2Hochstein Trends

Information about 2Hochstein Trends

Published on November 21, 2007

Author: Pumbaa

Source: authorstream.com

Content

DYG “The Time Crunch Convergence”:  DYG “The Time Crunch Convergence” ©Copyright DYG, Inc. 2003 Prepared for: World Golf Foundation October 20th, 2003 Slide2:  Presentation will cover: A Word About DYG SCAN® 7 Trends Creating A “Time Crunch Convergence” 3 Generations Impacted by Time Crunch Baby Boomers, Gen. X, Gen Y Summary A Word About DYG SCAN:  A Word About DYG SCAN Slide4:  DYG SCAN Mission: Provide insight into the US culture Analyze their impact on business, marketing, communications, HR management, strategic planning, public policy Identify critical social, lifestyle and consumer trends DYG SCAN:  DYG SCAN Tracks social values Hopes, dreams, fears, beliefs about right and wrong, personal and social priorities Also studies: DYG SCAN:  DYG SCAN On-going series of focus groups Drilling down on key topics “Early warning system” Secondary source research Demographics, social indicators National teen survey 650+ on-line interviews The most powerful social change occurs when different types of trends converge…:  The most powerful social change occurs when different types of trends converge… Slide8:  Example: 1960s Slide9:  7 Trends Creating a “Time Crunch Convergence” The Technology Trap of Endless Improvements:  The Technology Trap of Endless Improvements The more empowered technology makes you, the more you are expected to do Time Crunch Trend #1 (US Census) Raised Expectations at work:  Strongly Agree “These days, companies expect workers to get more done and get it done faster” 76% Raised Expectations at work (DYG SCAN) Not Just Expectations – the Real Deal (Worker Productivity up 24% since ’92):  Not Just Expectations – the Real Deal (Worker Productivity up 24% since ’92) Source: Bureau of Labor 1992 - 2002 Business Output Per Hour – Indexed to 1992 Source: Bureau of Labor 1992 - 2002 Update Mandate:  Update Mandate Compelled to constantly update: Our devices Phones, computers, software, TV, cameras, cars, etc. Our knowledge Current events, education, skills Our values Towards tolerance, risk, work, etc. Key Requirement Time Crunch Implications:  Time Crunch Implications Endlessly raising expectations about what you should accomplish at work… and at home Technological improvements are constantly out-pacing your ability to use/maximize them Leaves you feeling guilty, that you should do more, do it better, and do it faster Double-edge sword Less ability to get away, take a break… …yet greater demand & desire for relief Slide15:  The age of endless updates requires constant monitoring – thereby using up more time than before The Media Trap Of Endless Updates #2 Time Crunch Trend #2 Always Updating:  Always Updating (DYG SCAN) % Strongly Agree I pay a lot of attention to national and global events +10 Time Crunch Implications:  Time Crunch Implications A good chunk of today is spent catching up on yesterday’s E-mails Voice-mails Articles News Events Slide18:  The 500 channel universe (used to describe cable TV) now applies to almost all categories – from videos to vegetables, from cameras to cars The Marketplace Trap of Endless Choice #2 Time Crunch Trend #3 Want a Car? (47 Manufacturers, Hundreds of Models, Thousands of Choices):  Want a Car? (47 Manufacturers, Hundreds of Models, Thousands of Choices) Time Crunch Implications:  Time Crunch Implications Shopping takes a lot more energy, thought and time when you have so many choices And we have more things/services to shop for as new categories are constantly created 15 years ago, no one shopped for cell phones, PDAs, internet provider, sports channels, etc. Slide21:  We have come to expect an experience to accompany - or replace - any product purchase The Experience Economy #2 Time Crunch Trend #4 From the doughnut - watching experience at Krispy Kreme … … to the TV watching experience on Jet Blue … to weekend gatherings when we buy a Harley The Experience Economy Takes Up Time:  “I often feel that there is not enough time in the day to do all the things I need to do” The Experience Economy Takes Up Time 63% 69% All Americans Baby Boomers (age 39-57) (Strongly agree = top 2 box on a 6-point