Monday January 20, 2020
Home Lead Story Why Young Ame...

Why Young Americans Are Not Moving A Lot Since The Great Recession

Young American adults are staying put more since the Great Recession, but when they do move, they’re not going to the same places as they did before the economic downturn

0
//
US, America, Millennials, Migration
Frey, who keeps expecting millennial migration rates to pick up, is disappointed with the numbers. Wikimedia Commons

Young Americans are staying put more since the Great Recession, but when they do move, they’re not going to the same places as they did before the economic downturn of 2007-2009.

In the three years leading up to the recession, more Americans in their 20s and 30s headed to Riverside (California), Phoenix, Atlanta, Houston and Charlotte (North Carolina), according to the U.S. Census Bureau’s American Community Survey.

“Those were more kind of ‘We’re coming there to buy a house and get a job and make things go,’” says demographer William Frey of the Brookings Institution.

Things changed during the recession and in the years that followed.

From 2007 to 2012, America’s metro areas that gained the most millennials were Denver, Houston, Washington, D.C.; Austin (Texas) and Seattle. From 2012 to 2017, the metropolitan areas with the highest net millennial migration were Houston, Denver, Dallas, Seattle and Austin.

US, America, Millennials, Migration
Where US millennials are moving. VOA

“Young people may not be finding the job that they want and they’re not be able to buy a home that they’d like to buy,” Frey says. “At least they want to be in a place maybe where the action is for younger people, the kind with a young person’s amenities, or what you might call places with a cool factor.”

Overall, U.S. millennials are moving at the lowest rate since at least 1996. In 2017, their migration rate was 17%, well below the pre-recession number of almost 23%.

Frey, who keeps expecting millennial migration rates to pick up, is disappointed with the numbers.

“Migration is good for the economy in the sense that people are more able to adapt to changing economic circumstances… if they move to places where jobs are being created,” Frey says.

ALSO READ: US And Brazil Agree To Promote Development In The Amazon

“Especially if it’s a movement to purchase a home and to start investing in their future in terms of wealth creation and so forth. I think that’s important so that they’re not stuck in a way that makes them feel like they’re being left behind.”

Frey sees signs that millennials are starting to move to the suburbs and smaller metropolitan areas, as well as to cities located in the interior part of the United States rather than on either the East or West Coast.

“I’m suggesting that when we look at the next round of migration rates, when they come out, we’re going to see a little bit more movement to those kind of more, you know, economically viable and prosperous areas rather than to the cooler areas,” he says. (VOA)

Next Story

Reasons why Indian Millennials Love Smartwatches

Indian millennials fall in love with true smartwatches

0
Smartwatches
India saw the arrival of 1.87 lakh smartwatches in the third quarter. Pixabay

BY NISHANT ARORA

Smartwatches do tell the time — like smartphones that still make and receive calls — but this particular wearable segment has come of age with real-life use cases in areas like health and fitness along with a connected app ecosystem that has made them a preferred choice for the Indian millennials.

According to the International Data Corporation’s (IDC) “Worldwide Quarterly Wearable Device Tracker Q3 2019”, 3.07 lakh watches were shipped during the third quarter into India — registering 47 per cent growth quarter-on-quarter and 127 per cent growth year-on-year.

Smartwatches
Apple, Huawei, Fitbit and Fossil are true smartwatches while the rest of the crowd comes under the basic watch (with smart features) category. Pixabay

Among the watches, the country saw the arrival of 1.87 lakh smartwatches in the third quarter, registering 28 per cent QoQ growth and 93 per cent YoY growth.

With a strong millennial base with rising disposable income, India now offers immense growth potential for the smartwatch players, currently being dominated by the Apple Watch Series.

Here, one has to understand the difference between a true smartwatch and a basic one.

Apple, Fitbit and Fossil are true smartwatches while the rest of the crowd comes under the basic watch (with smart features) category.

To make it simpler, a basic watch is like an entry-level smartphone — brands like Huami’s Amazfit, Huawei etc. — while smartwatches — that can run third-party applications on the device itself — is considered truly ‘smart’.

“Basic watch includes devices resembling traditional wrist-worn watches and/or devices where timekeeping is a primary function. Timekeeping and a default watch screen, or watch face are a requirement for a device to be considered as a basic ‘watch’,” Jaipal Singh, Associate Research Manager, Client Devices, IDC India, told IANS.

In a price-conscious market like India, several brands have entered the basic watch category with smart features, especially related to health and fitness.

Smartwatches india
Smartwatches saw a healthy 99.6 per cent (YoY) and 42.9 per cent (QoQ) growth in the second quarter in the country. Pixabay

“The mid-range segment or entry-level watch (basic watch) segment is growing very fast as more and more Indians realise the importance of staying fit. People who wore fitness bands for years are now switching to such watches, and, eventually, true smartwatches. We will see more brands entering this segment in 2020,” elaborated Singh.

Earlier, in the second quarter of 2019, the India market for wearable devices grew 30.9 per cent sequentially — reaching an all-time high of 30 lakh shipments in a single quarter, according to the IDC.

Smartwatches saw a healthy 99.6 per cent (YoY) and 42.9 per cent (QoQ) growth in the second quarter in the country.

At the rate of 30-40 lakh wearables each quarter, we can easily see India consuming in between 1.2 crore and 1.5 crore wearables in a year which is still small compared to globally but the growth is stupendous.

The wearable market is expected to reach global shipments of 222.9 million units in 2019, with earwear and watches accounting for more than 70 per cent of all wearable shipments by 2023.

Also Read- 2020 Likely to be Strongest Year for Apple in India: Experts

According to Ramon T. Llamas, Research Director, wearables team, IDC, smartwatches “will move deeper into health and fitness and connect with multiple applications and systems, both at work and within the home.” (IANS)