YouSaid · the spoken record

Hugo

lines on the record: 29
first: 2017-01-10
most recent: 2017-01-10
sittings or episodes: 1
sources: podcast

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“Agree in the sense that, and I think a lot of this comes from Gen X. I mean, there is 60 is the new 40 today, right? You have an older generation that doesn't want to be old and out of the game, and so there is much more of a willingness to adapt and stay relevant. And as a result, we're seeing older generations and younger generations closer together in many ways than in the past. I also think generational differences are somewhat self-reinforcing. millennials will have a different parenting style than Gen Xers and Boomers did. And when the time comes, Gen Z will have a different parenting style from millennials. So we spoke to this a bit how Gen X is influencing Gen Z, and I think that will continue as generations evolve.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“I think that everyone will know a lot more about each other, and therefore you get these spurts of technological change where adoption can be faster amongst younger people. History kind of tells us that young people usually adopt and adapt to new technologies faster. But eventually there's kind of catch-up. So back to Lindsay's point around each sort of age group is getting faster at catching up, the fastest growing social media penetration in Gen X is actually the older part of Gen X. And Gen X probably have the same social media penetration rate overall as millennials did five years ago. You have these spurts, but I think the catch up and the differences ultimately will get much smaller and much narrower.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Well, I think we're in a period of quite fast technological change, certainly as far as individuals' access to technology is concerned. So that means adoption is faster and therefore differences between generations, I would argue, maybe are quite wide at the moment. I talked about the X's. They're kind of analog digital hybrids while the millennials are probably more different to X's than maybe X's were to boomers. But I wonder, and this is maybe a big picture of thought, is that as you get more transparency, as everything is preserved into posterity, into eternity, including this podcast, that actually subsequent generations will know a lot more about their predecessors and who went before them. So if our great-great-grandchildren were all listening to this, they will be able to hear what we thought at the time, probably disagree with much of what we said.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely. I mean, I think that's to me one of the most exciting aspects of this millennial story, and it's true for Gen Z as well. Ability to influence up the age curve and this idea that millennials or younger consumers, whether it's in their homes with their parents or in the workforce with their older colleagues, are the curators of technology and the curators of mentors in behavior. Absolutely, a little bit of reverse mentoring there. And I'll tell you some examples where we see this in retail, for example. We know that younger consumers, specifically your 25 to 34 year olds, are very active online. They're shopping online more versus within retail. They're shopping online at increasing rates every single year. We see that you're 35 to 44 year olds are about a year or two behind where they were, and your 45 to 54 year olds are a year or two behind where they were. And every single year you see this young generation moving further and further up the adoption curve and pulling all of these older generations up with it. So I think that their influence across older generations.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely. And as you think about why packaged food has been an important component of consumption, it's the convenience that it brings, right? You're a mom and you're trying to feed your family and you rely on packaged food as opposed to fresh food, which takes a lot longer to prepare in order to deliver that requirement to your family. There are very few other moments where a woman is as stressed or pressed for time as when she's got a screaming infant who wants food. And so as you think about how critical your packaged baby food is in delivering those things to the mom, it's very important. However, now today desires to make her own baby food because she can see the transparency and knows exactly where it comes from while foregoing all of those benefits of convenience that the packaged baby food gives her because it's that important to her, the transparency and purity of the food that she's giving her child is that much more important to her that she's actually, as we think about the development of”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“One thing that we notice is that in terms of parenting and decision making, not surprisingly, these consumers are relying on their social communities and these new tools that have developed to help them be better parents. But also we see them trying to spend their dollars smarter as we talked about before. But it's not that they're not willing to pay premiums for things that are important to them. And we see this in things like organic foods and organic and natural cleaning supplies and laundry detergents. We're seeing those as important areas where there's strong growth. I'll give you another example. One of my favorite examples is I think about millennial moms is what's happened in package baby food. Packaged baby food sales over the last five years or so have come under extreme pressure down in excess of 30%. We've seen a lot of challenges with per capita consumption among consumers for packaged