Is optimism about the economy having an influence on Millennials’ career choice?

We think so. As Millennials’ faith in the economy increases, their views about career paths are also shifting. While being an entrepreneur was the most appealing career path for 2012, respondents to our third annual CultureQ survey on cultural sentiment in the US and the UK were more likely to find being a corporate executive the better career option for 2014. Corporate executive is the top career choice Millennials, both those both in the workforce and those trying to join it, are more likely to say that working in a corporation and becoming a corporate executive is a more appealing career choice than being an entrepreneur, government employee/civil servant or working at a non-profit or NGO. And, except for Boomers in the UK who continue to cite an entrepreneur as the most appealing career for 2014, Gen Xers and Boomers agree. The appeal of entrepreneurialism is waning The appeal of becoming an entrepreneur has dropped across all groups most especially among Millennials in the UK (43% to 31%). Simultaneously, versus 2012, there has been a small increase in the number of Millennials in the US and the UK who believe working at a non-profit is the most appealing career, surpassing civil servant as a suitable career even among younger Americans.                 So why is this significant? As people begin to feel better about the economy,  our respondents indicate that they anticipate increasing improvement in the private sector job market. Effectively, they see less of a need to become an entrepreneur in order to earn a decent living. And, with this optimism for...

What do people hope 2014 will bring?

Brands can focus on helping people feel more in control financially Financial stability is more top of mind this year than in our previous annual CultureQ studies. Millennials, Gen Xers and Boomers alike are more focused on the ability to gain and maintain individual financial stability. In 2013, Millennials’ hopes for the year focused on getting in or finishing school (55%); only 25% cited financial stability, whereas 47% named it as one of their hopes for 2014.   Is this correlated with Millennials getting older? Likely it is to some degree but the data indicates it may also be related to shifting sentiment across the population overall. While financial stability has been a top hope for Gen Xers over the past three years, it increased significantly in 2014, from 64% to 79%.Analyzing individual responses (we personally read every one) offers us further insight and confirms that each generation’s hopes are related at least in part to lifestage. Millennials hope to get raises and pay off student loans, while Gen Xers are focused on paying down debt, including mortgages, and ensuring financial security for retirement. Boomers responses, however, could indicate that people have accepted insecurity as the New Normal and realize it’s time to stop waiting for things to get better and move forward regardless. Rather than speaking about having enough money for retirement, many Boomers tell us they’re looking to downsize their lives, budget better and eliminate unnecessary expenses. With many projecting that Boomers will control more than 70% of America’s disposable wealth over the next few years, a focus on budgeting better may be concerning to brands. The...

Millennials are more optimistic about our economic future

  Millennials are less concerned about the global economy today than they were in 2012 based on our latest CultureQ research results And as their worries about the economy have decreased, their concerns about the environment have steadily increased. UK Millennials are nearly as concerned about world events as they are the economy. Decreasing concern about the global economy is coupled with an increase in optimism about national economies In both the US and UK, Millennials are more optimistic than Gen Xers or Baby Boomers about their country’s economic prospects for 2014, with about 4 in ten believing it will improve. As we review our respondents hopes and fears for 2014, we’re hoping to gain more insight as to whether or not Millennials optimism is due to youthful naivety or a more positive outlook on the future...

Are Millennials more trusting?

With so many headlines focusing on privacy concerns, last week we decided to ask CultureQ participants what they thought. And, here’s the overview of what we learned: •Overall, Millennials are either more trusting or just less concerned about privacy issues than Xers and Boomers; •Facebook is of greater concern to Millennials and Boomers than Google; and of equal concern to GenXers; and, •More people are concerned about the news media accessing their data than we...

World Z

Gen Z: 15 years and younger. Born after 1997. 68 million of them. Only 54% are Caucasian. As the oldest of this blooming generation approach the end of high school (or according to some demographer, begin university) marketers are keen to get greater insight into their psyche, to help combat some of the horrifying effects that accompany being a digital native (ie cyber bullying) and understand how to engage with Gen Z as purchasers and primary influencers. Gen Z has never known a world without the Internet. The majority of them have only lived through some kind of downturn and global turmoil (dot.com bust, 9/11, Great Recession, Newtown Shooting, Kenyan Mall Massacre). They’re also the first generation to have truly diverse social circles from relatively early on (a blur of male/female, different socio-economic groups, ethnicities and gender fluid friends). Societal changes since 1997, and the more individualistic orientation of their Gen Xer parents are shaping Gen Zers attitudes to brands. And the relationship they want with them is distinct from even the youngest of Millennials. So based upon our CultureQ research and day-to-day interactions with Gen Zers, we’ve formulated a quick action guide to help you deepen your connection with them: 1.  Involve them in the purchase decision now, rather than think of them as a future purchaser. Traditionally brands have seeded relationships with younger audiences as a way to capture their future purchasing power. This is now shifting. Gen Zers as diligent researchers use technology to identify brands that could benefit them and their family members. More than other generations have in the past, they’re shaping their parents...

Cool observations on hot days

Summer is the perfect time to people watch, catch up on those podcasts you’ve been meaning to review, and indulge in news articles. So, after a summer of reading, researching, reflecting and of course working, we at Onesixtyfourth have a couple of observations we’d like to share with you before the 2014 brand and marketing planning cycle starts. Gen Z has the power As a 23 million strong generation, Gen Z (under 17 year olds) may not be as sizeable as the Millennial cohort, but what they lack in volume they make up for in influence. This is the generation that thinks dial up was something dinosaurs did, advises venture capitalists on product ideas, and self-publicizes like previous generations played neighborhood baseball or football (dependent upon if you grew up in the US or UK). The technological context that’s empowered them at such a young age has its down- as much as up- side. News of school shootings and terrorists attacks are more difficult for parents to hide. Security drills rather than fire drills are commonplace in their schools, and additional airport security checks are just a routine part of travelling. And, yes it affects them, they’re often less optimistic than Millennials (especially those at the older end of the generation), and seek relationships with brands that are consistent and feel familiar. Their role models aren’t of the same ilk either; they’re often more ordinary than aspirational. Interestingly, Gen Zers value them because of this. Rather than represent the person next door, they are the person next door - with more talent perhaps. Real people teach Gen Zers anything...
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