scale) (% strongly agree) Time Crunch Implications:  Time Crunch Implications As experiences push out mere products, there are more competitors for the consumer’s time As more and different experiences are offered Less consumer time is available As consumers make more room for different experiences, each slice of the “experience pie” gets smaller Businesses have to create smaller slices of the experiences they are selling (vacation stays, lessons, events, etc.) or increase the value of their larger slice Slide24:  Integration of all aspects of life; reduced compartmentalization Efficiency Generation X Definition: Key Value: Trend Leaders: Lifestyle Integration Time Crunch Trend #5 Slide25:  24 Hour Daily “Fluidity” Day care at work Dry cleaning at work Home office “Playing” at work Home spa In-vehicle entertainment Cell Phone Portability Becomes a Solution:  Portability Becomes a Solution Key Theme Work Communication Entertainment Food Time Crunch Implications:  Time Crunch Implications With Fluidity and portability comes no “down” time Experiences get chopped into smaller bits Creates a double-edged sword Consumers accustomed to “bite-size” relaxation But hunger for longer, fuller “chunks” of pleasure (when they can make time for it) Slide28:  An increased focus on the wants, needs, and desires of children Social status attached to “child-first” attitude Parental Guilt attached to “me-first” attitude Particularly among Generation X parents This is a significant shift from prior generations Child Centeredness #2 Time Crunch Trend #6 “Once You Have a Child, Your Own Needs Come Second”:  % Strongly Agree Source: DYG SCAN® 2003 10+ “Once You Have a Child, Your Own Needs Come Second” Child-centeredness in the Marketplace:  Child-centeredness in the Marketplace Time Crunch Implications:  Time Crunch Implications Parents are serving more time masters than ever before Feelings of Guilt over time spent on self New rationale needed to market time-intensive pleasures Slide32:  Showing off by how busy you are and by how many activities you do Conspicuous Activation #2 Time Crunch Trend #7 Signals that… I’m Young (or young at heart) I’m Healthy I’m Interesting Slide33:  Status has moved from purely how much you have (money, stuff) to… Nothing Leisurely About Our Leisure:  % Strongly Agree (Source: DYG SCAN® 2003) My way of relaxing is doing as little as possible In my spare time, I like to be active and do different things 48 pt. difference Nothing Leisurely About Our Leisure Time Crunch Implications:  Time Crunch Implications The number – rather than the depth – of activities means less time spent on each activity Maintaining one’s status as active, busy and involved uses up lots of time This shift in status will most dramatically alter how Boomers spend their empty-nest years Summary of Time Crunch Trends:  The Experience Economy Technology Trap of Endless Improvements Conspicuous Activation The Marketplace Trap of Endless Choice The Media Trap of 24-7 Life style Integration Child Centered-ness Time Crunch Summary of Time Crunch Trends 3 Generations Impacted By Time Crunch:  3 Generations Impacted By Time Crunch Baby Boomers:  Baby Boomers Life Stage Information:  Life Stage Information Born: 1946 to 1964 (The years of very high birth rates) Current Age: 39 to 57 Size: 78 million Baby Boomers Baby Boomers are turning age 50 at the rate of 10,000 a day! One third of the adult U.S. population Slide40:  Baby Boomers Age-less-ness Defined: Desire to reject the traditional path of aging and be “forever young” Obsession with youth Desire to never be defined or limited by their age Accelerated by Terrorism Environment Core Values and Life Stage Interaction (Shared by both Boomer Men and Women) Slide41:  Baby Boomers Sandwiched Defined: Feel they are facing multiple pressures – often coming from opposite sides Home: Between kids and aging parents Work: Between rising GenXer and retirement (w/o enough savings) Culture: Between Youth domination and G.I. nostalgia (The “Greatest” Generation) Core Values and Life Stage Interaction (Shared by both Boomer Men and Women) Boomer Goals:  Boomer Goals Stay Young Stay Healthy Stay Relevant Stay Active Boomer Retirement?:  Boomer Retirement? For the first time in