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One of our certified generational keynote speakers was asked a great question at an event: “Do I need a mobile app for my Millennial customers?”

Millennials are tech-dependent and can’t go very long at all before reaching for their smartphones, but are they using your mobile app or your website?

When to Use a Mobile App to Engage Millennials

Before you rush to build a mobile for Millennials, you need to examine your industry and the use case. Millennials want mobile apps that add value to the experience and make a process easier. For example, in the mortgage industry, there is a big push for mobile apps because they are useful at every touchpoint of the experience.

Additionally, mobile apps are successful when there is a continuous need for them and it’s convenient to use, like a restaurant reservation app. Millennials will repeatedly use the app because it already has all of their information saved.

If you can devise a strategy that both fits within your industry and encourages repeated use, then you’ll have a better chance at success with Millennials.

The Benefits of Reaching Millennials Through Your Website

However, the reality is that most mobile apps are orphaned. They are downloaded once and then never used again. You don’t want to spend the time and money investing in the development of a mobile app if you don’t need one to engage your Millennial customers.

Many businesses will find success by simply having a website. But the key is to make your website mobile responsive. In fact, you should design your entire website for the mobile experience.

Not only will you improve your SEO rankings, but you’ll provide a better user experience since Millennials are using their smartphones for searching and going online. Plus, if you’ve already branded your business with .com, it makes it very easy for Millennials to find your website.

If it makes more sense for you to reach your Millennial customers through your website, just make sure you have a mobile-first website design. From there, you can evaluate if creating an app would enhance the experience.

Want Data to Back Up Your Website or Mobile App Strategy?

We can help. We lead national and international Millennial research studies for our clients every day that help solve challenges.

Let us know what generational challenge you need solved. Send us an email or give us a call and we’ll be happy to provide a little information for you to review.

Keep up with our Millennial, Gen Z, and generational research. Connect with The Center on Instagram @TheGenHQ or Twitter @GenHQ!

The post Do Millennials Prefer Mobile Apps or Websites? appeared first on GEN HQ.

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It’s no secret that Millennials continue to face a tougher financial reality, but just how far behind are they compared to previous generations when they were the same age?

A new study from the Federal Reserve Bank of St. Louis found that households headed by someone born before 1960 are better off, while younger households headed by someone born after 1960 are generally worse off.

And Millennials born in the 1980s got the worst deal of all. As of 2016, their median net worth was 34% lower than other generations at the same age. To compare, GenXers were just 18% behind.

What’s causing the disparity?

Contrary to popular belief, the report found the problem is not how much Millennials are earning. Instead, because Millennials are struggling with student debt, car loans, and credit card balances, less than half own homes, and relatively few hold assets like stocks, it’s possible they will never build wealth fast enough to match previous generations.

This shortfall in earning has caused Millennials to delay getting married, put off having children, and generally pump the breaks on spending on large-ticket items like cars and saving for retirement.

What does the future hold for Millennials?

All might not be lost for Millennials, though. According to a recent CNN Money article referencing the same Fed Reserve study, those born in the 1980s have two major things going for them:

  1. They have a lot of time to get back on track.
  2. They are the most educated generation, with the highest earning potential.

It will be interesting to see if Millennials ever climb out of this financial rut and how their Gen Z successors will fare in this economy.

Solve Your Gen Z Challenges with Custom Generational Research

We lead national and international Gen Z and generational studies for our clients every day. We also keynote events around the world, helping businesses better understand their customers and workforce.

Let us know how we can help you. Send us an email or give us a call and we’ll be happy to provide a little information for you to review.

Keep up with our Millennial, Gen Z, and generational research. Connect with The Center on Instagram @TheGenHQ or Twitter @GenHQ!

The post Will Millennials Ever Climb Out of the Great Recession Rut? appeared first on GEN HQ.

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As the US fertility rate continues to hit record lows, major baby care brands are reeling from Millennials’ decision to delay parenthood.

According to the Centers for Disease Control and Prevention’s National Center for Health Statistics, the US fertility rate fell to 60.2 births per 1,000 women of childbearing age in 2017, down 3 percent from 2016.

What Jason Dorsey Says About Birth Rates Among Millennials

“The declining birth rates sweeping across America are going to have a profound effect on many businesses — some in the immediate term and others 5 to 10 years out,” said Jason Dorsey, President of the Center for Generational Kinetics, in an interview with CNBC.

