NEWSWIRE: 7/24/17
- More than 20% of married adults age 55 and older say that their marriage is adulterous, compared to 14% of younger respondents. Back in 2004, no such age gap existed—but Boomers, who now comprise most of the 55+ population, have brought their “free love” mentality with them into old age. (Institute for Family Studies)
- NH: We've seen data supportive of this trend for some time. It parallels attitudinal changes. Back in the 1970s, young adults (Boomers) had a vastly more permissive outlook on sex (including extramarital sex) than older Americans. Today, there is much less difference by age. All age brackets have converged to a more permissive view on homosexuality and premarital sex--and, if anything, toward a somewhat harder line than before on adultery. Some surveys suggest that Xers and Millennials (once married) are especially dispproving. One key difference, not really considered by this report, is that a steadily smaller share of younger cohorts is marrying at all and that this share is upwardly skewed by SES (socioeconomic status). Today, in other words, a younger adult can more easily choose a non-monogamous lifestyle without (legally speaking) committing adultery.
- The median 35- to 50-year-old homeowner owns just 30% of their home’s equity, nearly as low as the share owned by Millennial homeowners (24%). Hit hardest by the financial crash, Gen Xers are still far behind on their mortgage payments—if they still own a home, that is. (Zillow)
- NH: I keep banging the drum on how hard Gen X was hit by the housing crash and how ill-prepared Xers are as measured by real median household net worth. This will have significant implications for the U.S. personal savings rate among midlife Americans over the next decade. For an update on the data, we await the Fed's next 2016 release of its Survey on Consumer Finances. (See the report I coauthored for the Fed Board of Governers, linked here.)
- Facing an onslaught of retirees, the oil industry is gunning for Millennial workers with a new ad campaign. While the commercial’s main goal is to highlight the critical role that the industry plays in people’s lives, it fails to tell Millennials what they want to hear—that the industry is full of skilled, safe jobs that offer work-life balance and generous salaries. (Bloomberg Business)
- The U.S. labor force participation rate ticked up slightly YOY in Q1 2017—despite the downward drag posed by a slower-growing working-age population. The single largest contributor to higher LFP was fewer consumers staying home for family responsibilities, a trend rooted in a declining U.S. birthrate. (Federal Reserve Bank of Atlanta)
- NH: Interesting project. Unfortunately, this Atlanta Fed team is not yet regularly publishing its data on a monthly or quarterly basis. Their recent finding is consistent with the latest montly CPS data showing a flattening employment/population ratio overall among prime-age adults (25-54)--but a rise in younger adults versus a decline in older adults in this age bracket. And yes, Millennials who are not marrying or having kids--women especially--are more free to work. Note: Women ages 25-34 are as yet the only age/gender group to be working at a rate equal to or higher than in 2007.
- Columnist Eric Brandt believes that Millennials aren’t buying Harley-Davidson bikes largely because they don’t care about heritage branding. This conclusion misses the mark: Heritage branding is a winning Millennial strategy, and Harley’s biggest Millennial problem is a rough-and-tumble image that is off-message for risk-averse young consumers. (The Drive)
- NH: Just check out the Harley-Davidson page selling its Millennial-targeting "Street Bike": every shade of black, with headlines in damaged fonts. Sample text: "If you're going to hit it, hit it hard. The all-new Street Rod is built to take you to the edge." Talk about writing to the last generation! Ducati and new models from India (the new bike powerhouse) are going to hit HOG hard.
- New e-tail startup Brandless sells generic, organic, and natural consumer staples for just $3 each. This format, aimed at today’s price- and health-conscious shoppers, spells trouble for the CPG giants that are already struggling to stay relevant. (The Wall Street Journal)
- Contributor Steve Rose argues that Netflix’s Friends from College nails the key attribute of the Gen-X midlife crisis: that they just can’t grow up. He makes a solid point: Many Xers come to midlife not regretting (as did the Silent in their "midlife crisis") having made too many commitments—but rather having made too few and still not feeling their lives are yet "on track." (The Guardian)
- NH: If you're Gen X and into movies, this fine article is a must read. Good lines: "It used to be that by the time you hit 40, your life was over; now when you turn 40, it’s really just your youth that’s over." Or this: "Could it be that film and TV-makers of the same age are also in denial?... So many Gen-X auteurs have essentially avoided growing up along with their audience, preferring to retreat into all-out juvenilia (Kevin Smith, the Farrelly brothers, Adam Sandler) or at least semi-abstract playfulness (Spike Jonze, Michel Gondry, Wes Anderson)."
- Global Workplace Analytics President Kate Lister outlines why Boomers are more likely to telework than Millennials. Although Millennials like the idea of teleworking, they need to have facetime with their bosses in the office if they plan on climbing the corporate ladder—an obligation many Boomers simply “don’t give a damn about” later in their careers. (OZY)
- NH: This study looks only at employees, not at freelancers or the self-employed. And yes, it is true that the rate of telecommuting goes up, not down, with age. Many Millennials, of course, aren't given the option. And those having the option turn it down for many reasons--not just showing up to impress the boss (see my recent Forbes piece on this subject), but also to be with peers, improve their skills, and be a more effective team player.
- The eFund is a new investment platform that allows individuals to crowdfund home renovations and new developments in expensive cities. For Millennials looking for a home, this seems like a win: Investors get early bidding rights to these lower-priced homes, and even if they don’t buy, they can make money off of their investments. (Business Insider)
- Blue Apron shares recently fell 12% in a single day after Amazon filed a trademark application for meal kits. In the eyes of many investors, any company that stands in the way of Amazon’s far-reaching ambitions is a clear loser—an investment strategy that has paid off (so far). (Bloomberg Business)
- NH: Amazon's threat spotlights a major weakness of the meal kit industry: Revenues are still small ($795 million for Blue Apron's in 2016) because the kits are expensive and time-consuming. Amazon Fresh's new service, priced at $8-$10 per kit, are actually a bit beneath the current industry average.
DID YOU KNOW?
Millennial Men Go Under the Knife. Plastic surgery is getting a facelift: According to a new survey, 31 percent of Millennial men say that they are extremely likely to consider a cosmetic procedure. Medical professionals have taken note of this phenomenon: Allergan’s William Meury says that the industry is experiencing “more interest by men in aesthetic procedures” like nose jobs, a trend that he expects to continue. What’s going on? As we’ve mentioned before (see: “Beauty Gets a Makeover”), Millennials are growing up as the most-photographed generation in history—young women and men must be ready for a picture-perfect Instagram post at any moment. Moreover, cosmetic procedures are no longer seen as the exclusive domain of the vain and wealthy. As a result, these procedures have been embraced by many Millennial men who want to get ahead at work, please romantic suitors, or simply boost their self-esteem. One 33-year-old who had a tummy tuck and liposuction sums it up succinctly: “You invest in yourself.”