decades, the age of retirement has started to go up instead of down In just the last 5 years, the percent of men aged 60-64 that are working went from 45% to 50% The percent of women age 60-64 that are working went from 19% to 27% (Source: Bureau of Labor Statistics 2003) Time Implications:  Time Implications Less free time than anticipated for next life stage As retirement is becoming less of an option ($$$) or less of a goal More Competition for their time As they experiment with many activities Potentially more “active” activities As they strive to look young, stay fit Generation X:  Generation X Life Stage Information:  Born: 1965 to 1975 (The years of lower birth rates) Current Age: 28 to 38 Size: 46 million Gen X Busiest life stage (work, career, kids) 17% of the adult U.S. population Life Stage Information Slide47:  Intense life period (“life building”) Young children Career building New and significant responsibilities Home ownership Financial planning Gen X Life Stage Slide48:  Gen X Family Defined: The majority of Gen Xers are focused on family issues – balancing demands of career, home and children; finding family Their kid-focus makes this their most important life stage to date Strong emphasis on “protecting” the kids from a dangerous world – accelerated since 9/11 The growing “Singles” minority are looking to establish their social “family” Intersection of Core Values & Life Stage (Shared by both Gen X Men and Women) Slide49:  Child-Centeredness 2003 1987 % % % strongly agree 77 63 Generation Xers are more child-centered than Boomers were at their age “Once you have a child, your own needs come second” GenX in this age group Boomers in this age group Among Americans aged 25 to 29 (DYG SCAN) Time Implications:  Time Implications Less free time As work demands more from them Even if economy picks up, so will expenses (as their kids approach college) More Guilt As they feel deep obligation to family and children More “non-traditional” activities First generation to embrace “extreme” sports, but now with older bodies Today’s Young Adults:  Today’s Young Adults Life Stage Information:  Born: 1976 to 1985 Current Age: 18 to 27 Education: More likely to go on to college than any previous generation  Just under half of today’s HS seniors go immediately to college Ethnicity: Roughly one-third non-white Young Adults Life Stage Information Leading edge of next generation Most diverse generation ever Young Adult Life Stage: Summing Up:  Starting out Have gone from protected childhood to young adulthood Leaving college and launching careers Young Adults Young Adult Life Stage: Summing Up Slide54:  Young Adults Entitlement Defined: A belief since childhood that they can, will, and should get the best of everything Intersection of Core Values & Life Stage (Shared by both Young Adult Men and Women) Optimistic view of life (glass not just half full – it’s overflowing) Focus on fun, fame and fortune But with little effort or risk Time Implications:  Time Implications Spend time on “Lifestyles” not just Activities Need activities that can spill over into their fashion, language and attitude How can Golf be bigger than just a game? Social time a big part of “free time” Need activities that allow easy connection of different people to come together How can Golf best accommodate this “mixer” mindset? Time Implications:  Time Implications Less free time As reality of adulthood takes hold But likely to fight hard against loss of freedom Greater Diversity to how they spend time Generation “Whatever” always experimenting Is your product positioned to be part of their experiment? Summary:  Summary Summary:  Summary Time crunch is real From work, home, kids, commute, life Time crunch is also attitudinal We accept, expect, even attempt to be busy But, what to limit “busy-ness” to what we care about Time crunch is LONG TERM Structural changes in society make it so Technology, Economy, Media, Marketplace Time Crunch Equation:  Time Crunch Equation Lower the Time Commitment Consumers Must Make… …Raise the Value Consumers Get From their Time Investment OR Slide60:  For more information, contact DYG’s Main Office: Phone #: 203-744-9008 [email protected]

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