I ran across the cover of a Time magazine featuring a young female taking a selfie. The title of the article was the Me, Me, Me Generation. Millennials, are lazy, entitled narcissists who still live with their parents – Why they’ll save us.
Who’d of thought five-years later I’d see statistics in Forbes, saying the estimated 80 million millennials – now in their late teens through mid-30s – have the most spending power of any previous generation, and why non-stop ads on their smart phones is the No. 1 way franchisors engage their customers.
That’s the younger millennials. Older millennials are the ones buying the franchises, and with good reason, or should I say, reasons.
Market research firm FRANdata found 9 percent of all franchises are currently owned by millennial, and that “as existing franchisees retire, millennials will reach the capital threshold needed to invest in a franchise,” they say.
HowToBuyAFranchise.com says franchises are a perfect fit for millennials because they think differently, understand calculated risks, want to make a difference, and know social media better than anyone else.
It looks like millennials not only set the rules, but now are playing by them – quite successfully.
What do you think? I would love to hear your thoughts.
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