“The reason is that declining birth rates hit the obvious group of businesses first: diaper makers, toy makers, kids meals at restaurants, car seat manufacturers and the like.”

How These Changes are Affecting the Industry

Kimberly-Clark, the maker of Huggies diapers, has been vocal about the hit they’ve taken from declining birth rates. According to CNBC, in January, the company announced it would cut at least 5,000 jobs, in a bid to reduce costs as sales fell. Similarly, Pampers-maker Procter & Gamble and Edgewell Personal Care, the maker of Playtex baby bottles, have reported sales declines in their baby businesses this year.

“The big question we’re exploring at our generational research center is if this is a temporary generational delay or a new normal,” Dorsey said.

“At this point, our research appears to show this is heavily generational driven by Millennials who are now well into their late 30s. We consistently hear Millennials tell us that they’re delaying having kids until they feel ready —financially and otherwise — yet they also tell us they still intend to have kids.”

What Can These Companies Do to Increase Sales?

So if Millennials are going to have children eventually, what can these companies do in the meantime to make sure they attract consumers now and in the long run?

Johnson & Johnson, for example, plans to redesign its Johnson’s Baby products to appeal more to modern-day moms by rolling out a new line that emphasizes more natural ingredients.

“We failed to see evolving needs from Millennial consumers, Millennial moms, and we failed to evolve our model,” said Jorge Mesquita, worldwide chairman and executive vice president for J&J’s global consumer unit, said in a recent CNBC interview.

Will this trend continue with the generation after Millennials?

“What will be telling to us is how Generation Z reaches traditional markers of adulthood, such as having children, and if they swing the pendulum back the other way as they emerge,” Dorsey adds. “Gen Z are now up to age 22. This is a trend business leaders need to watch closely whether it impacts them now or will in the future.”

Solve Your Gen Z and Millennial Challenges with Custom Generational Research 

We lead national and international generational studies for our clients every day. We also keynote events around the world, helping businesses better understand their customers and workforce.

Let us know how we can help you. Send us an email or give us a call and we’ll be happy to provide a little information for you to review.

Keep the conversation going, follow The Center on Instagram @TheGenHQ or on Twitter @GenHQ. We are passionate about sharing our latest generational discoveries!

The post How Millennials Waiting to Have Kids is Affecting Big Brands appeared first on GEN HQ.

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Many Millennials still receive financial help from their parents well into their twenties and thirties—and not just in cash. A surprising number of Millennials also rely on their parents to not only help them with their taxes, but to do it for them completely.

Why are parents helping Millennials with their taxes?

A recent Wall Street Journal article interviewed several parent-and-Millennial pairs about the matter, and most of the Millennial respondents were upfront about their knowledge gap when it came to taxes, and even more blatant with their lack of desire to learn.

One interviewee, Meredith Hirt, 26, said that her father does her taxes and that she felt no motivation to change that. It’s partially because her father, Joe Hirt, 63, encourages it.

“I’m doing something for my fully able daughters, and, as a parent, I just get a kick out of it,” he said. “They still need me for something.”

What don’t Millennials know about taxes?

According to a study in the New York Post, 66% of Millennials surveyed didn’t know that taxes were due on April 17th this year.

A majority of Millennials were also unaware that certain life events can significantly affect your tax return, including getting married, having a child, and buying or selling a home, despite 72% of them having experienced at least one of these events in the past year.

It will certainly be interesting to see what will happen when Millennials can no longer rely on their parents for help with their taxes.

Solve Your Generational Challenges with Custom Research and Keynote Speaking 

We lead national and international generational studies for our clients every day. We also keynote events around the world to help businesses better understand their Millennial and Gen Z customers and workforce.

Let us know how we can help you. Send us an email or give us a call and we’ll be happy to provide a little information for you to review.

Keep the conversation going, follow Jason and The Center on Instagram @Jason_Dorsey and @TheGenHQ or on Twitter @JasonDorsey and @GenHQ. We are passionate about sharing our latest generational discoveries!

The post Millennials and Taxes: The Knowledge Gap appeared first on GEN HQ.

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It seems there’s a new headline every day about Millennials “killing” a different industry. According to some hyperbolic articles, Millennials are to blame for the demise of marriage, doorbells, napkins and even breakfast cereal. But what’s really going on?