baby food. Now as you think about packaged”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“So far it hasn't because I guess there are two things at play here. One is that you could argue that the signal from the education system right now is at least the least bad, that it is telling employers something pretty clear, that this person has been to this college and graduated. That is a helpful system for employers to interpret. And secondly, there hasn't really been, I would argue, yet an alternative to that. You are seeing certainly some of the tech companies developing their own ways of assessing talent and skill that they are not necessarily relying on the tertiary education signal. And so they are maybe thinking about how do we do our own skills-based testing. And then secondly, at some point, I think the education bundle probably does change so you can consume parts of it without necessarily having to go to college or at least go to college for as long. And so it seems that if you have something which is so important, which is clearly education and skills and the acquisition of them, that it's costing increasing amounts relative to the return, that there will be changes.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Innovations around distributing content more broadly, using the fact that everyone has access to technology so that the fact you can distribute more broadly means that are you going to see academic sort of sell their content online outside of the university system? Are you going to see greater penetration of the MOOCs, the massive online learning courses?”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“You can decompose US CPI, US inflation over the last 15 years, education stands out as the one cost that has gone up every day of every week, of every month, of every year. Overall, CPI inflation is up 1.4 times in that period, whereas education on its own is up 2.3 times. So it's a massive increase in cost. So if you are an expert, you are spending more on your children from an education point of view, partly because you don't want to ignore them in the way that maybe you felt your parents did that actually exas are being much more active parents investing more heavily in their children. And secondly, they are facing an inflationary price effect, which means they have no choice but to pay more. So I think one of the things that is beginning to happen is that on the basis that that which cannot continue won't, the rising cost of college relative to wages means that something at some point will have to change. Now, is that that fewer people go to college or is it that actually how you consume education changes?”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“There's fewer and fewer things that are selling at full retail price I cover, the retail stocks, the apparel stocks, and it's a huge challenge for mole-based retailers and many other retailers is that the consumer is conditioned and smarter about sitting and waiting for that right kind of a deal. Let's talk about a little bit.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Showrooming or applying different apps or different websites to help you find the absolute lowest price that you can buy something for or being patient waiting for something to go on sale before you actually do buy it. Other things that we see ultimately being pretty deflationary for some important categories.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Sure, absolutely, and I think that that speaks to this idea of taking your 20s to really invest in yourself. But as you kind of stack up what your personal P&L looks like, post a home and post a car versus if you decided to take a trip and experience and rent an apartment on Airbnb and traveled in a way that was more affordable, you just don't have the same economic effect. So absolutely we see areas where millennials are willing to spend, but overall they're not levering themselves up to make their dollars go further. They're being much smarter, much more conservative about their balance sheets. But I will say there's one area where we see from a consumption perspective important change, which is I don't have as much money to spend on myself or I'm not thinking about being as extravagant on what I'm spending, but I'm going to make my dollars work harder for me. And so as it relates to retail, this idea of”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Spending money on experiences and to that. Generation ahead of them or the generations ahead of them. That sometimes looks frivolous. They're not investing in whether it makes sense or not, a car, a home, they're spending money on a lot of things that older generations would consider sort of luxury.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“I think we can comfortably say that millennials learn some good lessons from the financial crisis, and as we see them now in the early stages of their adulthood, making smarter decisions, being more conservative with their own balance sheets, less inclined to take on debt, less inclined to use credit cards as it relates to some of these sort of big ticket purchases, it's not that millennials want to stay at home forever, but they're smart about taking the opportunity to save and then finally, when they have enough of a Nestag built, going ahead and buying a home.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“To be evidence of success, and success sort of being loosely defined, intentionally open-ended phrase there. And that compares to just 44% of millennials when they were the same age. It shows that this is a generation that's just laser focused on the financial consequences of their decisions in setting themselves up for financial independence.