NEWSWIRE: 5/8/17
- A California bill proposes new regulations on toys that “listen” to children. With more “smart” toys hitting toy store shelves, consumer groups and parents aren’t taking any chances when it comes to security vulnerabilities that put children at risk. (Buzzfeed)
- NH: This scare started with Mattel's "listening Barbie," first released in the spring of 2015. Parents have no doubt been sensitized to this issue by the recent paranoia surrounding Amazon's "Alexa."
- Millennial Brittany Larsen argues that her generation can bridge the gap with Boomers in the workplace by accepting that they have less experience, being patient, and not taking themselves seriously. While teamworking Millennials are eager to do what they can to improve office morale, Boomers are equally culpable—and must work at seeing things from Millennials’ point of view. (Entrepreneur)
- Under Armour posted its first-ever net loss in Q1 2017. While the stock was pushed higher by traders who expected a bigger loss, the fact remains: The company’s best chance to rebound is to double down on lifestyle fitness, a category already dominated by established firms like Nike. (The Wall Street Journal)
- Fully 20% of Xers would rather give up their financial security than give up their vacations, the highest share of any generation. The results make sense: Xers were the first generation to champion work-life balance—and don't mind thinking of retirement as a bearable risk despite their poor preparation to date. (Voya Financial)
- NH: Just as significant: Millennials are the least likely to risk their financial security in favor of vacations or mobile phones--even though their retirement is a lot further away.
- According to Ellie Mae’s Millennial Tracker for March, Millennial homebuyers are buying up homes in the Midwest. These data just go to show that Millennials can embrace homeownership if there is an inventory of affordable homes available. (Ellie Mae)
- NH: Ironically, Millennials keep pouring in to coastal urban metropolises--precisely where they cannot afford to buy a home. In LA, San Francisco, New York, and Boston, Millennials account for only 20-30% of all closed mortgage applications. Compare that to the 56% Millennial share in Caspar, Wyoming. Or 49% in Odessa, Texas; 46% in Fort Wayne, Indiana; and 45% in Des Moines, Iowa.
- One in four 25- to 34-year-olds who live with their parents are neither working nor enrolled in school. While some may use the figure as confirmation of various youth "slacker" stereotypes, these Millennials are almost identical—in both their gender, racial, and ethnic composition—as those who are in school or have jobs. (U.S. Census Bureau)
- NH: The number is also smaller than it appears. Just under 20% of 25- to 34-year-olds live with their parents. So one in four translates into about 5% of the age bracket. Two statistics jump out. These so-called "idle" live-at-home young adults are much more likely to be disabled (28% vs. 5% for the rest). And they have lower educational attainment (65% with a high-school degree or less vs. 33% for the rest). So even those who are not disabled face the highest unemployment rate of any demographic.
- One product designer who tried out Facebook’s prototype social VR platform calls it “a little dystopian.” Despite Facebook’s best efforts to make VR a social experience, the technology undoubtedly forces individuals to withdraw from the real world—which is one reason why AR, not VR, has the most practical future. (Adweek)
- NH: To keep the data transmission within managable limits, the prototype requires you to translate your image (via Facebook photos) into an avatar that is then "driven" by your movements and expressions. Zuckerberg, who did more than anyone else to popularize "social media," remains committed to "social VR" despite its challenges. (See: "Is 'Virtual Reality' Becoming a Reality?")
- Goldman Sachs has debuted a new performance review system that will enable employees to get real-time feedback with managers throughout the year. The tool is a win for Millennial employees who want to make sure they’re on the right track at any given moment. (Bloomberg Business)
- Airbnb expects a new curation and search tool to quadruple its business travel bookings within the next year. Already eating into the hotel industry’s vacation revenue, Airbnb plans to give hotels a run for their money in the lucrative business travel segment. (Bloomberg Business)
- NH: The prospect of Airbnb rentals mixed together with hotels on OTA sites visited by business travelers is the ultimate nightmare for the hospitality industry. Airbnb expects Millennials to be its first major business demo. (See: "The Travel Booking Battle Boils Over.")
- Millennials who receive a tax-scam phone call are six times more likely than older consumers to hand over their credit card number, and twice as likely to give their Social Security number. Millennials are used to having their personal information out in the open, and want to stay on the right side of the law—making them a prime target for scammers. (First Orion)
- NH: More than older generations, sheltered Millennials find it hard to believe that unscrupulous scammers would take advantage of them. Luckily, most scammers call on phones--which many Millennials seldom answer. Otherwise, many more of them would be victimized.
DID YOU KNOW?
Give Millennials Some Credit. Millennials have a well-earned reputation as a financially responsible bunch that would rather use cash than risk going into credit card debt. (See: “Credit Cards Lose Their Charge.”) But some savvy young adults are taking full advantage of the credit card industry’s attempt to win new customers with lofty rewards payouts. Kyle Allen and his wife together have 40 credit cards that they have used to rack up an astounding 1,492,500 rewards points. Young credit card enthusiasts have boosted demand for high-end cards with the most lucrative rewards: Chase reports that, over the past year, half of all signups for the company’s Sapphire Reserve card have been Millennials. Benjamin Gowdy even took a four-hour road trip just to earn a signup bonus for a Chase card that required an in-person application. How do frequent borrowers keep track of their bill due dates? Marshall Sharp, a Millennial who has opened 24 credit cards in the past year, uses an Excel spreadsheet.
