There are consultants today specialising only in helping organisations deal with issues at work for millennials. Yeah, this is definitely a new job which was not available when I was still in the university. Beyond jobs catering to these millennials, there are many industries which will be relying on the power of demand from these millennials. An article recently highlighted the fall of Thomas Cook and Forever 21 was due to fast changing trends where people were turning to online sites for their travel, retail and other needs.
I think it’s important to note that there are also many other brick and mortar travelling agencies which continue to do very well. There are also lots of clothing retailers which continue to do well and they were also affected by the online trends said to be plaguing many traditional businesses today. What I wanted to say is that instead of just looking for something or someone to blame, the failure of any business should be usually due to the leadership and the legacy of decisions made.
Article in thestar.com.my A report by CB Insights says that over the next few decades, Gen Y will enter its prime spending years — and it’s set to receive US$30 trillion in wealth from baby boomers and Gen X. Due to this, the millennials will have increased spending power. Companies would have to reorgnise and reprioritise their products and services around Gen-Y to offer more sustainability, affordability and flexibility.
The 12 Industries said to be thriving due to these millennials are: Camping (seems more people are loving camping), Fitness (yeah, I could feel this in KL too), Travel (no wonder they have no money for property!), Fast Casual Dining, Micromobility, Automotive (yes they still love cars!), Seltzer, Skincare, Houseplants, Frozen Foods, Coffee (oh dear… the RM15 latte is here to stay) and Finance (are they saving or investing? I am still thinking). Please read the full article here: Article in thestar.com.my
If you are a millennial, what are your thoughts about these revelations? Perhaps where property is concerned, will you be thinking of co-living instead? Or perhaps this is not for millennials, perhaps the next generation instead? With so many industries trying their very best to get millennials money, will the savings rate which was much higher then to drop to very low levels in the future? After all, millennials will soon have access to US$30 trillion from all older generations; baby boomers and Gen-Xers… Will millennials be earning even more money then perhaps? Since they are said to be far more flexible and imaginative for example? Only the millennials can answer yeah. Happy buying I guess.
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