life is a highway (8.23.24)

life is a highway (8.23.24)

Nobody rued the day I turned 16 more than my father, who knew I’d be the first in line at the DMV to get my driver’s license. For many, getting a driver’s license was a core memory and a milestone we counted down to with anticipation (while our parents counted down with either relief that they’d no longer have to be our chauffeurs or dread that we were about to be unleashed on the road).

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Fast forward to today, when getting a driver’s license isn’t always the momentous event it used to be. According to the Federal Highway Administration, “the percentage of 19-year-olds with a driver’s license dropped steadily from 87.3% in 1983 to 68.7% in 2022.” This week, the WSJ explored how “driving a car, long a symbol of true independence, is now more expensive and complicated than it’s worth for many young Americans. In the age of Uber and public transportation, and with a desire to save money while having more things to spend it on than ever before, could driving—and the expenses that come with it (e.g., gas, auto ownership, insurance, and repairs)—no longer be enough to get young people’s engines running?”

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But this is not about cars; it’s about rethinking the notion of mobility overall, and how it’s evolving and being redefined by generational demands and expectations.

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What’s most fascinating about this topic is the impact of family dynamics. The structure of families—including how long children live under their parents’ roofs, the physical proximity of extended family members often being closer than in past generations, and the evolving social dynamics between today’s parents and kids—has made it more socially acceptable for mom, dad, and even grandma to play the role of taxi or Uber for today’s youth. This shift in family dynamics presents a significant opportunity for generational connectivity that extends far beyond any one industry.

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It is an opportunity to challenge our thinking and approach, not only in terms of mobility, but also in how we address any product or service through the lens of multigenerational and multifaceted needs and nuances.

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As marketers, we often look for ways to reach younger generations, whether through culture, understanding generational spending dynamics (for example, the role Boomers increasingly play in the purchases made by Millennials and Gen Z), or simply trying to appeal to the fluctuating emotions of youth. What if we focused less on singular demographics or generations and more on the often-complex, intertwined relationships between generations? The evolution of how families, friends, and neighbors live, learn, entertain, and spend time together impacts how they learn about new products and services, share their experiences with them, and are influenced both online and offline in ways that ultimately affect spending. Taking time to explore these dynamics can help you understand who you really need to reach to speak to a specific consumer, how your stories are shared across generational lines, and what common threads need to be woven into the heart of your stories. This is crucial regardless of the youth slang or nostalgic references you use in your attempt to find cultural and generational relevance.

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How can you create bridges between generations, or help to reinforce the ones built between them?

Eric Schneider

Mortgage Loan Officer- NMLSR ID 165925

7 个月

Since homes with two primary suites are already becoming the norm as are cars that seat 7+, I’ll throw out vacation destinations equally appealing to boomer grandparents, millennial parents and their not yet named generation kids.

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