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The real reason millennials spend less on retail, more on experiences

(EDITORIAL) We all know millennials are spending less on retail, but why this happens is widely misunderstood – let’s dive in and explore a new theory.

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millennial spending retail declutter

We don’t want stuff

Listen up world, it’s finally happened. Americans don’t care about STUFF anymore. That’s right, we’re buying fewer things and we’re proud of it.

Even with the exponential rise of online retailers and the same day delivery of Amazon Prime, people are spending less on things and more on experiences. Spending is down by almost four percent across the retail board according to a Business Insider study. This includes what we’ll pay for electronics, home goods, and what we’ll spend at department stores.

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Conversely, spending at restaurants and bars has increased six percent! It's not just that we're spending less, it's that we're changing our lifestyle. That's big news and it's time to take note.Click To Tweet

You know those millennials we all love to complain about? “Gah, they won’t get good jobs, they hate buying houses, they stopped buying fabric softener!” These are the people affecting this change. I’m sure of it. Now, I have little evidence to back up these claims but bare with me, I have a theory.

We’re the online shoppers

Amazon Prime has been the most time saving addition to our lives since smartphones. Heck, the entire online retail boom has helped us shop smarter and spend more wisely. It has also helped us save money.

Now I can’t speak for everyone, but when I shop in a brick and mortar store, I always overbuy. Target is set up in such an intriguing way that I can easily find ten things I didn’t need but really really want, every time I go in there. Amazon makes impulse shopping more difficult (though they’re trying to fix that with the ever addictive Dash buttons), and when I need new toothpaste or a microwave, Amazon is the first place I go.

If I went to Target for new toothpaste, I wouldn’t get out of there for under 50 bucks.

With Amazon, I’m in and out in a minute for under $5 with a three pack. I’m sure you know this story well. It’s no wonder we’re spending less at brick and mortar stores when it’s so much easier to buy just what we need when we purchase online.

So why are we spending more on experiences?

The millennial philosophy assumes two principles: Life is short, and happiness is key.

Why would I work a nine to five job for 30 years like my parents, when they were miserable the entire time? This is the thing that most confuses non-millenials who are trying to understand our generation.

But the mistake is that they’re assuming completely different priorities. Provide, earn, spend, grow, has been the capitalist mantra for years.

This generation shouts “experience, live, find bliss, love more!” We grew up on inspirational movies that preached this, and we implicitly understand the regrets of generations that came before us.

It's no wonder then that we're spending more on experiences - we want life, we want stories.Click To Tweet

We want time out with our friends that enrich us in impossible ways. We want coffee shop conversations that drag into late Wednesday mornings, we want jobs that respect us, careers that support our lifelong quest for happiness and fulfillment.

And we want to spend our hard earned money seeing the world, refurbishing old campers and getting away, we want to enrich our lives in the most sincerest of ways, and that’s in direct conflict with the consume and nest model of previous generations.

You don’t have to like millennials…

People may argue that a single generation is not able to influence spending habits so drastically, or that there is some economic reason why all of us are being more thoughtful about spending money at our local malls, but I see a pattern in the way my generation thinks in almost every business news byte.

You don’t have to like us, you don’t have to understand us, but we are influential, even if we don’t think like the generations that came before. And we’re not entitled, we’re seeking meaning in this life.

#spending

C. L. Brenton is a staff writer at The American Genius. She loves writing about all things, she’s even won some contests doing it! For everything C. L. check out her website

Opinion Editorials

How strong leaders use times of crises to improve their company’s future

(EDITORIAL) We’re months into the COVID-19 crisis, and some leaders are still fumbling through it, while others are quietly safeguarding their company’s future.

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Anthony J. Algmin is the Founder and CEO of Algmin Data Leadership, a company helping business and technology leaders transform their future with data, and author of a new book on data leadership. We asked for his insights on how a strong leader can see their teams, their companies, their people through this global pandemic (and other crises in the future). The following are his own words:

Managers sometimes forget that the people we lead have lives outside of the office. This is true always, but is amplified when a crisis like COVID-19 occurs. We need to remember that our job is to serve our teams, to help them be as aligned and productive as possible in the short and long terms.

Crises are exactly when we need to think about what they might be going through, and realize that the partnership we have with our employees is more than a transaction. If we’ve ever asked our people to make sacrifices, like working over a weekend without extra pay, we should be thinking first about how we can support them through the tough times. When we do right by people when they really need it, they will run through walls again for our organizations when things return to normal.

Let them know it’s okay to breathe and talk about it. In a situation like COVID-19 where everything is disrupted and people are now adjusting to things like working from home, it is naturally going to be difficult and frustrating.

The best advice is to encourage people to turn off the TV and stop frequently checking the news websites. As fast as news is happening, it will not make a difference in what we can control ourselves. Right now most of us know what our day will look like, and nothing that comes out in the news is going to materially change it. If we avoid the noisy inputs, we’ll be much better able to focus and get our brains to stop spinning on things we can’t control.

And this may be the only time I would advocate for more meetings. If you don’t have at least a daily standup with your team, you should. And encourage everyone to have a video-enabled setup if at all possible. We may not be able to be in the same room, but the sense of engagement with video is much greater than audio-only calls.

