Thought Leadership

In a new survey by Experience, Generation Y is unclear about the necessary skills for success in their careers.  The survey explored the ideas of both employers and Generation Y.  Experience found that 54% of Gen Y respondents were unclear about exactly the skills considered desirable by employers.  But a large number of Gen Y respondents felt that they were not lacking necessary skills desired by employers.  This optimism contrasted with the reality of employers believing Generation Y was deficient in important skills.  Employers can take confidence in the study’s findining that 97% of Gen Y respondents would take action to rectify their skill deficit.

Amidst the growing food prices, many American consumers are still leaning towards natural and organic foods that are pesticide-free, hormone-free and non-GMO. The cost-conscious American consumer is putting a premium on practicing healthier eating habits, as certified organic growers begin to develop specialized niches and loyal customer base in the market. 

The natural and organic food and beverage market is reshaping the US consumer lifestyle, with a wide range of products available in every retail outlet in the country.  US consumers are also increasingly becoming health savvy consumers with preference on purchasing natural alternatives to processed foods and other mainstream offerings.

The growing financial crisis in the US is taking its toll on consumer confidence in the economy with real consumer spending falling at an annual rate of 3.1% in the third quarter of 2008 and real spending on durable goods falling at an annual rate of 14%.  American consumers have long been living beyond their means; however, this lifestyle is expected to end as consumers began to focus on saving their money. In the mid-1980s Americans saved about 10% of their income. Lately, however, the savings rate has generally been below two percent, sometimes registering negative percentages; and consumer debt rose to 98 percent of G.D.P., twice its level a quarter-century ago.

The current financial crisis has influenced the changes in American consumer behavior. The “new” American consumer can be characterized as:

Generation Y is one of the hardest hit generations in the recession.   Surprisingly, the generation is optimistic.  According to a recent survey by Experience, 50% of US Gen Y respondents believe that their job prospects are optimistic.  Experience’s Survey also shows that 25% believe that the media are presenting an excessively negative job outlook. Only a third believe that their career development will suffer due to lack of opportunity. Surprisingly, only about 30% of Gen Y feels they should work longer hours and take on more projects for job security.

What industries are Gen Y young people interested in?

China’s central bank governor Zhou Xiaochuan has written a rare essay about his desire for a world currency, other than the dollar, to be be administered by the IMF.  His rationale is that the world is no longer “unipolar,” implying that the US no longer a single superpower.