Corporate America unable to rely on the Millenial consumer (stock market, investments, average)
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Probably the easiest way is a medical supply business, particularly with home deliveries.
It’s a mature market for that stuff already and competition keeps prices low. Nursing homes have very high labor costs and are not likely to see that get any cheaper any time soon. As for mortuaries, it’s an industry currently seeing customers wanting to economize on the funeral and grace site in order to send more money to the heirs of the estate and the cheaper funeral trend is likely to continue
It’s a mature market for that stuff already and competition keeps prices low. Nursing homes have very high labor costs and are not likely to see that get any cheaper any time soon. As for mortuaries, it’s an industry currently seeing customers wanting to economize on the funeral and grace site in order to send more money to the heirs of the estate and the cheaper funeral trend is likely to continue
In Las Vegas, knowing full well the Millenials weren't gamblers, they sat down with them and asked: OK! You have no interest in gambling, then what can we do to get you to come here? And? Up and down the Strip grew these multi-million dollar nightclubs. And they're spending more money there then if they had gambled!
Only 1 out of 4 come to gamble in Las Vegas anymore and the Baby Boom generation gamblers are dying off, so let's also build lots of shopping venues up and down the Strip.
I was in the massage business for 35 years right up to last May and the Milennials aren't interested in massage either, and I'd really rather avoid them. One client kept getting on and off the table to check his Smartphone, so I told him to keep it with him during the massage.
I understand they're not interest in Baseball, Football or Golf either.
I understand they tried to create slot machines catering to the Millenials and but there was a lot of skepticism over that, and I don't know what the results of that has been.
I also know they are averse to owning/driving cars, so it'll be a challenge for Corporate America to lure them into their profit base.
Corporate America faced a similar challenge during the Hippie period, and didn't they finally win them over?
Yes, once it did work! It definitely worked for us Boomers. Since the post-WWII economic boom when every major industrial power except the US had been smashed flat by the war, when practically everything manufactured in the world was "Made in the USA," anyone with a bachelor's degree strolled into a white-collar job.
In a way that is right but besides Japan, I can't think of European manufacturers that stopped. Adidas and Puma both continued production as did Diamler-Benz. What would become Vekoma was going strong enough to last into the 1980's when they started to make a vacation of Arrow Development roller coaster tracks (they were previously meant to sell Arrow coasters in Europe, but that changed.)
I think more so it was how globalised we would become in the 1980's and beyond. Diamler merged with Chrysler in a failed move and then Fiat bought Chrysler after Diamler dumped Chrysler and Chrysler went bankrupt. Vekoma would continue on and made Disney roller coasters similar to Arrow's previous contract. Only a few American roller coaster companies exist actually. S&S bought out Arrow and is owned by the same Chinese company Vekoma sold to. I think it is just Chance Morgan, Premiere Rides, Gravity Group, Great Coasters International and Rocky Mountain Construction (who typically just makes new tracking to older wooden coasters.
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The reason is that the rest of the world is an industrial competitor and the US simply and deliberately abandoned production. It happened in the 80s when the whiz kids boldly proclaimed, "The US is no longer a production economy!"
It took a long time for the bull elephant that was the US economy to finally stumble and fall from the kill shot, but it eventually did.
Part of the problem was by this point companies needed to look elsewhere due to employee costs. In the 1980's there was a lot of greenmail, corporate raids, leveraged buyouts, and mergers and acquisitions that caused a lot of debts to be called in. The debts would kill companies. Goodyear had to close Ohio plants due to a potential corporate raid that Goodyear prevented through the use of debt. A rubber factory in Sri-Lanka (just picking a country) would be cheaper than the Ohio plant. Remember also during the eighties, wages went up. That said, it was far easier for the laid off Goodyear employees to switch and find a new job
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There is still a big requirement for people who know how to build things, maintain things, and make things work.
Only in production jobs and repairs. Knowing how things work for operations is fairly easy. The problem is companies don't pay to train anymore. They expect you to know it, not learn on the job. And many don't pay for additional training while on the job.
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Originally Posted by ackmondual
Different time periods and mentality, including but not limited to:
-"greed is good" 80s
People were more materialistic back then. Dunno if Madonna's Material Girl released in 84 helped with that, or it was the times that inspired that song
-more stable jobs
Don't have to move around, so you can afford more stuff, furniture, and NOT have to travel. These days, young people "travel light" to maximize their job prospects. There were many stories where parents and grandparents leave them antiques and other stuff passed down, but many millennials think "wtf am I supposed to do with that?". Or they really would like it, but don't have the space for it
-We've had previous generations' worth of experience telling the new generation growing up telling them, AND showing them firsthand just how crazy it can get if you buy too much stuff. Even buying stuff you won't use can add up
Some millennials do splurge on $5 "Fivebucks" coffee, and the latest $1000 iPhone. But honestly, you find those in gen X and beyond also doing that. Many millennials just make their own coffee, and get a $200 used phone and go with that for at least 4 years, or when it stops working/gets lost.
This is entirely true. I wonder how many complaining about the eating out habits of millennials did so in a fast food nation's Wi-Fi or a coffee house Wi-Fi.
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Originally Posted by Ralph_Kirk
It has been inculcated into their brains all their lives by all their adult counselors that all they need is that piece of paper--any degree, any way they can get it, for any price--and they are supposed to get it.
Brainwashing works.
Well yeah, because as I said, for a time that worked. It just stopped real good in 2008 along with most job prospects in general. Then because of the entire job market bring saturated, job creators lowered wages or even fully eliminated positions that never returned because they could run lean. Today wages aren't really much better.