We also risk spiraling if we think too much about how our companies are struggling, or if our teams cannot achieve what our organizations need to be successful. It’s like the difference in sports between practice and the big game. Normal times are when we game plan, we strategize, and work on our fundamentals. Crises are the time to focus and leave it all on the field.

That said, do not fail to observe and note what works well and where you struggle. If you had problems with data quality or inefficient processes before the crisis, you are not fixing them now. Pull out the duct tape and find a way through it. But later, when the crisis subsides, learn from the experience and get better for next time.

Find a hobby. Anything you can do to clear your head and separate work from the other considerations in your life. We may feel like the weight of the world is on our shoulders, and without a pressure release we will not be able to sustain this level of stress and remain as productive as our teams, businesses, and families need us.

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Opinion Editorials

Declutter your quarantine workspace (and brain)

(EDITORIAL) Can’t focus? Decluttering your workspace can help you increase productivity, save money, and reduce stress.

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It’s safe to say that we’ve all been spending a lot more time in our homes these last few months. This leads us to fixate on the things we didn’t have time for before – like a loose doorknob or an un-alphabetized bookshelf.

The same goes for our workspaces. Many of us have had to designate a spot at home to use for work purposes. For those of you who still need to remain on-site, you’ve likely been too busy to focus on your surroundings.

Cleaning and organizing your workspace every so often is important, regardless of the state of the world, and with so much out of our control right now, this is one of the few things we can control.

Whether you’re working from a home office or an on-site office, take some time for quarantine decluttering. According to The Washington Post, decluttering can increase your productivity, lower stress, and save money (I don’t know about you, but just reading those three things makes me feel better already).

Clutter can cause us to feel overwhelmed and make us feel a bit frazzled. Having an office space filled with piles of paper containing irrelevant memos from five years ago or 50 different types of pens, has got to go – recycle that mess and reduce your stress. The same goes with clearing files from your computer; everything will run faster.

Speaking of running faster, decluttering and creating a cleaner workspace will also help you be more efficient and productive. Build this habit by starting small: try tidying up a bit at the end of every workday, setting yourself up for a ready-to-roll morning.

Cleaning also helps you take stock of stuff that you have so that you don’t end up buying more of it. Create a designated spot for your tools and supplies so that they’re more visible – this way, you’ll always know what you have and what needs to be replenished. This will help you stop buying more of the same product that you already have and save you money.

So, if you’ve been looking to improve your focus and clearing a little bit of that ‘quarantine brain’, start by getting your workspace in order. You’ll be amazed at how good it feels to declutter and be “out with the old”; you may even be inspired to do the same for your whole house. Regardless, doing this consistently will create a positive shift in your life, increasing productivity, reducing stress, and saving you money.

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Opinion Editorials

How to ask your manager for better work equipment

(EDITORIAL) Old computer slowing you down? Does it make a simple job harder? Here’s how to make a case to your manager for new equipment to improve your productivity.

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better equipment, better work

What is an employee to do when the work equipment bites.

Let’s be frank, working on old, crappy computers with inefficient applications can make the easiest tasks a chore. Yet, what do you do? You know you need better equipment to do your job efficiently, but how to ask the boss without looking like a whiner who wants to blow the department budget.

In her “Ask A Manager” column, Alison Green says an employee should ask for better equipment if it is needed. For example, the employee in her column has to attend meetings, but has no laptop and has to take a ton of notes and then transcribe them. Green says, it’s important to make the case for the benefits of having newer or updated equipment.

The key is showing a ROI. If you know a specific computer would be a decent upgrade, give your supervisor the specific model and cost, along with the expected outcomes.

In addition, it may be worth talking to someone from the IT department to see what options might be available – if you’re in a larger company.

IT professionals who commented on Green’s column made a few suggestions. Often because organizations have contracts with specific computer companies or suppliers, talking with IT about what is needed to get the job done and what options are available might make it easier to ask a manager, by saying, “I need a new computer and IT says there are a few options. Here are my three preferences.” A boss is more likely to be receptive and discuss options.

If the budget doesn’t allow for brand new equipment, there might be the option to upgrade the RAM, for example. In a “Workplace” discussion on StackExchange.com an employee explained the boss thinks if you keep a computer clean – no added applications – and maintained it will perform for years. Respondents said, it’s important to make clear the cost-benefit of purchasing updated equipment. Completing a ROI analysis to show how much more efficiently with the work be done may also be useful. Also, explaining to a boss how much might be saved in repair costs could also help an employee get the point across.

Managers may want to take note because, according to results of a Gallup survey, when employees are asked to meet a goal but not given the necessary equipment, credibility is lost.

Gallup says that workgroups that have the most effectively managed materials and equipment tend to have better customer engagement, higher productivity, better safety records and employees that are less likely to jump ship than their peers.

And, no surprise, if a boss presents equipment and says: “Here’s what you get. Deal with it,” employees are less likely to be engaged and pleased than those employees who have a supervisor who provides some improvements and goes to bat to get better equipment when needed.

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