Goldman Releases Millennial Research

Goldman Sachs released this infographic a few weeks back that shows how the Millennial generation will transform the economy.

The study shows what's trending among those born between the years 1980 and 2000. According to GS, millennials are entering the market with a set of experiences that are unique in comparison to other generations. In the midst of drastic technological advancements and severe financial disruption, millennials have come to adopt a set of expectations that will set an economic tone as they move into their prime spending years.

    A few interesting takeaways:
  • 93% intend to own a home sometime in the future
  • Only 15% believe owning a car is extremely important
  • Only 15% believe owning a television is extremely important
  • 30 Median Marriage Age
  • 57% compare prices in store
  • 83% of 12th graders disapprove of smoking
  • Nearly 20% increase in online shopping from 2008-2014
  • 14% sales growth in athletic apparel/footwear from 2008-2013 vs. 2% sales growth in total apparel/footwear

Given their hesitation to make big purchases in the near future, millennials have also been more likely to participate in a "sharing economy" that allows them to access products free from the burden of ownership.

What do you guys think? Will the millennial generation truly pressure the economy into promoting a simpler, healthier, and cheaper lifestyle?

 

Interesting stuff.

"Only 15% believe owning a car is extremely important".....seems ambiguous.....

I assume they mean buying when they say owning and leasing doesnt apply. If you asked people if having a car is important it would be different. Outside of a few cities its a must have.

"Not me. Im in my prime"
 

all that money and they still made the infographic look like mid 90s era cartoon network...

this was interesting. I tend to not pay attention to the millennial stuff (I hate that term by the way, what the fuck does it even mean? just say boomers' kids, but I guess that's not as catchy), they don't have any money yet or if they do they don't fit my business model.

thanks for sharing though

 

"When marketing to Millennials, a strong brand isn't enough to lock in a sale." They obviously forgot to ask all the people queuing for 96 hours to buy an iPhone 6

 
Best Response

A few random thoughts:

Younger people tend to live in or very close to the city. Between public transportation and possibly walking to most destinations (e.g., work, nightlife, etc.), of course they wouldn't value a car much. Similar argument for TVs. I value my TV today far more than I did 10 years ago (before I had a family of my own).

Not sure what a shared economy is (didn't read the link), but very few productive people want to share what they produce until they have - at a minimum - fulfilled their own current needs. Those most interested in sharing are likely less capable of producing.

What I find the most interesting is that 93% intend to own a home, despite "entering the market with a set of experiences that are unique"… were they not paying attention?

Regardless, I don't think wine is important but we (my wife and I) sure spend more than our fair share on wine. Just BC you could do without something doesn't mean you actually do without it. Moreover, tastes and utilities change dramatically over time. I don't take the personal preferences of young adults too seriously. Give them 10 years of life post college and ask the same set of questions. I would speculate that the results would be vastly different.

 

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