Small Business site:
By 2018, Millennials will have the most spending power of any generation.
Mobile commerce will be a huge contributing factor to the 3.39 trillion as 41% of Millennials have already made purchases with their smartphones.
48% of Millennials who say word-of-mouth (i.e. social media) influences their product purchases more than TV ads. Only 17% said a TV ad promoted them to buy.
Millennials are the most educated generation in American history with over 63% of Millennials having a Bachelor’s Degree.
50% of Millennial college students say they don’t need a physical classroom. 53% believe that online colleges are reputable, and 39% view the future of education as being more virtual.
90% of Millennials surveyed think being an entrepreneur means having a certain mindset rather than starting a company.
54% either want to start a business or already have started one.
By 2025, 3 out of every 4 workers globally will be Millennials.
89% of Millennials would prefer to choose when and where they work rather than being placed in a 9-to-5 position and 45% of Millennials will choose workplace flexibility over pay.
56% of Millennials won’t accept jobs from companies that ban social media.
In the last 5 years: 87% of Millennial workers took on management roles, vs 38% of Generation X & just 19% of Boomers.
Which statistic surprises you the most? Let me know!