Because we think that they are going to make a difference in the new consumer economy:
From a Goldman Sachs report:
The Millennial generation is the largest in US history and as they reach their prime working and spending years, their impact on the economy is going to be huge.
Millennials have come of age during a time of technological change, globalization and economic disruption. That’s given them a different set of behaviors and experiences than their parents.
They have been slower to marry and move out on their own, and have shown different attitudes to ownership that have helped spawn what’s being called a “sharing economy.”
They’re also the first generation of digital natives, and their affinity for technology helps shape how they shop. They are used to instant access to price comparisons, product information and peer reviews.
Finally, they are dedicated to wellness, devoting time and money to exercising and eating right. Their active lifestyle influences trends in everything from food and drink to fashion.
These are just some of the trends that will shape the new Millennial economy.
Born between 1980 and 2000:
Our view is/has been that there is/will be a considerable impact on consumer behaviour and ultimately on how much the consumer contributes to the US economy as this cohort evolves.
Witnesses to the 2008 housing crash and financial crisis at an impressionable age, caution appears to be a classic trait.
As well, larger amounts of student debt incurred and lower employment income will continue to hold back their ability to spend.
Millennial's priorities will be be different.
The Goldman Sachs research confirms this.
Scott Tomenson,CIM Managing Partner, Chief Investment Strategist