NEWSWIRE: 4/24/17
- After years of avoiding the term, BuzzFeed is lifting its stylistic ban on the word “Millennial.” The media company, which regarded “Millennial” as a buzzword used primarily by marketers and critics, acknowledges that the term has been embraced by many young adults—and has become too ubiquitous to ignore. (BuzzFeed)
- NH: Wow, it's about time, even if the policy switch was executed with gritted teeth: "And today we are flying the white flag, announcing our surrender to the term’s unironic usage and acknowledging its journey from cheesy marketing buzzword we tried desperately to combat to just another everyday descriptive word in our vernacular." Ad Age, which invented the term "Generation Y" back in 1993, threw in the towel in 2012--when it admitted that everyone was shifting to "Millennial" and that it would follow suit. But Ad Age had skin in the game. Not sure why BuzzFeed agonized over the decision.
- Dr. Perri Klass notes that today’s parents keep their homes too clean for their children’s health. While exposure to germs and microorganisms may be good for kids in the long run, it’s a hard sell for Xer and Millennial parents who are busy protecting their young Homelanders from every visible and invisible harm. (The New York Times)
- A German firm is joining the small but growing crowd of co-living spaces in New York City. “Quarters” offers amenities like roommate matching services and a program manager for social events—perfect for community-oriented Millennials who don’t want to live alone and actually want to be friends with their neighbors. (The Wall Street Journal)
- NH: This will be a huge growth sector in living arrangements for young adults. Check out WeLive, an urban group living style started by WeWork. See also our piece: "So Happy (Living and Working) Together."
- The Prospero blog condemns films like Going in Style that “rely on the tired conventions of the old-folks-behaving-badly genre.” While these movies may be overplayed, they ring truer than ever in an age when youthful, rebellious Boomers comprise much of the senior population. (The Economist)
- NH: This review is totally off base. And so is the USC Annenberg Film Study it cites. First, as Boomers age past 60, seniors are appearing vastly more often in film than in past decades, precisely because Boomers have always seen themselves--and have been seen by others--as being at the center of the culture. (See: "The Silver-Haired Screen.") So where's the discrimination? Second, yes, they are often portrayed as "behaving badly" because that's what's new and therefore funny about Boomers occupying this age bracket. So lighten up.
- Just 18% of 16- to 24-year-olds believe their next car will be made by a tech company rather than a traditional car manufacturer. While one might expect tech-loving Millennials to be more optimistic about self-driving cars, this generation has the same safety and practicality concerns shared by older consumers. (Ketchum)
- Banks like Merrill Lynch are racking up billions thanks to new products that charge a recurring advisory fee instead of a commission. Cost-conscious investors are embracing these products, which strip away the incentive for advisors to steer their clients into expensive asset classes just for the commission. (The Wall Street Journal)
- Recent research connects rising “idle” rates among noncollege young men to more time spent playing video games. The authors acknowledge that the direction of causation is unclear: While the allure of video games could be keeping some Millennials out of work, many young job-seekers undoubtedly use video games to occupy their unwanted downtime. (The Economist)
- NH: I agree that the causal link here needs to be examined with care. In fact, gaming among young men has a bimodal distribution--frequent among high-SES and low-SES groups (socioeconomic status) and a lot less frequent in between. If you look at all young gamers, you find that the median gamer actually has above-average income, education, and social engagement. But if you look at nonworking, noncollege young men, yes, you'll find that their gaming time is positively correlated with their disengagment--as this author says. See this Washington Post article on a study of gamers I conducted for Twitch TV. But see also Chapter 6 of Nicholas Eberstadt's recent book, Men Without Work.
- Casinos on the Vegas Strip are cutting down on free drinks, charging for parking, and otherwise nickel-and-diming patrons in an attempt to bolster revenue. With an ever-smaller share of the Strip’s revenue coming from gambling, establishments have had to cut back on the time-honored perks of casinogoing. (The Wall Street Journal)
- Fully 94% of Millennials say that a one-night stand is considered cheating—compared to 90% of Boomers, 81% of Xers, and 78% of Silent. Despite the youth-fueled rise of “hookup culture,” Millennials have a more traditional notion of infidelity than older consumers—even morality-driven Boomers. (Deseret News)
- NH: Millennials are slow and cautious about entering into monogamous relationships, but once they do they prize fidelity more than older generations. This may be the single least understood aspect of the Millennial peer personality, but it has been confirmed again and again by surveys.
- Construction professional Zach Tyson estimates that as much as 40% of his company’s revenue comes from Boomer home remodeling projects, double the share from five years ago. Boomers are fueling growth in accessibility and lifestyle upgrades as they continue to age in place. (Associated Press)
- NH: We made this call several years ago when we announced the "Golden Age for Home Improvement"--fueled disproportionately by Boomers in an era of rising multigenerational living. For most industries, more people living together (and doing things for each other outside the marketplace) is a deflationary trend. But for the home improvement industry, it's a bullish driver.
DID YOU KNOW?
Carl's Jr. Freshens Up its Image. Carl’s Jr. is known as much for its racy advertisements as for its burgers and fries. But the company is taking steps to remedy the situation. In a new ad campaign, “Carl Hardee Sr.” returns to take the reins from his irresponsible son, explaining to viewers that somewhere along the way, his son lost touch with the company’s core aim of serving quality food. The unconventional, self-deprecating change was served up by none other than the CEO himself. In late 2015, Andy Puzder (who owns Hardee’s parent company CKE Restaurants) told the company’s ad partners that, “Young guys today, the Millennial young guys, are concerned with where do you source your beef, what kind of cooking system do you have?” While new messaging alone cannot reverse the decline experienced by many fast food brands (see: “Fast Food Slows Down”), the change is a step in the right direction to win over Millennials for whom hypersexualized ads are often a turn-off.
