Millennials and younger members of Gen X appear to be delaying the financial responsibility of homeownership.
But it’s hard to blame a group who watched the housing market skyrocket and plummet just as they were entering college or becoming young professionals gearing up to buy a starter home.
As the economy improved, and financial arrested development started to end, some 20- to 30-somethings have started to invest in real estate, but not in the traditional sense.
Many have turned to turnkey properties, which offer the opportunity to become a homeowner while adding another revenue stream to an investment portfolio.
“You never say thank you,” young advertising copywriter Peggy Olson complains to her boss, Don Draper.
“That’s what the money is for!” he retorts.
This exchange from TV’s Mad Men perfectly captures one of the enduring challenges of the workplace: sometimes managers and employees have vastly different notions of which incentives really matter.
I would argue that-including in the case of Peggy and Don-there is a generational component to such differences. Don, a child of the Great Depression and a Korean War veteran, is a classic Traditionalist (the generation born in the 1920s and 1930s) for whom work is a transaction. As he says earlier in this exchange, “I give you money, you give me ideas.”
Each generation uses digital differently to consume content and shop for products and services, and marketers need to understand these differences to target their desired audiences on the devices they are most likely to be using.
Millward Brown Digital surveyed more than 1,000 consumers in three generations (millennials, born after 1980; Generation X, born 1965-1980; and boomers, born from 1946-1964) to see how different age groups favored different screens for various activities.
“What the data demonstrates is that even with our advanced knowledge of digital today, advertisers and marketers can’t make assumptions about how various demographics and targets are using digital devices and mobile to access content,” said Joline McGoldrick, research director at Millward Brown Digital. “It is easy to stereotype and say the best way to reach millennials is on mobile, but that is not always true. As the analysis shows, device usage varies from generation to generation based upon what the activity is. There needs to be a more granular understanding of how activity and type of content dictates preferences for screen usage in order to make a truly effective and efficient marketing strategy.”
With the U.S. economy gaining steam, employers are finally hiring — and those benefits have spread to most corners of the job market. Even America’s young adults, who bore the brunt of the downturn, are starting to regain their economic footing.
That doesn’t mean all is well for millennials, especially those who entered the workforce when things were at their worst. Improvements in the headline statistics mask some of the longer-lasting effects of the recession. Here are some of the scars that recession graduates may bear for a long time to come.
Think you’ve got your millennial employees figured out? You may not know them as well as you think.
Last month, Bentley University released the results of “Millennial Mind Goes to Work,” a survey that polled more than 1,000 U.S. millennials ages 18 to 34 on their attitudes about career and workplace issues. The statistics revealed nuances of many of the assumptions older generations have made about Generation Y, such as their obsession with technology and propensity for job hopping.
The study, which was conducted as part of the school’s millennial workforce preparedness program called PreparedU, reinforces the fact that millennials have been mischaracterized by employers in many instances, said Bentley University President Gloria Larson.
Victoria’s Secret wants to see what today’s millennials are talking about with a new twist on mobile messaging.
At the same time that practically all millennial-minded marketers are using Snapchat, Line, Kik and every other social and mobile platform out there to get in touch with teens, Victoria’s Secret has rolled out its own chat feature within its Pink shopping app.
The lingerie brand is the first marketer to use a chatting feature from a mobile messaging app called Frankly.
After opening the chat feature, app users can talk about predetermined topics like holiday gifts or school. Because this is Victoria’s Secret and millennials are fickle the public chats are customizable with different shades of pink backgrounds and branded emojis. There’s also the usual crop of smiley face emojis that app users can play with, much like a text message.
After his junior year at Brigham Young University, Nick Walter, now 25, landed a great summer internship in the Seattle office of Pariveda Solutions, a Dallas-based tech consulting firm. Though he enjoyed the work and liked his clients and colleagues, he felt stifled. Used to jeans and t-shirts, he didn’t like wearing khakis and polo shirts and most of all, he says, “I hated that I had to be at this office every day for X amount of time doing what they said I had to do.”
So instead of heading down the career track he’d always expected of himself—he’d envisioned the security of a steady paycheck and benefits—he decided to go to BYU part-time for the next two years, while hiring himself out as a consultant and developing his own apps for the iPhone including seven how-two apps he wrote with a friend. One of them, called simply Weight Lifting Videos, has helped net $1,200 a month.Then he stumbled on a more lucrative possibility.