Millennials – Killers of Shopping Malls and Home Ownership
Sugar Land private wealth adviser Derrick Kinney disagrees with the title! “Millennials have been the poster child for all that is wrong with the economy – but the truth is: It’s simply not true!” So, why are they worse off financially than previous generations? “Their values are more community-based or world-based. They want to make their mark on the world. Those jobs in the first 10 years out of college don’t pay well.” Sociologists say millennials also want to have input into how the company they work for is run. That usually doesn’t come till later, so many quit and go from job to job or are stagnant where they are working.
Add their college debt and preference for eating out---Kinney says he knows millennials who don’t own a can opener - and saving money for a home and children falls to the wayside.
Businesses are having a hard time getting their patronage. Kinney says businesses will need to change to capture these people. “Their business models will have to change and show these consumers they, too, are involved in making the world better. Like Tom’s Shoes which gives away a pair of shoes for each pair they sell.” This generation will change business practices just like Boomers did and their parents before them.