“The real issue is not that Millennials are killing industries or businesses, but that businesses aren’t adapting,” explains Jason Dorsey, President and Co-Founder of the Center for Generational Kinetics.

3 Industries that Need to Adapt to Millennials

Here are three industries likely to feel the Millennial disruption this upcoming year:

Restaurants

Despite the fact that some chain restaurants are struggling to keep up with change, it that doesn’t mean the industry is dying.

“The rate of change has been accelerated by mobile technology and the size of the generation,” says Dorsey. “Many of these legacy industries have hid behind Baby Boomers, and they can’t hide anymore.”

Dorsey predicts an uptick in “groceraunts,” grocery stores that offer healthy prepared or easy-to-prepare meals that people consume at home. We can also expect to witness the rise of the “ghost restaurant”, a delivery-only restaurant that essentially doesn’t exist beyond its online presence.

“It’s delivery only, through a mobile app,” Dorsey explains, “with three to five restaurant concepts sharing one commercial kitchen.”

Luxury Goods

While it’s true Millennials are not buying items like diamond rings and expensive cars, it doesn’t mean they aren’t spending.

In fact, CGK found that Millennials broke their spending record last year, opting mostly for short-term indulgent experiences like weekend trips, spa days, and wine tours. However, more are opting to rent luxury goods, such as cars and designer clothes, but only when necessary.

Gyms and fitness centers

“Millennials are going to kill the traditional gym, no doubt about it,” Dorsey says, but at the same time, fitness and wellness are more important than ever.

Instead of free weights and circuit training, he says, the future is in specialized fitness classes. For traditional gyms to stay relevant, they’ll need to adjust offerings to include classes, community-centered facilities, and convenience services like babysitting and juice bars.

Check out what Denise Villa, the Center’s CEO, shared with Health Club Management about the changing needs of the younger generations when it comes to fitness!

Do have a generational challenge with sales, marketing, strategy, or employment that you want solved? Contact us. Our talent is driving measurable results across generations. Email us here if you’d like a little info on our customized generational speaking, research, and consulting.

Interested in more cool stats, facts, and insights for bridging generations? Follow us  @GenHQ and @JasonDorsey. We are passionate about sharing our latest generational discoveries.

The post What it Really Means When Millennials “Kill” an Industry appeared first on GEN HQ.

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There’s no way around it: it’s expensive to be a Millennial. With a historic amount of student debt, rising rents, and stagnating wages, Millennials need all the help they can get…and it’s coming from their parents.

Which Bills Are Millennials’ Parents Covering?

According to a new survey by Instamotor.com, even with full-time jobs, 24% of Millennials still relied on their parents to pay some of their bills.

The survey found that 80% of the respondents who were receiving help were no longer living in their parents’ house.

Which bills are parents helping Millennials cover?

  • 53% cell phone
  • 31% car insurance
  • 30% utilities
  • 30% general car payments
How Much Are Parents Sending Per Year?

A recent New York Times article citing data from the P.S.I.D. Transition to Adulthood Supplement survey found that about 40% of 22-24 year olds receive some financial assistance from their parents for living expenses, averaging about $3,000 a year. These numbers tend to vary slightly depending on career path and geography.

The also survey found that 53% of young people who aspire to have a career in art and design receive rent money from their parents, with an average of $3,600 a year.  On the other hand, Millennials who work in farming, construction, retail and personal services receive the least amount of financial support.

In terms of geography, young people living in large urban areas are 30% more likely to receive rent money than those living in smaller cities.

The Hidden Driver Behind Millennials’ Need for Financial Support

Though these numbers are staggering, they don’t seem quite so surprising when you consider that the average college student now graduates with nearly $40,000 in debt. This debt is not equal across demographics, either.

According to a recent survey by LendEDU, men tend to have more debt than women, and white and Asian college graduates tend to have more debt than their black and Hispanic/Latino peers.

What Effect Will This Have on Baby Boomers?

In our keynote speeches and research, we emphasize that parenting styles are one of the main influences on generational behaviors. And as Millennials gain more independence from their parents, how will this trend shift over time?

And finally, what does this mean for Baby Boomers who want to retire in the coming years? Will they have enough money to leave the workforce?

Only time will tell! But we will stay on top of the trends and make sure to share our findings with you!

