We re Not All The Same!
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1 We re Not All The Same! Exploring the DIVERSITY in Millennials Jason Dunkel
2 Worldwide Millennials are In need of Some PR Generation Maybe The Curling Generation nagara-zoku the people who are always doing two things at once ken lao zu the generation that eats the old 2
3 I Swear, We re Not All The Same!!!! 3
4 Agenda Introduction Demographic Trends Millennials What Makes Them Different? Millennials Thriving vs. Striving 4
5 Who am I? Started at Environics Analytics in 2008 Spent 4 years in product management and software development Began specializing as consultant in Travel and Tourism in 2012 Jason Dunkel TTRA Canada President, board member since
6
7 Our Focus Insights Evaluation Action
8 Demographic Trends 8
9 Demographic Trends A GROWING POPULATION 9
10 Population (millions) Population Growth Rate (%) A Growing Population Population and Annual Growth Rate, US Population (millions) Population Growth Rate (%) Source: World Bank 10
11 Population (millions) Population Growth Rate (%) A Growing Population Population and Annual Growth Rate, US Population (millions) Population Growth Rate (%) Projections Source: Statistics Canada, Demographic Estimates 11
12 12
13 Demographic Trends INCREASING DIVERSITY 13
14 Changing Families Households by Type Other Family Loneparent 5% 8% One person 23% Couple with children 31% 1980 Couple without children 30% Other Non- Family 3% Other Family 8% Lone-parent 10% Couple with children 20% 2015 Couple without children 29% One person 27% Other Non- Family 6% Source: Nielsen Pop-Facts
15 Families Have changed
16 Millions Immigration Immigrants as a Percentage of Population, USA Immigrants Percent - USA % 14% 12% 10% 8% 6% 4% 2% 0% 16
17 Immigration Immigrants by Region, USA (%) Canada Asia Africa Latin America Oceania Europe % Source: World Bank Health Nutrition and Population Statistics Population estimates and projections 17
18 1972 In 1950s New York a second-generation Sicilian crime lord transforms from reluctant family outsider to mafia boss. 19
19 2015 On Canada s West Coast (present day), second- and third-generation Indian immigrants compete with rival gangs to demand respect. 20
20 21 Canada s National Pastime
21 22 IS Comparing Ourselves to The US
22 Percentage Foreign Born 13% 20% Source: Nielsen Pop-Facts 2016, Environics Analytics DemoStats
23 Visible Minority Status White 62% Non- White 38% White 75% Non- White 25% Source: Nielsen Pop-Facts 2016, Environics Analytics DemoStats
24 Very Different Ethnic Mix Hispanic 16% Hispanic 1% Black 11% Black 3% Asian 5% Asian 14% Aboriginal 1% Aboriginal 4% Other 6% Other 2% Source: Nielsen Pop-Facts 2016, Environics Analytics DemoStats
25 27
26 Demographic Trends INCOME DISTRIBUTION 28
27 Average Household INcome $77K USD $95K CAD (70.9K USD) Source: Nielsen Pop-Facts 2016, Environics Analytics DemoStats
28 Population Distribution Smaller Urban 8% Rural Small Towns 6% 6 Largest CBSAs 20% Smaller Urban 11% Rural Small Towns 17% 6 Largest CMAs 47% Other CBSAs (>100K) 66% Other CMAs 26% Source: Nielsen Pop-Facts 2016, Environics Analytics DemoStats
29 Income Distribution Rural Small Smaller Towns Urban 1% 7% 6 Largest CBSAs 24% Rural Small Towns 17% Smaller Urban 12% 6 Largest CMAs 45% Others CBSAs (>100K) 69% Other CMAs 26% Source: Nielsen Pop-Facts 2016, Environics Analytics DemoStats
30 33 I SEE OLD PEOPLE
31 Demographic Trends AGING POPULATION 34
32 AGING Population 30% Percent of Total Population, USA 25% 20% 15% Age % Age 65+ 5% 0% Source: World Bank 2017
33 Aging Population Percent of Total Population, USA 30% 25% 2017 Projections Age % 15% Age % 5% 0% Source: World Bank 2017
34 Median Age Explains Differences 37.6 Years OLD 41.7 Years OLD Source: CIA World Factbook
35 Median Age Years OLD Years OLD Years OLD 38 Source: CIA World Factbook 2015
36 Population (000s) Very Different Demographic Paths Total Population USA Canada Mexico 450, , , , , , , ,000 50, Year Source: World Bank
37 Annual Growth (%) Very Different Demographic FUTURES Projected Population Growth % 1.0% USA Canada Mexico 0.8% 0.6% 0.4% 0.2% 0.0% -0.2% % Source: World Bank
38 Fertility Rate Changing Family Structures Historical Fertility Rates USA Canada Mexico Year Source: World Bank
39 Median Age Median Age Past and Future Median Age by Year USA Canada Mexico Year Source: World Bank
40 Very Different Generational Classifications 34% 28% 27% 27% 26% 24% 19% 20% 20% 20% 16% 14% 9% 11% 4% Gen We (?) 0-14 Millennials GenX Boomer Greatest Generation 70+ USA Canada Mexico Source: World Bank
41 Millions Most Depressing Slide of The Day Projected Population by Generation, USA Millennials Generation X Boomers Pre-Boomers Source: World Bank
42 Cheer Up, Boomers! 45
43 Millennials: What Makes Them Different? 46
44 Millennials have arrived 47
