With new generations of millennials becoming target customers, the market is changing every year. Millennials have different ideas and goals to other generations. But what does it mean for the already shaky market? Is it going to help it or destroy it even more? Like always, there are many sides to every story. We’ll look into it some of the most significant effects of young people on the market.
The Good Side
We are looking into a generation of young, smart, and educated people. More than Thirty-four percent of millennials have a bachelor’s degree, which is the highest than in any other generation.
That means that companies have better-skilled employees, who are also very motivated to work. Although the job market is not at its best, they use every resource they can to improve themselves. Even with everyday things such as using social media, you can see how much time they put into it and the effort it takes.
The Bad Side
As much as millennials are suitable for the tech and educational market, there is another side to the coin. The impact they are having in housing and buying is huge. It is hard not to notice the pattern that most of them follow and how and where to use their money.
For example, in the 1960s, sixty-one percent of people between the ages of 25 to 35 had a house. Now, that percentage is less by almost three times. Why? Well, millennials think that buying a house is unnecessary and a waste of money. Because of this, people fear that the whole housing market is going to crash by 2020.
The Ugly Side
In our opinion, one of the biggest changes that happened with the generation of millennials is relationships and how they manage them. These young people often chose not to get married early if at all. Of course, more than one industry is affected by it, such as family lawyers. It may seem harsh to say this, but if you don’t get married, you can’t get a divorce. And if you can’t get a divorce, what work will lawyers have?
Attorney offices like ClearWay Law say that their business has dropped off significantly in the past ten years. Even though they provide many services, their number one priority was family law, as you can see on various attorney websites. So as millennials have a different idea about what their future should look like, people from all kinds of businesses are feeling the change in their operations.
To Sum it Up
We can easily see how the world is not the same anymore, and it shouldn’t be. Some things have improved over the years while some dropped off and declined. The point in adjusting our lives and ourselves to millennials and any new generation that might come is to find balance.
Never think about only the bad sides or just the good ones. Nothing in life is simply black and white; some things are just a couple of shades of gray. And that touch of difference makes our world a bit more interesting to live in.