NEWSWIRE: 5/31/17
- Career advice blogger Sarah Landrum discusses why older generations shouldn’t be offended that Millennials are wearing headphones at the office. Noisiness is a major side effect of the open offices that many corporations are adopting—and Millennials are listening to music to stay focused and keep their stress levels down. (Forbes)
- NH: Employers are moving toward open offices for many reasons--including lower cost and generational preference (Millennials like to work in groups more than older generations). Being able to switch easily from group work to individual work in these settings is a necessity, which explains headphones along with new rules of "open office ettiquette."
- Contributor A.O. Scott argues that Roger Moore was the best James Bond because he was the Gen-X Bond. He makes a solid point: Moore’s ironic and efficient Bond resonates with the generation that doesn’t take itself too seriously. (The New York Times)
- NH: It could be argued, on the other hand, that the first actual Xer to play Bond, Daniel Craig (born 1968), is the most Xer Bond of all. Craig (in his hugely successful Casino Royale premier) entirely recast Bond as a gutsy yet emotionally wounded Bourne-like anti-hero, never sure if the system was on his side or not. Neither Sean Connery nor Roger Moore, both from the Silent Generation (born 1930 and 1927, respectively), gave any hint of such vulnerability.
- Student loan debt has increased eightfold for Americans ages 60 to 64, with a default rate of 12.6%—higher than the default rate for borrowers under age 40. Whether they’re taking out loans for their kids or for their own advanced degrees, Boomers are proving that student debt isn’t just a problem for Millennials. (Federal Reserve Bank of New York)
- NH: The big growth is among late-wave Boomers and early-wave Xers. From 2004 to 2015, the share of all student debt held by borrowers age 50+ has grown from 11% to 18%; and by age 40+ from 25% to 36%. These shares are astonishing given that the typical student loan 20 or 30 years ago was only a small fraction of today's average--and that most of these older borrowers should have long ago paid off their debt. Explanation? Many of these "new" older borrowers took out loans later in life to go back to school; defaulted on their loans and are still struggling to pay them back; or have borrowed on behalf of their own Millennial kids (through programs like Parents PLUS loans) and are now on the hook for that.
- Amazon has lowered its free shipping minimum purchase amount to $25, undercutting Walmart ($35). The move just goes to show that scale, not profitability, is most important to the e-commerce giant at this point in its maturation. (Marketing Land)
- Many meal kit delivery services are designing kits for children and infants. Services like Homemade and Thistle Baby are poised to become a huge hit for busy Xer and Millennial parents who want a convenient way to feed their kids high-quality, natural food. (Cassandra Report)
- NH: Here we see a great confluence of three bullish trends: healthier foods in general; customized home services; and totally "natural" food for children.
- The median age at which Millennials buy their first mutual fund shares is 23—earlier than Gen Xers (26) and Boomers (32) first did so. While previous generations of young adults spent their money first and saved later (if ever), prudent Millennials are choosing to set aside money for their future now. (Investment Company Institute)
- NH: A recent Transamerica survey came to much the same conclusion. The precocious retirement habits of Millennials derive from this generation's greater risk aversion and longer time horizon. They've also received an assist by the Pension Protection Act of 2006, which made it much easier for employers to make 401(k)s a default option (nearly half of all employers now do this). Low expected real rates of return may also be helping: As the RROR goes down, target retirement savers have to save more, or start saving earlier, or both.
- Xers and hard rock fans everywhere are mourning the loss of grunge icon Chris Cornell. More than just paving the way for Xer favorites like Nirvana and Pearl Jam, Cornell and his Soundgarden bandmates were the ones who brought the “Seattle sound” into the mainstream. (The Sacramento Bee)
- Nearly a hundred Notre Dame students walked out of their commencement ceremony in protest of Vice President Mike Pence. While Boomers in their youth were famous for passionate protests that often triggered shouting and violence, this Millennial protest was carefully orchestrated in advance and student leaders who urged all students to remain "respectful." (The New York Times)
- Apple’s new $5 billion corporate campus may have a 100,000-square-foot gym, but it doesn’t have a day care center. Given Silicon Valley’s efforts to improve the work-life balance of its employees, this seems like a glaring omission that may come back to bite Apple. (Quartz)
- NH: Amid the bounty of over-the-top benefits available at cutting-edge Silicon Valley giants--everything from free gyms and yoga instructors to free mobile phones and dry cleaners--the absence of on-site child care remains conspicuous. Some might conclude that these employers have a vested interest in delaying the fertility of their Millennials. Others (pointing for example to Patagonia's policy) might say they are overlooking a huge opportunity to promote employee engagement and lower employee turnover.
- Last week, Disney opened a $500 million theme park based on Avatar. Although the movie came out nearly a decade ago, the media giant is betting that experience-loving Millennials will frequent franchised theme parks in droves in the coming years. (The Wall Street Journal)
- NH: In-person theme park experiences--not all those CGI-enhanced movies and TV shows--provide the fastest growing boost to Disney's bottom line.
DID YOU KNOW?
Supermarkets Bite Back. Thanks to a boom in sharing-economy platforms and delivery services promising prepared (or cook-ready) food from virtually anywhere, consumers don’t have to leave their homes to grab a bite to eat. But supermarkets are trying to change that. Some are doubling down on unique experiences: Midwestern chain Hy-Vee runs a meal-prep program in which a small group of store patrons gather together to chat, sip wine, and cook each other’s favorite recipes. A program at New York-based PriceChopper/Market 32 allows shoppers to select meal ingredients from the aisles, which are then prepared and packaged in-store. Other chains like Minnesota-based Coborn’s have added features to their stores such as a “chop shop” station where employees chop patrons’ vegetables. Still others have streamlined their offerings, cutting products (like diapers) that consumers are more likely to buy in bulk online. The efforts could help these low-margin businesses regain their footing in an era of shifting shopper preferences.
