Millennials & Ownership - Millennials care less about ownership but predictions of doom are exaggerated

 


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Abstract

 
News outlets abound with reports that various products are in decline due to disinterest from millennials; commentators cite a fundamental shift in attitude to ownership as the primary cause, but there is more to it. Whilst it is true attitudes among many millennials have shifted compared to previous generations, other causes such as necessity and economic conditions must at least rank alongside cultural developments to explain trends. Perceptions among millennials on what is required for an acceptable standard of living are forcing changes in ownership of certain product types which were formerly a staple item for most people. Apocalyptic predictions of what may happen based upon millennial behavior may have some underpinning but can also be accused of missing the point that millennials are mainly reacting to a changing world. 

Description

News outlets abound with reports that various products are in decline due to disinterest from millennials; commentators cite a fundamental shift in attitude to ownership as the primary cause, but there is more to it. Whilst it is true attitudes among many millennials have shifted compared to previous generations, other causes such as necessity and economic conditions must at least rank alongside cultural developments to explain trends. Perceptions among millennials on what is required for an acceptable standard of living are forcing changes in ownership of certain product types which were formerly a staple item for most people. Apocalyptic predictions of what may happen based upon millennial behavior may have some underpinning but can also be accused of missing the point that millennials are mainly reacting to a changing world.

Key Questions Answered

- What products do millennials favor?
- Why do millennials favor and purchase the types of products that they do?
- How are they different from previous generations?
- How is this affecting the food, marketing, technology and retail industries worldwide?
 

Report Source Information

Supplied by: Research and Experts 
Date Published: 2017-10-31 

Report: Millennials & Ownership - Millennials care less about ownership but predictions of doom are exaggerated

 

Contents

Table of Contents
Executive summary 2
Millennials care less about ownership, but predictions of doom are exaggerated 2
Millenials care less about ownership, but predictions of doom are exaggerated 6
Fewer homes are purchased by millennials, but many still harbor desires to become home owners 6
Culture of millennial car ownership is slipping under weight of economic pressure 7
Millennials are leading society to entertainment free of ownership 8
Music has been transformed by millennials uninterested in ownership, creating new players 10
Attracted by low costs, millennials are using Uber to get about, but impact on taxi market varies 11
Conclusions 12
Appendix 13
Further Reading 13
Ask the analyst 14
About MarketLine 14
Disclaimer 14
 

Scope


- Learn about the key drivers behind millennial consumer behaviour and how companies are learning to tailor their products to suit.
- Examine which types of industries and businesses are doing particularly well with millennials and which are not.
- See how millennial consumer behaviour is changing our highstreets and online spaces.

 

Classification

Language Code: EN 
Region: Global 
Report Type: Market Report 
Industry: Heavy Industry 
Sector: Transport, Freight and Logistics 
Pages: 14 

Reasons to buy this report


- Home ownership varies significantly around the world - in the United Kingdom the percentage of millennials who own a home has sunk to just 31% according to HSBC, but in China the rate remains around 70% thanks to a fervent desire from parents to ensure their sons are able to provide a home to a future wife.
- With UK millennials spending three times more of their income on housing than their grandparents did, the shift in attitudes towards owning a major asset such as a home probably has more to do with limited access than a generational shift in views based upon different lifestyle goals.
- As Uber continues to succeed among millennials (despite several scandals, its popularity among young people seems undiminished) the need for many, especially those living in major cities, to own a car has declined markedly of late. Unlike home ownership, there does appear to be a meaningful generational move away from ownership.
 

Millennials & Ownership - Millennials care less about ownership but predictions of doom are exaggerated

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Global

The global economy is the economy of all the world's countries. The total world population now stands at over 7 billion and the global unemployment rate is 9% with approximately half the world's population paid less than $2 a day. 

The global economy is picking up again after five years of uncertaintity and slow economic growth. The IMF is predicting global growth of 3.7% in 2014 rising to 3.9% in 2015. However, much uncertainity remains. Low inflation in developed economies means that these economies take longer to deal with debt burdens and are at increases risk of deflation. 

The second half of 2013 saw growth in the US and European economies (particularly UK, Germany and France).  

Growth in the US has been helped by cheaper energy from fracking , renewables and more oil and gas exploration. This cheaper energy is bring manufacturing jobs back to the US and helping to boost domestic demand. Recent winter weather conditions have hampered growth in the construction sector and have slowed demand in the construction equipment sector which saw exports drop by 25% in 2013. Growth should pick up in this sector with continued federal investment in infrastructure, new residential house builds and refurbishment and the energy boom.

In Europe growth is expected to be uneven with growth being slow in stressed economies such as Portugal and Greece but confidence picking up in UK, Ireland and even Spain showing some improvement.

Developing economies such as China and India will continue to have strong growth in 2014 and 2015. China has benefitted from increased investment with the Chinese govenment now focused on quality growth of 7.5% in 2014. India which is less reliant on exports expects growth of 5.4% in 2014 and 6.4% in 2015.

Much uncertainity still remains in the global economy with greater optimism needed to stabilise growth.

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Challenges facing the global construction industry according to one of our publishers, Timetric, include cost containment, market uncertainty and retention or recruitment of skilled staff.  

The global manufacturing industry showed considerable growth in 2013. Employment in manufacturing grew most notably in the US helped by lower labour and energy costs. Growth was also recorded in the UK and throughout the Eurozone.  

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