The Signatry’s Post

Millennials and the wealthy are sometimes overlapping groups subject to plenty of stereotyping. A new survey by Worth, in collaboration with Boston Consulting Group (BCG), shows that some of those preconceived notions have weight. People aged 28-43 care more about sustaining the planet and their image. Rich folks buy more and like luxury products. But dig deeper, and the picture, by age or income bracket, isn’t so simple or predictable. Some wealthy millennials are excited to buy fancy new cars, but a sizable portion prefer to rent or grab a rideshare. On the giving side, they are more skeptical of and reluctant to send money to charity. However, they are more inclined to give their time to the right organizations with which they have developed closer relationships. Learn more: https://hubs.la/Q02C324X0 #millennials #worth #research #millennialresearch

The Boomers......Are they worth the effort to cultivate for large gifts anymore? Yes, and for the long haul. Anyone who gives to your mission should be kept informed about how their money is going to work. Now, not everyone should be kept informed in the same way or with the same frequency, but this is how we retain donors year after year. According to the Blackbaud Institute, 70% of Baby Boomers report a preference for making large gifts to causes close to their hearts, especially healthcare, education, and human services. Knowing your donor demographics can shape your success. Let’s tailor our approach to resonate deeply. #joydealer #majorgifts #giving

Whether you like it or not, millennials are the new core of your church One of the most significant shifts of the last few years is that Millennials have embraced church attendance faster than any other demographic, surpassing their attendance levels back in 2019. Millennial attendance is surging, especially among non-white Millennials.  According to the same Barna survey, 30% of white Millennials report attending church regularly post-COVID, up from 26% pre-pandemic. But non-white Millennials have returned with even greater zeal. Fully 40% of non-White Millennials say they are attending church post-COVID, up from 31% pre-pandemic. Some of this is natural as Boomers get older and factors like mobility and health become more significant, but the writing has been on the wall with Boomers for years. We just behaved like it wasn’t. The two areas most impacted by this trend (other than attendance) are serving and giving. Boomers have historically carried congregations both in terms of finances and volunteering. While you don’t want to give up on Boomers completely — and you’ll want to honor them for their contribution — it’s critical to understand that the oldest Millennial turns 43 in 2024. It’s high time to treat them (as well as Gen X and older Gen Z) as the new core of the church. Let's face it: For reasons outlined above, churches that focus on helping people become whole-hearted followers of Jesus will have to worry less about how the next generation gives and serves than churches that make giving and serving the goal. But two more conversations need to happen. The first circles around the generational wealth transfer that’s about to take place. As Boomers age and many start passing away, their Gen X and Millennial children will receive the most significant wealth transfer in human history. Stewardship should become a part of that conversation with Boomers. Otherwise, the church will likely be ignored both by the giver and the recipient. Second, church leaders should create a strategy around engaging Millennials as critical donors for the future of the mission and vision. That means developing a strategy to help them see that Jesus is a priority, as they’re used to giving to various social causes that have captured their attention. #churchmarketing #churchconsulting #churchmetrics #sozogroup #marketing #nonprofitmarketing #churchgrowth #churchgrowthtools

News that millennials have displaced baby boomers as Canada’s single largest cohort implies that marketing professionals will likely shift strategic gears when conducting their campaigns.   Coverage from The Canadian Press focuses on the macroeconomic, employment and productivity considerations of this evolution (https://lnkd.in/gskYKKsH). However, for marketers, it’s also significant. Demographic characteristics are only one input in marketing strategy. However, they’re a key factor for identifying profitable segments, interpreting needs and wants, and crafting appeals that match sensibilities.   As one generation fades and the next becomes dominant in its purchasing power, marketing methods and messages will intentionally lean toward the incoming group. But given the robust financial resources still held by boomers, marketers cannot afford to overlook their preferences. People “vote with their dollars.” They won’t spend them if they perceive themselves ignored.   #marketing #marketingstratgegy #communicationsstrategy #businessstrategy #demographics #babyboomers #millennials #marketingcommunications #communications

How millennials want to engage with development teams is different than previous generations. Is your organization ready? Tune in next Wednesday, October 30th at 1 PM EST to hear Insightful's Executive Vice President, Sarah Landman provide insights from candid interviews with high-net-worth millennials. The session will cover generational shifts in communication, engagement, and expectations along with real-world stories of successful and failed philanthropic relationships. Register here: https://ow.ly/Rs6Z50TQUU5

In ancient times, people used the term generation to describe all the people alive. Today, the sociological definition of a generation spanning 15 years is widely recognised. So what are the different generations and why is generational analysis helpful? In this updated 2024 article, The Generations Defined, we provide the answers. #insights #generations #GenAlpha #GenZ #Boomers #demographics

From The Associated Press Income gap between Black and white US residents shrank between Gen Xers and millennials, study says "By age 27, Black Americans born in 1978 to poor parents ended up earning almost $13,000 a year less than white Americans born to poor parents. That gap had narrowed to about $9,500 for those born in 1992, according to the study released last week by researchers at Harvard University and the U.S. Census Bureau." "In contrast, the class gap widened for white people between the generations — Gen Xers born from 1965 to 1980 and millennials born from 1981 to 1996. White Americans born to poor parents in 1978 earned about $10,300 less than than white Americans born to wealthy parents. For those born in 1992, that class gap increased to about $13,200 because of declining mobility for people born into low-income households and increasing mobility for those born into high-income households, the study said." "Black people from low-income families saw the greatest economic mobility in the southeast and industrial Midwest. Economic mobility declined the most for white people from low-income families in the Great Plains and parts of the coasts." #CensusData #SocialClass #GenerationalShift #DemographicTrends #MillennialGeneration #GenX #RaceAndIdentity #SocioeconomicStatus #DataAnalysis #SocietalChange #WealthGap #IncomeGap #UpwardMobility https://lnkd.in/gxCmTBUs

Millennials now outnumber baby boomers in Canada (as of July 1, 2023). * This generational sea change happened faster than anticipated due to recent high immigration levels (many of whom are millennials). * At their peak, baby boomers accounted for around 40% of the population (from the mid-60’s to the early 70’s). Millennials won’t reach that level of influence, peaking around their current level of 23%. * And sorry Gen X-ers (like me), we will never get to be the largest generation in Canada! Numbers matter, but no generation is a monolith, and Millennials are no different. Need to understand them better? Check out our Millennials segmentation: https://lnkd.in/gF429TiF

An update on America's new economic tribes- You may have heard about ALICEs, DINKs, and maybe even HENRYs. But what about DIPS? Have you thought about the FIRE movement?    Coverage of America’s economy is filled with acronyms and descriptors for all demographics. It can be hard to keep up with all the terms — so we built a glossary to help you out. https://lnkd.in/emeW2tRE

We're experiencing a once-in-a-generation shift in our population demographics, driven by Baby Boomers. By 2050, seniors will make up over 22% of the U.S. population, and those over 50 will control a whopping 60% of global spending. If you don’t want to miss out on this new market opportunity, remember that this generation is like none before them. Boomers are more entrepreneurial, live more active lifestyles, and are hugely involved in shaping culture. But I see their relationship with technology as the biggest shift in behavior from their predecessors. Higher adoption rates: They’re more likely to own smartphones, use social media, and engage with digital technologies for various purposes. Integration into daily life: They’re comfortable using technology for tasks such as online banking, video calls, and accessing healthcare services, rideshare, online food, and grocery ordering, as well as rating apps. Tech-savvy attitude: Boomers are receptive to learning and adapting to technological advancements to help them improve the quality of their lives or give them access to services in real-time. https://lnkd.in/etw7PU4Z