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“How Gen X has endured two very tough economic slowdowns during some of their prime earning years. And I'd add to his comments another stat, which is the fact that today there are still more Gen Xers underwater under mortgage than any other generation. On top of that, Gen Z is also acutely aware of some of the financial struggles that many millennials have faced. So in that context, the notion that Gen Z, despite their relative lack of income today or lack of experience with managing finances, the fact that they're showing some early indications of skewing more conservative financially is actually not very surprising to me. And one of the best stats that I came across in all my research that I think sort of sums it up was that 60% of Gen Z believes a lot of money”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“I do think that we're seeing signs that Gen Z is more financially conservative than generations before them. And probably most notably than millennials. We know that amongst Gen Z's top concerns are the rising cost of college and being saddled with too much student loan debt. This is a generation that wants to achieve financial independence while avoiding many of the pitfalls that may have hindered generations before them. I also think it's important to recognize that an individual's views and attitudes towards money and finances are not only shaped by their own experiences in their own lifetime, but like anything else in life, parents will pass down their perspectives to their kids. And so you have to keep in mind that Gen Z by and large is being raised by Gen X. And Hugo was just talking about”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“So well, so look, that was bad luck number one. Bad luck number two is it's the mid 2000s, the starting family, we need to buy a family home. Well, our loan-to-value ratio is higher than in previous generations, but we need to do it. We're starting a family. So we all know what happened next circa 2007, eight. That didn't go so well. So their hit to net wealth was greater than anything the boomers or silent generation experienced before them. So they are undoubtedly scarred, and I think rationally so by these two big drawdowns in asset values. Another way of looking at this is that from age 30 to 40, so when X's were 30 to 40 and when boomers were 30 to 40, the S&P 500 went up nearly four times for the boomers, but only two times for Gen X. So if you assume retirement at 65 years, which may well be optimistic these days, X does only have 20 years left to make up the shortfall. So that doesn't bode well for how much they can kind of grow their share of consumption.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Very short answer is it's impacted them a lot. X's are unsaved for their retirement, so they have to try and spend less. They have to save more. When they do spend, they're very concerned with value for money, and they're less hung up on some of the status symbols that the boomers prioritize. So they spend less on cars than the boomers did. Our analysts estimate they spend around 3% of their income on cars versus the boomers 5%. They are more likely to use low cost and low risk mutual fund products than any other generation. And they have been unlucky. And let's not be too hard on them. They've been unlucky with asset price cycles. Some of them are likely to have dipped their toes into the equity market for the first time in the late 1990s. We all know what happened.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“They were named after the millennials that tell you how relatively unimportant they were, which is unfortunate given they are sitting in a sweet spot of consumption. They are not a big focus for the advertising industry, but they make up somewhere between 25 to 30 percent of consumption in the US. And it's pretty clear that they don't and can't consume like the boomers who went before them. So if you're a company who has a meaningful percentage of your revenue coming from selling to people in this sort of age band, let's say 35 through to 55, you need to know that not only are there fewer Gen X because there was quite a big fall in birth rates in the 60s, but they also have less to spend.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“They're important because the average age of Anaxa is somewhere in their mid 40s, which is pretty close to where the sweet spot of consumption lies, where people spend the most. So Gen X has always been a forgotten generation. They've never had a lot of...”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“To answer your question on companies' responses, today we see a wholehearted embrace that this millennial consumer is exhibiting different behaviors and big capital investment to try to get out in front of where they think these consumers are going next. So to give you a few examples, we see massive investments in organic food at traditional grocers, places like Walmart, where not just organic food, but organic food that fits the criteria of having a really accessible price point. We see significant investments in omnichannel and online. We see big consumer companies making large acquisitions. So as you think about the combination of the consumer pull where the millennial is taking consumption, but also the big push behind corporations investing in it, those are two important catalysts for what we think is going to be pretty profound change.