Fireside Chat, Conference Presentation, Interview
Anne Hubert, Viacom Media Networks SVP: Talks at GS Session Highlights
- The 92 million U.S. millennials entering their prime working and spending years over the next five years are expected to exert a profound economic influence, driving deflationary forces through instant access to pricing and product information.
- Millennials will continue to fuel a sharing economy based on a preference for access over ownership, while their reliance on social media and online influencers will increasingly sway consumer buying decisions.
- Despite current trends of living with parents due to tightened mortgage access and lower entry-level housing affordability, high housing demand is anticipated as millennials eventually move out to purchase multi-family homes closer to cities rather than in suburbs.
- Consumer behavior is projected to fundamentally shift as millennials act as deep researchers, use mobile devices for constant connectivity, and spend smarter by leveraging online options that bypass traditional middlemen and flatten distribution models.
- Retail and traditional consumption models will face continued upheaval as the sector adopts online purchasing higher on the adoption curve, enabling upstart brands and content creators to connect directly with audiences.
- The generation's influence on institutions and corporate operations is expected to reach levels comparable to the 1960s, compelling firms like Goldman Sachs, where 60 percent of staff are millennials, to adapt their practices to attract and retain this client base.
- Technological equalization via broad smartphone and internet access will make online spending trends consistent across socioeconomic groups, though the wealth gap regarding entry-level home ownership is expected to widen between college graduates and those with less education.
- Distinct behavioral differences will persist between older millennials, who reflect the payoff of a late 90s boom economy, and younger millennials who remain strategic due to the visibility of the Great Recession, with the overall group maintaining positive themes without tipping into negativity.
- Student loan debt and the affordability of entry-level housing remain significant constraints preventing many from leaving home, while parental roles are evolving into mentoring and guiding rather than acting as authority figures in major life decisions.
- The organization will maintain a commitment to challenging itself and representing best ideas through its "Talks at GS" series to address the evolving landscape driven by these generational shifts.