Solve Your Generational Challenges with Custom Research and Keynote Speaking

We lead national and international generational studies for our clients every day. We also keynote events around the world, helping businesses better understand their customers and workforce.

Let us know how we can help you. Send us an email or give us a call and we’ll be happy to provide a little information for you to review.

Keep the conversation going, follow Jason and The Center on Instagram @Jason_Dorsey and @TheGenHQ. We are passionate about sharing our latest generational discoveries!

The post How Much Financial Help Do Millennials Receive? appeared first on GEN HQ.

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Millennials are currently the largest generation in the workforce, and they have a surprising lack of confidence in their managers.

According to a recent national survey conducted by Ultimate Software and The Center for Generational Kinetics (CGK), 80% of employees said they could do their job without their managers.

High Costs of Bad Leaders and Disengaged Employees

The evidence suggests many of today’s organizations are run by managers who aren’t particularly good leaders. And bad leadership leads to disengaged employees, mediocre performance, and higher attrition.

According to Gallup’s 2015 State of the American Manager, managers account for at least 70% of the variance in employee engagement scores across all business units. Additionally, disengaged employees cost up to $500 billion annually in productivity losses.

Trusting Leadership is Essential for Millennial Employees

Employers understand that managers substantially impact employee job performance, longevity and morale, but the Ultimate Software and CGK study confirmed that this relationship has a greater impact on employee satisfaction than any other factor.

Trust serves as the foundation for any relationship, and almost everyone surveyed said that having trust in their bosses was essential to workplace satisfaction. But while 80% of managers said they’re transparent with their teams, just 55% of employees agreed.

What stands out even more is that only 53% of employees felt like their managers actually cared about their well-being.

Invest in Leadership Development and Mentor Programs

To get the most out of all employees, regardless of generation, organizations must invest in leadership development. Less than half of today’s managers have a mentor to help them become a better manager; for Baby Boomers, it’s about one-in-four.

Plus, 45% of managers have never received any training at all. Many managers are expected to intuitively know how to coach and motivate their people, which clearly is not the case for most.

Managers Can’t Ignore the Data When Making Decisions

Hard data cannot be ignored in the workplace, either, especially when it comes to compensation. According to the Ultimate Software and CGK study, only 47% of managers use any type of data when making salary or promotion decisions.

Considering that almost a third of employees said they would quit if they deemed compensation decisions unfair, it’s crucial for organizations to equip managers with data, both for making unbiased choices and for defending them.

As Gen Z, the generation after Millennials, begins to enter the workforce en masse, it will be crucial for employers to improve the relationship they have with their managers.

Check out the full original study on manager-employee relations here!

Do have a generational challenge with sales, marketing, strategy, or employment that you want solved? Contact us. Our talent is driving measurable results across generations. Email us here if you’d like a little info on our customized generational speaking, research, and consulting.

Interested in more cool stats, facts, and insights for bridging generations? Follow us on @GenHQ and @JasonDorsey. We are passionate about sharing our latest generational discoveries.

The post Why Do Millennial Employees Need Strong Leadership? appeared first on GEN HQ.

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I was asked a great question after my keynote speech, and I realized, I need to share the answer with you!

The audience member asked me: Is it true there is a microgeneration called “Xennials” or “Oregon Trail Generation” between Gen X and Millennials?

No! There is no Xennial microgeneration. Those born on the cusp where Gen X ends and Millennials begin are still a part of their respective generations—sorry Oregon Trail fans!

Cuspers: The transitional period on the edges of generations

They are Cuspers. These are individuals born in a transitional period from one generation to the next. Like me! I’m a Cusper.

You can be born within three to five years at the end of Gen X and the start of Millennials and have all the characteristics of either of the two generations, or be a blend of the two.

In fact, being a Cusper has many advantages! It can be an advantage with leadership, management, sales, and marketing because a Cusper is often more empathetic to both generations.

What are your generational questions? I want to answer them!

Do you have a generational question you want answered? Reach out to me on Twitter @jasondorsey or LinkedIn.

Want to set up a call with one of our generational experts to see how we can help you through keynote speaking or research? Contact us now and we’ll make it happen.

The post Is “Xennial” a Real Generation? The Truth about Microgenerations appeared first on GEN HQ.

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Millennials’ decision to have kids later in life is sending shockwaves through the diaper industry.

