The business sectors that Millennials will boost, not destroy
As Generation Y moves into senior positions in the workplace, this WORKTECH Academy Briefing looks at the industry sectors that Millennials are set to spend their money on
Millennials are today looming large over the workplace, the economy and popular culture, as they move into more senior positions in the workforce and acquire more spending power.
But are we too fixated on those industries that Generation Y (born 1981-1996) is supposedly killing – department stores, luxury good and so on – and not on those industries that will benefit from a Millennial boost?
A new report from CB Insights believes that’s the case. In a study entitled ‘12 Industries That Will Thrive Thanks To Millennials’, it argues that as Gen Y enters its prime spending years, there will be a transfer of wealth from Baby Boomers and Gen X to boost certain sectors.
‘Millennials have been behind the rise in micro-mobility services such as electric scooters…’
It will be no surprise to learn that camping holidays and coffee are on the list of business beneficiaries. Boutique gyms and fitness classes will be a focus too, which is why more workplaces are focusing on health and wellness as a way to bring Millennials back to the office. Fast casual dining, frozen foods, non-sugary fizzy drinks and houseplants are also set to thrive off the back of Millennial interests and concerns.
Millennials have been behind the rise in micro-mobility services such as electric scooters and bike shares. But if you thought that Millennials were all avid cyclists with no interest in cars, think again. They’re apparently just as interested in getting behind the wheel as their parents were, according to CB Insights. They now represent 45 per cent of first-time car owners, and in terms of vehicle-miles travelled, Millennials actually drive more than other generations.
All of this intelligence holds clues for what amenities and services might be required as Millennials consolidate their hold as key players on the workplace.
Hooray for Hollywood
After two successful North American events in December 2021 in New York and San Francisco, WORKTECH leads to Los Angeles on Thursday 9 December at MG Studios. The conference includes international thought-leaders at the forefront of workplace transformation, from leading designer Primo Orpilla of Studio O+A to workplace experience specialist Alison Marik Zeno of BCG’s Smart Environments Group
Join industry peers from organisations such as DLA Piper, PwC, CBRE, Facebook and Netflix at WORKTECH LA. Book you place here.