I have collected three charts from a recent report published by Business Insider from data originally presented by Goldman Sachs regarding demographic facts about the Millennial generation – that is people born between roughly 1980 and 2000. The oldest is mid 30’s. The youngest are teenagers. The coming of age of the Millennials is the most important demographic fact that will influence the extent and rate of adoption of technology in the U.S. It will hence represent a rising tidal force for the businesses that comprise the Aberdeen portfolio. Jeb B Terry, Sr. June 15, 2014
Millennials are the children of the baby boomers, and there are about 95 million of them, comprising 30% of the population – more than the Baby Boomers.
People have lost sight that the Millennials are the largest generation to reach adulthood in the U.S. They will represent a dominant share of consumer spending in coming years. They are the most tech savvy folks in the population and will cause an acceleration in tech adoption.
Millennials are starting to age into their prime spending years.
Millennials are coming into their 30s, which means they will be an increasingly important consumer group, as seen in this Goldman Sachs chart. Millennials have been later in forming households, having babies and buying houses and the stuff that goes in them than the Boomers. This portends rising demand by them for household spending over the next 15 years.
Millennials are better educated than prior generations. They are the best educated generation – EVER.
A higher proportion of 18- to 24-year-olds are going to college now than at any time in the past. Despite a certain percentage of college education wasted on low value degrees, the fact remains that more people have been matriculated through higher education than ever before. This means they at least were exposed to diverse student populations and forced to realize there are different realities than the comforts of home. This suggests to me that they are at least more inclined to change, are more mobile and are more capable of learning new skills than any other generations.
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