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I wonder about the continuing building of mega-cruise ships. Do millennials even like cruising?
When the Boomers are gone, who will be cruising?
And do millennials like to travel, if they can even afford it. What about that industry?
My daughter's 23 and is heading out on a weekend cruise tomorrow. She did a couple of cruises with friends while they were in college for spring break and there were plenty of other college kids on the ships with them.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by Sand&Salt
I wonder about the continuing building of mega-cruise ships. Do millennials even like cruising?
When the Boomers are gone, who will be cruising?
And do millennials like to travel, if they can even afford it. What about that industry?
I have to disagree, in part as I work near the Seattle cruise terminals and see the passengers on the way to boarding. I would consider that at least for Alaska cruises, the typical passenger is X with kids or millennial, not that many seniors. Maybe they prefer cruises to warmer areas. Also, we always hear the millennials prefer to spend their money on experiences rather that stuff. Plenty of them make more than enough to cruise.
Right, and parents and teachers since birth told children to “make something of themselves†and “go to collegeâ€. Because at that time, the trades were a glut. It was being decimated in this country. I’ve seen it in the rust belt.
Overall, the trades were never in a glut. What you saw in the rust belt (from the 80s on) was a deliberate movement of manufacturing from the Rust Belt to the South and West where labor was non-unionized. It looked like a trade glut because the "wealth engines" of the cities had departed, turning cities into "zombie towns" (not quite ghost towns).
But in the cities where those manufacturers moved, trades expanded.
Quote:
Now, from bad policy, it’s reversed. So many people were steered away that now it’s the “no brainer†to go into a trade for your big pay day.
Of course no one sees how much of a joke that is. If people flooded the trades again, those big salaries would go away. It’s the same way that professions get “destroyed†in white collar professions. There’s a nursing shortage! Then everyone goes into it and the companies get the best of the best for less money.
I don't think there has ever been an overall nursing glut, if only because the number of medical patients is continually rising. I have several nurses in my family, and they have never worried a moment about finding a job.
And there will never be zero need for either nurses or tradespeople because those jobs cannot be exported and are a long way from being automated.
I work alongside with many millennials, what I find is that most are spending too much on anemities and living well. They waste way too much money eating out and often over their budget. During work week, I limit myself to eating out once with other co-workers. I bring my lunch every other day. Doesn't mean I eat poor, I rather make my own poke bowl than buy a poke bowl. I get the same comments that it's too much work or hassle to make it yourself.
Then there's the coffee, millennials don't just buy coffee. They have to buy the newest fad or trend when they see someone on instagram showing off a new drink they have to go along. I buy premade cold brew coffee that costs $5 for a 1/2 gallon. Lasts me 3 days.
I see millennials going to outdoor trips such as mountain biking and one guy joked that he brought all these biking gear that he's probably not going to use again for over a year.
Then there are these instagrams of people going to Japan or Europe, it's easily a $3-4k trip per person. There's a lady who makes annual week stay at the Disneyworld resort with her friends. That's easily a $3k trip per person. I mean this is great, when you have a family.
Of course you have other millennials that are investing in bitcoins but few in the stock markets. I told some that had they put some money in this market early this year they would've been up 20-40% by now on just about any tech stocks. I'm up 28% this year alone on my new investments.
I work alongside with many millennials, what I find is that most are spending too much on anemities and living well. They waste way too much money eating out and often over their budget. During work week, I limit myself to eating out once with other co-workers. I bring my lunch every other day. Doesn't mean I eat poor, I rather make my own poke bowl than buy a poke bowl. I get the same comments that it's too much work or hassle to make it yourself.
Then there's the coffee, millennials don't just buy coffee. They have to buy the newest fad or trend when they see someone on instagram showing off a new drink they have to go along. I buy premade cold brew coffee that costs $5 for a 1/2 gallon. Lasts me 3 days.
I see millennials going to outdoor trips such as mountain biking and one guy joked that he brought all these biking gear that he's probably not going to use again for over a year.
Then there are these instagrams of people going to Japan or Europe, it's easily a $3-4k trip per person. There's a lady who makes annual week stay at the Disneyworld resort with her friends. That's easily a $3k trip per person. I mean this is great, when you have a family.
Of course you have other millennials that are investing in bitcoins but few in the stock markets. I told some that had they put some money in this market early this year they would've been up 20-40% by now on just about any tech stocks. I'm up 28% this year alone on my new investments.
Funny thing, I can barely remember what I spent my money on when I was in my twenties.
I went to a lot of concerts and did a lot of disco.
The big difference is that the economics of my life were such that I could move on to marriage and raising a family much earlier that the earlier millennial were able to. Most of them have taken about five to eight years longer to reach the same economic levels I was at back in the 70s and 80s.
OTOH, we didn't have any 35-year-old Boomers running for president, and I'd bet there are more millennial politicians than there were Boomer politicians at the same ages.
Just to chime in, I'm a Millennial. Besides spending money on experiences rather than things, Millennials are also becoming a little more aware of minimalism. Our economy is obviously not similar to that of the Boomer era, so Millennials find themselves having to become more creative with making money and spending money. Just look a this "tiny house" trend. I personally own property, but I would love to buy an acre or two and build a shipping container house on it. I don't think Millennials see the idea of "big house is good" like the boomers did. Why? Economy and value of the dollar.
I also forgot to add that with less square footage of living space, the less things you buy. The condo I own is only 850 square feet, but it looks like you could have a tennis match in my living room because of the minimal amount of stuff I have.
I find the tiny house trend to be silly. It's too far of a swing in the opposite direction, but to each their own I guess. I'm similar to you in the sense that I'm living in a small condo with very little stuff. Even with the small space, I still can't afford to fill it up with furniture yet. I prefer having less crap anyway.
Just to chime in, I'm a Millennial. Besides spending money on experiences rather than things, Millennials are also becoming a little more aware of minimalism. Our economy is obviously not similar to that of the Boomer era, so Millennials find themselves having to become more creative with making money and spending money.
I don't think huge houses are a Boomer thing. When Boomers were most actively homebuying during the 70s through the 90s, average home sizes rose from 1,500 to about 1,800 square feet over those three decades. That's less than double the 1930 average of about 1,120 square feet.
Average home size didn't go over 2,000 until the 90s, when Xers were moving into their peak.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by Ralph_Kirk
I don't think huge houses are a Boomer thing. When Boomers were most actively homebuying during the 70s through the 90s, average home sizes rose from 1,500 to about 1,800 square feet over those three decades. That's less than double the 1930 average of about 1,120 square feet.
Average home size didn't go over 2,000 until the 90s, when Xers were moving into their peak.
It's definitely not boomers buying all of the new 4,000 sf homes in the new developments around here that have been built in the last 10-15 years.
Even in my neighborhood where the resale homes are smaller (2,500-3,000) the buyers are older millennials and Gen X with kids.
I have to disagree, in part as I work near the Seattle cruise terminals and see the passengers on the way to boarding. I would consider that at least for Alaska cruises, the typical passenger is X with kids or millennial, not that many seniors. Maybe they prefer cruises to warmer areas. Also, we always hear the millennials prefer to spend their money on experiences rather that stuff. Plenty of them make more than enough to cruise.
Well, good. Sigh of relief for the cruising industry.
We've only done trans-Atlantic cruising and it was only seniors there, maybe 3 families with children.
I wasn't sure if cruising even appealed to the younger cohort.
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I prefer having less crap anyway.
