What do a 31-year-old Millennial father and a 16-year-old Millennial high school student have in common?
What about a retired 70-year-old Baby Boomer collecting Social Security and a 53-year-old Boomer struggling to save enough money for their high schooler’s college?
The answer is very little. However, traditional demographic definitions lumping these individuals together often raise as many questions as answers. In a just-released book entitled Big Shifts Ahead real estate economist John Burns and his chief demographer Chris Porter have developed an entirely new and far more actionable framework for understanding generational behavior.
By developing demographic groupings based on the decade in which a person was born the pair have developed a more actionable model to better understand and forecast the behavior of respective generations.
“We gave each generation a name associated with a shift they led in society,” Burns wrote.
Those born in the
- 1930s led a shift to saving;
- 1940s led a shift to achieving;
- 1950s led a shift to innovating;
- 1960s led a shift toward more equal opportunities for women;
- 1970s led a shift toward more work and family balance;
- 1980s led a shift toward the sharing economy;
- 1990s led a shift toward staying connected; and
- 2000s will likely lead a shift toward more global awareness and interaction.
These new definitions are just one part of a comprehensive effort to develop forecasting models around the forces that shape consumer behavior, one that encompasses social and economic forces, life stage, technology and the role of government.
Burns will serve as the Keynote Speaker at Furniture Today’s upcoming Leadership Conference, November 29-December 1 at the Four Seasons Resort in Orlando, FL.
To register go to: http://leadershipcon.com/register/