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Millennials, the ability to access what's behind the curtain here and what is this really about as something that's pretty important. Another behavior, ratings and reviews. It used to be 20 years ago that advertisers would focus on the expert opinion, the doctor telling you. Absolutely. The doctor telling you what kind of toothpaste you should use or the testimonial, which we know wasn't really an authentic testimonial, was handpicked of a consumer who was saying exactly what the brand wanted you to hear about the specific virtues of their product. Now we see consumers really focused on the ratings and opinions of absolute strangers who may not have any authority in a product whatsoever. One last thing I note in terms of behavior is that while in today's day and age, everybody, all generations are spending lots of time online, millennials are a whole lot more focused on giving you their opinion online. They spend a whole lot more time posting. They spend a whole lot more time.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Transitioning to family units. Lastly, the most exciting part of the story is clearly this very rapid and transformational technological change we're talking about. The obvious, the internet, mobile phones, social media, and it's this technological component that truly lights a fire under the story and out of which we see a whole host of really exciting behaviors emerge. And I'll give you a few examples of those behaviors. First of all, generation of researchers. Millennials are not required to take things at face value the way that older generations may have had to because with the internet the barriers to access information have been absolutely upended. And so one of the ways that we see that manifest is gravitating towards brands that are truly authentic, gravitating towards products where there is a real clear story of origin, whether it's craft beer or artisanal honey.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“To start with those the sheer size of the demographic, you've got over 90 million consumers strong and entering their peak spending years, but also entering important stage in their lives in the workforce. And so we see them having important influence on companies from the inside as key talent, but also from the outside as consumers voting with their dollars. Beyond their heft, there's this element of social change that we see characteristic of millennials where they're simply getting married later and starting to have families later, taking the opportunity to live in their 20s and really invest in themselves, travel and forge communities. None of this is necessarily all that shocking. People have been getting married later for hundreds of years now. But nonetheless, there's a dynamic that really does create a group of consumers that has a lot more time to think about and to indulge themselves as individuals before a”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“To be thinking about their use of technology. And this is a generation that was born device in hand and that will live in a digitally connected Wi-Fi enabled world from the cradle to the grave they know nothing else. And that's how they learn, how they spend money or how they influence others to spend money currently most likely their parents, how they interact, socialize, and ultimately influence and inspire each other is all a reflection of that. And so today with Gen Z, we're talking about a cohort of more than seventy million people that we know very little about. And I think the laziest assumption that you can make is that they're just young millennials.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“The Agenzier born in two thousand five in the US has been raised under a vastly different set of circumstances and experiences than a millennial that was born in nineteen eighty five. For starters, Gen Z is even more diverse, they are America's most diverse generation to date. The Census Bureau tells us that by the year twenty twenty, more than half of kids in the US will belong to a minority, race, or ethnic group, so diversity in the traditional sense of the word is becoming the norm. And it's happening with Gen Z. And at the same time, Gen Z also holds a more positive view of the rising ethnic diversity in America than generations before them did. We know that Gen Z is also more financially conservative. They're more debt averse. They're more focused on financial outcomes. And then lastly, I think anytime you're talking about America's youngest generation,”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Attitudes and beliefs, and you can understand the likely consumption behavior. And if you think more broadly, there's a question around what sort of leaders they will be when their time comes, knowing the difference between a cautious exer and a perhaps more carefree boomer is important when you're thinking about CEOs and their strategies. But the bottom line here is that understanding generations helps a lot when it comes to the level and mix of consumption, because what a 25-year-old Say 30 years ago, thought was the most important thing in the world to own, which is probably a car, is not what a 25 year old today thinks is the most important thing in the world to own. It may not even be a thing. It could actually be an experience.”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT
“Important because they can help you understand how and why consumption differs among stage groups. It's very important to know that X's, those born between 1965 and 1980, and as you helpfully pointed out, Jake Iman XA, are not consuming in the same way as the baby boomers who were born between 46 and 64 did. So Gen Z again, and who come after the millennials are not going to consume in the same way as the Millennials. So if you can understand what shapes each of these generations”
2017-01-10 · Goldman Sachs Exchanges · My Generation: What Your Birth Year Says about How You'll Spend · IDENTIFIED FROM THE TRANSCRIPT