45 Age Marriage Has Been Trending Median Age at First Marriage Male Female Year Source: U.S. Census Bureau, Decennial Censuses, 1890 to 1940, and Current Population Survey, Annual Social and Economic Supplements, 1947 to
46 Age Marriage Has Been Trending Median Age at First Marriage Male Female Jason Jessica Year DANGER ZONE!!!!! Source: U.S. Census Bureau, Decennial Censuses, 1890 to 1940, and Current Population Survey, Annual Social and Economic Supplements, 1947 to
47 Lower Levels of Home Ownership Homeownership, Under Age of 35, United States % '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Source: U.S. Census Bureau 50
48 FEMALES Continue TO LEAD THE WAY Educational Attainment USA 36% 6% 20% 1% 2% 46% 9% 25% 1% 2% 37% 7% 19% 1% 2% 44% 9% 21% 1% 2% 37% 37% 2% 1% 3% 1% 8% 9% 18% 17% Doctorate Degree Professional Degree > Bachelor's Master's Degree Bachelor's Degree 8% 10% 8% 10% 7% 9% Associate's Degree Male Female Male Female Male Female Millennials Gen X Boomers Source: US Census Bureau American Community Survey, 2014
49 FEMALES Continue TO LEAD THE WAY Percent Female by Occupation USA Boomers (50-69) Millennials (15-34) Optometrists Veterinarians Podiatrists Dentists Photographers Jewelers and precious stone and metal workers Natural sciences managers Environmental scientists and geoscientists Physicians and surgeons Pharmacists Morticians, undertakers, and funeral directors Lawyers Atmospheric and space scientists 6% 21% 33% 12% 16% 33% 31% 35% 20% 26% 40% 18% 40% 27% 26% 46% 47% 45% 50% 49% 68% 62% 60% 63% 64% 77% Source: US Census Bureau American Community Survey,
50 FEMALES Continue to lead The Way 53
51 Millennials are more culturally diverse Race/Ethnicity (%), United States, Other Asian % Black Hispanic White Millennials Gen X Boomers Source: Pew Research Center tabulations of the 2014 March Current Population Survey from the Integrated Public Use Microdata Series (IPUMS) 54
52 The New Normal 55
53 More student debt Percentage of under 40 Households Owing Student Debt United States % Source: Pew Research Centre, Young Adults, Student Debt and Economic Wellbeing,
54 Bigger Student Debt $25,000 Median Student Loan Debt (2014) $20,000 19,647 $15,000 $10,000 $5,000 5,282 $ Source: Brookings Institution, Loney and Yanelis,2015, A Crisis in Student Loans? How Changes in the Characteristics of Borrowers and the Institutions They Attend Contributed to Rising Loan Defaults. 57
55 NOT A GOOD TIME TO BE A MALE MILLENNIAL
56 Millennials: Thriving Vs. Striving 59
57 Millennials Thriving Vs. Striving BACKGROUND - GEODEMOGRAPHY 60
58 Birds of a Feather Flock Together YEEEAAAAAAAHHH!!!! And That s the Goosepel Truth 61
59 62
60 63
61 DEMOGRAPHICS < 35 Years $72,000 DEMOGRAPHICS Middle Aged $82,000 64
62 65
63 DEMOGRAPHICS DEMOGRAPHICS $175,000 $82,000 66
64 DEMOGRAPHICS $175,000 67
65 Let s Take a Closer Look 68
66 Not All Millennials Are Created Equal THRIVING STRIVING
67 Thriving Millennials 70
68 Striving Millennials 71
69 Socioeconomic status: A major differentiator THRIVING $76K STRIVING Income $52K Finance, Insurance, Professional services, Information, Food Services Occupation Administrative, Food Services, Retail 72 46% with Associates degree or higher Education 31% with Associates degree or higher Source: Nielsen PRIZM Premier, Pop-Facts 2015
70 Very Different travel Behaviours THRIVING STRIVING 45% Booked a flight for personal/vacation Past 12 Months 30% 62% Booked a stay at a hotel/motel Past 12 Months 50% Source: Nielsen PRIZM Premier, Consumer Profiles
71 Very Different Leisure Behaviours THRIVING STRIVING 7% Skiing/Snowboarding Past 12 Months 2% 23% Hiking/Backpacking Past 12 Months 15% Source: Nielsen PRIZM Premier, Consumer Profiles
72 Very Different travel Behaviours THRIVING Domestic Travel Past 12 Months STRIVING 11% Las Vegas 5% 8% 11% Los Angeles New York City 4% 6% International Travel Past 3 Years 8% Canada 5% 11% Europe 5% 13% Caribbean 9% Source: Nielsen PRIZM Premier, Consumer Profiles
73 STRIVING Millennials: PRIMACY OF THE FAMILY Source: Nielsen PRIZM Premier, American Values Survey
74 STriving Millennials: Adaptability to Complexity 77 Source: Nielsen PRIZM Premier, American Values Survey
75 THRIVING Millennials: CULTURE SAMPLING Source: Nielsen PRIZM Premier, American Values Survey
76 THRIVING Millennials: Effort Towards Health Source: Nielsen PRIZM Premier, American Values Survey
77 Both millenial groups feel A void in their lives STRIVING AND THRIVING Millennials: Anomie/Aimlessness 80 Source: Nielsen PRIZM Premier, American Values Survey
78 Me in My Teens: Don t Tell Me What To Do Me in My 20s: Please Tell Me What To Do 81
79 So, IN SUMMARY Both the US and Canada are changing more diversity, urbanization, different families Millennials are growing up in a world that is different than we ve ever seen before We re not all the same!!! 82
80 THANK YOU! Jason 83
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