CE Pro Summit: Get Ready for Millennials-Driven Economic Boom from 2017-2030
Demographic expert Tim Costello of BDX shows that the broad U.S. economy will boom from 2017 to 2030 as the giant Millennials generation reaches their peak spending years, so get ready!
In the big picture economically, it won’t matter if Hillary or Trump is elected in 2016, because the U.S. economy is poised to boom from 2017 to 2030 no matter which party is in power.
That was the positive message from Tim Costello, CEO of BDX, a giant homebuilder consortium, as he spoke at the CE Pro Summit in Washington, D.C. this week. How does Costello know economic good times are just ahead? Demographics ... pure and simple.
The ebbs and flows of the U.S. economy are primary driven by the size of the population and when they reach their peak spending age, which is when they are in their late 30s to mid 40s. So, there are currently 83 million Millennials in the U.S. That age demographic is now larger than the Baby Boom generation, and those individuals, born between 1980 and 2000, will be reaching their peak spending age between 2017 and 2030.
“Millennials are now in control,” says Costello. “They represent 24 percent of the U.S. population. They are all now about 25 to 35 years old so for the next 25 years, the U.S. economy will grow. It won’t matter who is president. Remember the Reagan years? Remember the prosperity? Every one thought he was a god. He was just lucky that he was president during the peak spending years for Baby Boomers!”
Costello says the specific date for peak earnings for Millennials is the year 2022, when they reach the age of 46.
His message to integrators: Start targeting Millennials! They tend to get married later and start families later, 83 percent of them sleep with their cellphones, and 74 percent of them expect to purchase a home in the next five years. They are an entitled generation that will likely gravitate to urban communities with lots of technology, but very few of them have any hands-on skills.
“They never worked on a car with their dad like Baby Boomers did,” he says.
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Jason Knott is Chief Content Officer for Emerald Expositions Connected Brands. Jason has covered low-voltage electronics as an editor since 1990, serving as editor and publisher of Security Sales & Integration. He joined CE Pro in 2000 and serves as Editor-in-Chief of that brand. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He has been a member of the CEDIA Business Working Group since 2010. Jason graduated from the University of Southern California. Have a suggestion or a topic you want to read more about? Email Jason at firstname.lastname@example.org
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