NEWSWIRE: 4/10/17
- Contributor Jason Zinoman explores how David Letterman became a Gen-X icon. Letterman’s self-deprecating style and cynical nature made him the perfect Xer mascot: “Years before the term ‘Generation X’ moved into circulation, David Letterman made ironic detachment seem like the most sensible way to approach the world.” (Vulture.com)
- NH: Every generation finds mentors among cutting-edge celebrities of the prior generation. Boomer comedians took inspiration from such Silent Generation icons as George Carlin, Lenny Bruce, and Woody Allen. Xers do likewise from Boomer icons like Robin Williams, Jerry Seinfeld, and...David Letterman.
- YouTube, Netflix, and Google take the top spots as the “coolest brands” among late-wave Millennials. This survey of teens age 13-17 serves as yet another death knell for traditional entertainment entities like cable companies and TV networks. (Google)
- NH: Great chart here. Check out also "best known" yet "least cool" brands among teens, including McDonald's, Yahoo, ESPN, JC Penney, Red Bull, The Wall Street Journal, and WhatsApp.
- New projections indicate that immigration will be responsible for more than the entire increase in the working-age population from 2015 to 2035. As U.S. fertility continues to decline, working-age population replenishment will be increasingly dependent on a growing immigrant population. (Pew Research Center)
- NH: To put it differently, current projections show the U.S. working-age population growing at (an admittedly razor-thin) +0.3% yearly over the next twenty years. Without any future immigration, however, it would decline at -0.2% yearly. The good news, I guess, is we're better off than many European nations, whose working-age populations are destined to shrink even including immigration.
- Boomer Columnist Dr. Perri Klass and her husband experienced a surprising role-reversal while traveling abroad with their 20- and 30-something children. Instead of just tagging along, these Millennials created an itinerary of places to eat and visit—making these Boomer parents “proud to have raised street-food-eating, cheap-sleeping, public-transportation-oriented offspring.” (The New York Times)
- Silent contributor Jo-Ann Clegg reacts to learning the name of her generation. Originally skeptical, she comes around: “We’re part of the generation born between the day the stock market crashed and the morning that FDR assured us December 7, 1941 was a day that would go down in infamy...Is it any wonder that we learned early to endure minor inconveniences and hardships without complaint?” (The Virginian-Pilot)
- Fully 93% of Millennials plan to continue using Uber despite recent scandals. Given this generation’s affinity for the sharing economy and dependence on alternative modes of transportation, some bad press isn’t going to cause Millennials to abandon the popular ride-hailing app. (LendEDU)
- Columnist Lauren Sveen takes a moment to outline the important role Generation X plays in today’s workforce. She hits the nail on the head: Gen Xers are self-sufficient and flexible workers who are more than capable of filling their Boomer supervisors’ shoes in the coming years. (The Denver Post)
- Some hedge funds are experimenting with AI in an attempt to bolster returns by teaching machines to think like humans. While such “deep-learning” initiatives hold boundless promise, plenty of forecasters are hesitant to anoint AI as the cure-all for poor-performing hedge funds. (Bloomberg Business)
- NH: With dollars rapidly migrating out of active and into passive funds, everyone is starting to "robotize" their active funds—even Goldman and BlackRock. On the demand side, Xers and Millennials prefer a smart method over a smart person. And on the supply side, as duplicable algos make "passive" funds smarter, the remaining edge may ultimately get squeezed out of most public securities trading, except for propriety black-box quant shops (e.g., Renaissance, DE Shaw, and Two Sigma).
- The Economist grapples with the various reasons why Millennials are bringing about a decline in domestic migration. While they do list some major concerns such as financial constraints and delayed family formation, they miss an important point: Millennials are close to their parents and most don’t want to fly too far away from the nest. (The Economist)
- NH: Declining Millennial mobility (moving residences) is an old trend. We started reporting on it three years ago. It is definitely linked to a secular fall in job turnover, in business startups, and more generally in U.S. business dynamism.
- Four borrowers have filed suit against the Education Department after they were initially approved for the department’s student debt repayment program but had the decision reversed years later. The Education Department maintains that initial approval letters do not qualify as a legally binding contract—which is little comfort for borrowers who for years counted on the financial assistance. (The New York Times)
- More Millennial dads watch parenting videos on YouTube than Millennial moms. Today’s young fathers are taking a more active role in parenthood than previous generations of dads—and they aren’t afraid to turn to the Web for helpful tips along the way. (Google)
- NH: Millennials don't mind coaching to help them "find your inner adult." Even if that means Life 101 coursework.
- The Minnesota Historical Society has experienced a surge in art donations over the past five years thanks to Boomers who are downsizing and decluttering. Art curator Brian Szott acknowledges that this trend has only just begun: “It’s a huge shift in possession going on, and it’s going to affect the whole art world.” (The New York Times)
- U.S. annual per-capita bottled water consumption surpassed soda consumption for the first time ever in 2016. Growing public concern over the ill effects of sugar has been a boon to sellers of healthy foods and beverages—and water, of course, is the healthiest beverage of all. (Beverage Marketing)
- NH: Shrewdly, Coke and Pepsi are trying to say ahead of this curve. Owners of Dasani and Aquafina, the two soft-drink giants occupy a 26% share of the bottled water market.
- Columnist Sheila Marikar outlines how luxury cruise lines like the Regent Seven Seas Explorer are targeting young travelers. While late-night dance parties and cooking classes will certainly give Millennials the experiences they crave, the high price might be more than most Millennials can afford. (The New York Times)
- NH: Even when targeting Millennials, these high-end experiences features lots of iconic if aging Boomer pop culture talent. (Imagine, in 1970, a Boomer-targeting cruise featuring Bing Crosby and Perry Como!)
- Contributor Yo Zushi recounts how more Xer musicians are incorporating political critiques (namely, against Trump) into their music. As he correctly notes, Xer musicians have normally left social and political commentaries to Boomers like Bob Dylan—but this generation isn’t afraid to speak out when the times call for it. (New Statesman)
DID YOU KNOW?
Growing Up is Hard to Do. Millennials take plenty of heat for their perceived immaturity. Now, thanks to psychotherapist Rachel Weinstein and former teacher Katie Brunelle, there’s a class for that. Enter the Adulting School, an online establishment designed to teach Millennials everything they need to know to be an adult. Coursework is separated into five core areas: basic finance, health and wellness, relationships and community, make it or fix it, and career. The establishment opens later this spring at $19.99 per month. Weinstein helped found the school on the premise that many Millennials simply feel paralyzed by the plethora of options available to them at every turn, a theme we’ve covered before. Some may scoff at young adults who need to go to school to learn how to balance a checkbook—but when it comes to life, Millennials can never be too prepared.
Don't Call It a Comeback. The rapid rise of online travel agencies should have been a death knell for the brick-and-mortar travel agent business. But nobody told that to Departure Lounge, a thriving Austin-based firm that is transforming the notion of a travel agency. The company has built a reputation as an upscale destination for live events: Departure Lounge hosts everything from corporate happy hours to wedding receptions. While a travel agency may seem like the last place to hang out, the goal is all about bolstering brand awareness and building relationships in the Internet age. Departure Lounge is hardly the only travel agency to double down on added value: Black Tomato specializes in upscale adventures that couldn’t be found by scouring Expedia. According to Tom Marchant, Black Tomato founder and chief executive, “There’s a role here to be that trusted person that is never going to be replaced by a machine or a computer.”
