Feature of the Month: Millennial's Impact on the Economy and Business

The Millennial generation is comprised of those born between 1980 and 2000, and is the largest generation born in American history. Due to lower employment levels and smaller incomes, millennials have less spending power than previous generations. Because of this, major commitments like marriage and home ownership tend to be delayed for longer periods of time. In addition, millennials tend to be reluctant to purchase music, cars, and luxury goods, and instead tend to turn to services which provide access to these products. This trend has propelled the rise of the “sharing economy.”

In regards to employment, millennials represent the largest segment of the workforce, and a rising point of concern for corporations is the absence of loyalty to employers. According to a survey by Deloitte, it was found that millennials consider the most important values for a business to follow have long-term success are employee satisfaction and fair treatment, trust and integrity, customer care and reliable products, and corporate social responsibility. The same survey found that very few believe that profit- focused values would ensure success in the long-term.

Deloitte’s survey also found that millennials will be more sensitive to future economic conditions. Across the 29 markets surveyed, 41 percent expect the overall economic condition to improve. Mature markets tend to be associated with growing optimism among millennials, but the optimism declines for emerging markets. Millennials have grown up during a time of technological change, globalization, and economic disruption, which has caused them to have different experiences and mindsets compared to older generations.

Featured Resources

World Population Data Sheet

Provided by the Population Reference Bureau, the World Population Data Sheet (available in PDF) contains the latest population estimates, projections, and other key indicators for over 200 countries. A nice feature of the website is the "Datafinder" a search tool, accessible from the main menu at the top of the page. It can be used to find data by country, region, sub-region or worldwide. More reports and quick facts are also available at the site's home page. Resource also listed under Statistical Data Resources category.

MSU-CIBER: Market Potential Index (MPI)

The Market Potential Index (MPI), an indexing study conducted annually by MSU-CIBER, helps companies rank emerging markets on eight dimensions. The dimensions are then combined to create an overall market potential index. The latest rankings are provided on the site as well as access to past analysis.

Featured Academy

Doing Business in Japan

The Japan module should provide one with an understanding of: Japanese social and business cultures; market potential and hot industries; how to deal with business customs and common business situations; and the current characteristics of the Japanese marketing and supply chain industries. A case study on the Japanese economic recovery is provided in this module.

Identifying and Measuring Drivers of Global Entrepreneurship

This module on identifying and measuring drivers of global entrepreneurship is helpful in understanding some of the emerging trends in practices and business models of international new ventures.

globalEDGE Business Beat

Globalization In Greater Lansing

Hosted by Tomas Hult, this interview segment of the globalEDGE Business Beat focuses on the Greater Lansing community and its globalization of infrastructure, products, services, and people in the last decade. Sheri Jones, Anchor and Reporter for WLNS-TV Channel 6, a CBS affiliate in the Central Lower Peninsula of Michigan, and Tomas Hult dialogue about Lansing from Sheri’s vantage point as a person always in the know about local news, trends, and people.

globalEDGE Business Beat: Global Business School Network (GBSN) Making A Difference

Hosted by Tomas Hult, this interview segment of the globalEDGE Business Beat focuses on the Global Business School Network(GBSN). The GBSN cultivates a network of leading business schools that share the goal of more and better schools to train managers and entrepreneurs for the developing world.