Got a minute? Here are five things we're reading this week. Enjoy!
Millennials are bucking all the trends, according to a new poll from the Pew Research Center. In general, they have detached themselves from time-honored institutions like political parties and religion while becoming more educated, more diverse, and more equal along gender lines. Men and women currently aged 18-33 have more college degrees, are more diverse, and more likely to live in urban centers than past generations of the same age. And Millennials are less likely to be military veterans, less likely to be married, and less likely to be working. When it comes to education, only 7 percent of women from the WWII generation had college degrees. Today, that rate has quadrupled to 27 percent. But while education rates have grown, employment has fallen.
Because the millennial generation has a larger expendable income than all other generations, brands are still trying to figure out how to engage the 80 million consumers between the age of 18 and 34 living in the U.S. today. Despite unemployment rates and the stereotype that millennials are all unemployed and living in their parents basement, many young adults today are define as affluent, meaning they are living in households with annual incomes that exceed $100,000. In fact, there are 15.5 million affluent millennials in the United States. That’s good news for retailers looking to earn affluent millennial dollars, but while some brands have figured out what makes them tick, others are failing.
It’s not often that hotels have something to celebrate when it comes to the sharing economy, but a recent survey of Millennials placed Airbnb dead last as a preferred accommodation type. The results come from the Resonance Report’s 2015 Portrait of the U.S. Millennial Traveler which profiles the habits of 1,189 recent travelers in the all-important 74 million adults aged 18-34. This demographic is prized by travel marketers for its appetite for trends and its growing disposable income without such pesky anchors such as children and mortgages. Tnooz covered the familial structure of these travelers last week; but what are their preferences when it comes to other areas of travel?
If the US television sitcom Friends were to be remade today, the characters sitting in the Central Perk café would be sipping on mugs of green tea rather than coffee. According to the National Coffee Association's latest annual survey, 59 per cent of Americans said they drink a cup of coffee a day, down from 61 per cent in 2014 and 63 per cent in 2013. This is bad news for coffee traders already fretting about the recent fall in arabica bean prices.