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Originally Posted by Tencent
It's a problem. What do we do with those people? 30k in student loans, 30k income. These people are not going to consume enough to keep the economy growing or qualify for a mortgage. Hence low birth rate among American born citizens. This is a macroeconomic impending demographic disaster.
Something has to be done. Either hire them for something, erase the debt or retrain them. Companies and policy makers have to do SOMETHING or we are ALL going down with the ship.
Yes sadly many are sticking their heads in the sand and will not car until something HAS to be to be done.
In a way that is right but besides Japan, I can't think of European manufacturers that stopped. Adidas and Puma both continued production as did Diamler-Benz. What would become Vekoma was going strong enough to last into the 1980's when they started to make a vacation of Arrow Development roller coaster tracks (they were previously meant to sell Arrow coasters in Europe, but that changed.)
The US and Britain had very throughly and carefully destroyed the German infrastructure during the war. Dams, power plants, rail centers, heavy, medium light industries, anything that contributed to the war manufacturing effort.
The relief agency CARE (Cooperative for Assistance and Relief Everywhere) was originally Cooperative for American Remittances to Europe. When I was a kid, my mother said, "Eat your vegetables--children are starving in Europe."
Europe and Japan caught up in the late 60s, and moreover, they caught up with new-technology factories. When I bought a Volkswagen in 1968, there were a few German automobile lines penetrating the market--Mercedes Benz had gotten into the upper end in the 60s, and there were some specialty models you saw occasionally, like the Porche 911 but generally the American middle class eschewed German cars in favor of Detroit models until the 70s.
I can clearly remember seeing my first Honda Civic and wondering "WTF is that?"
I understand they're not interest in Baseball, Football or Golf either. Whoa! I agree that most of us dislike team sports, but leave golf out of it.
I also know they are averse to owning/driving cars, so it'll be a challenge for Corporate America to lure them into their profit base. Not owning a car only applies to city dwellers
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The US and Britain had very throughly and carefully destroyed the German infrastructure during the war. Dams, power plants, rail centers, heavy, medium light industries, anything that contributed to the war manufacturing effort.
The relief agency CARE (Cooperative for Assistance and Relief Everywhere) was originally Cooperative for American Remittances to Europe. When I was a kid, my mother said, "Eat your vegetables--children are starving in Europe."
Europe and Japan caught up in the late 60s, and moreover, they caught up with new-technology factories. When I bought a Volkswagen in 1968, there were a few German automobile lines penetrating the market--Mercedes Benz had gotten into the upper end in the 60s, and there were some specialty models you saw occasionally, like the Porche 911 but generally the American middle class eschewed German cars in favor of Detroit models until the 70s.
I can clearly remember seeing my first Honda Civic and wondering "WTF is that?"
There's no reasonable discussion to be had along these lines without noting The Marshall Plan and Americans like Edwards Deming.
The US and Britain had very throughly and carefully destroyed the German infrastructure during the war. Dams, power plants, rail centers, heavy, medium light industries, anything that contributed to the war manufacturing effort.
The relief agency CARE (Cooperative for Assistance and Relief Everywhere) was originally Cooperative for American Remittances to Europe. When I was a kid, my mother said, "Eat your vegetables--children are starving in Europe."
Europe and Japan caught up in the late 60s, and moreover, they caught up with new-technology factories. When I bought a Volkswagen in 1968, there were a few German automobile lines penetrating the market--Mercedes Benz had gotten into the upper end in the 60s, and there were some specialty models you saw occasionally, like the Porche 911 but generally the American middle class eschewed German cars in favor of Detroit models until the 70s.
I can clearly remember seeing my first Honda Civic and wondering "WTF is that?"
I do admit the Marshall Plan was a part of the issue but the fact remains that the 1980s and the rise of Asian factories both for Asian companies and American ones offspring because of cost savings either for the company (typically the American companies) or loss leading (typically the Asian companies.) The European producers were a minor factor.
I do admit the Marshall Plan was a part of the issue but the fact remains that the 1980s and the rise of Asian factories both for Asian companies and American ones offspring because of cost savings either for the company (typically the American companies) or loss leading (typically the Asian companies.) The European producers were a minor factor.
That doesn't have anything to do with the point I was making. I wasn't making a point of whether the greater competition came from Europe or Asia. Macht nichts.
I was making the point that up until the latter 60s, the US had global economic supremacy. Because of that, corporate America was a raging bull that kept galloping into the 80s--which made it possible for people with practically any degree to get a white collar job.
The economic stress was showing by the early70s in several ways, but that bull was put down by people who deliberately began to curtain American hard goods production in the 80s.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by tijlover
I understand they're not interest in Baseball, Football or Golf either. Whoa! I agree that most of us dislike team sports, but leave golf out of it.
I also know they are averse to owning/driving cars, so it'll be a challenge for Corporate America to lure them into their profit base. Not owning a car only applies to city dwellers
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Watching a Seattle Mariners game you will see that the stadium is not well filled, with the crappy record. However, you will also see an area called "The 'Pen" which opens well before games and features happy our drinks and foods. Every game it's filled with millennials, who stand around drinking and chatting, and they do seem to ignore the games. I guess it's just a cheap date?
I have millennials working for me in Seattle, and all of them have at least one car, even those living in Seattle that bus to work have one, some two. They also have a house or rent in a small apartment building outside the downtown core. I think your comment applies more to those in the downtown high rise where parking is $250+/month extra and no street parking.
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