According to a recent CNBC article, the U.S. birth rate dropped to a historic low in the summer of 2017 as would-be parents pushed back parenthood. Additionally, the $12.6 billion diaper business dropped 0.3% from 2012 to 2017.

Why Aren’t Millennials Buying Diapers?

This correlation is not a coincidence. Though Millennials are now in traditional child-rearing years, many of them are not ready to have children because they are still reeling from the great recession, finally at a stable point in their careers, or drowning in student debt. Whatever the reason, it’s clear that Millennials have a lot of other things demanding their attention.

“This could be parents delaying or that drop could be here to stay,” said Jason Dorsey, president of the Center for Generational Kinetics. “We won’t know for another five years, but companies can’t wait that long to find out.”

Across the board, diaper companies are feeling the hit. Kimberly-Clark, the maker of Huggies diapers, recently announced a global cut of about 13% of its workforce. Pampers-maker Procter & Gamble also reported a 1% drop in its baby, feminine, and family care business.

And it’s not just diaper companies: Edgewell Personal Care, the maker of Playtex baby bottles, has seen sales of its infant feeding products decline. Johnson & Johnson has seen a drop in the sales of their baby oil, bubble bath, and nursing pads as well.

How Can Diaper Companies Thrive in a Millennial Market?

So what can these big companies do to not only stay afloat but to thrive in a Millennial market?

“Big brands right now need to adapt, because a delay in having children or a decline poses a significant material threat to their core business,” Dorsey said. Specialized companies are going to have to extend their product lines, making different products for babies or focusing on toddlers rather than newborns.

Diaper companies might also want to think older. According to IBISWorld, as the number of adults older than 65 grow, roughly 31% of all diapers sold in the U.S. were adult diapers.

Do have a generational challenge with sales, marketing, strategy, or employment that you want solved? Contact us. Our talent is driving measurable results across generations. Email us here if you’d like a little info on our customized generational speaking, research, and consulting.

Interested in more cool stats, facts, and insights for bridging generations? Follow us on @GenHQ and @JasonDorsey. We are passionate about sharing our latest generational discoveries.

The post Diaper Companies Suffer as Millennials Wait to Have Kids appeared first on GEN HQ.

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Are Millennials investing in the stock market? Yes, but maybe not for long. According to the New York Times, many Millennials have retreated from the market into savings accounts after witnessing the volatility in inflation and rising interest rates.

Why Millennials are Cautious Investors

As investors, Millennials have been mostly cautious. Coming of age during the Great Recession, Millennials are no strangers to living paycheck to paycheck, returning to school, or cobbling together a living wage with one or more part-time jobs. Many even lived – or are still living – with their parents well into their late twenties.

It’s no surprise, then, that saving for retirement seemed like a remote possibility for them as they watched their student loans and credit card debt pile up.

Who Do Millennials Turn to for Financial Advice?

However, with several recent years of sustained stock market growth, some Millennials have ventured into investing. But rather than turn to professional advisers, who tend to handle much larger amounts than most young people have to invest, many Millennials use ‘robo-advisers’ that offer low-cost, auto-piloted portfolio management.

According to a recent survey conducted by the Legg Mason asset management firm, only about a third of Millennials currently hold stocks, and of that group, more than 80% describe their investing strategy as “conservative.” But the survey, conducted as major indexes were surging to new highs amid ostensibly low volatility, found that the group expected to eventually take on more risk than their elders.

Millennials’ expectations are now skewed, with many of them expecting an annual return of 13.7%, compared to the 7.7% return that Baby Boomers expect, according to a survey from the AMG asset management company.

But everything turned when a slump overtook the market in early February 2018.

“They’ve never seen a sell-off like this, and it’s especially scary because they don’t know who to ask for advice — they may not have a relationship with a financial adviser they can call or text to walk them back from the cliff,” said Jason Dorsey, President of The Center for Generational Kinetics. “For many of them, it’s been a pretty rude awakening.”

Do have a generational challenge with sales, marketing, strategy, or employment that you want solved? Contact us. Our talent is driving measurable results across generations. Email us here if you’d like a little info on our customized generational speaking, research, and consulting.

Interested in more cool stats, facts, and insights for bridging generations? Follow us on @GenHQ and @JasonDorsey. We are passionate about sharing our latest generational discoveries.

The post The Rude Awakening for Millennial Investors appeared first on GEN HQ.

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