Arizona economist says millennial customers are key to business growth
PHOENIX — An Arizona economist advises business owners to advertising toward millennials if they want to grow their business — especially if they are a realtor.
“Almost all the new housing demand over the next decade is coming from millennials,” said Elliott Pollack with Elliott D. Pollack and Company.
“In five years, you’re going to have a tremendous number of people who are entering the age at which the propensity to buy housing really increases dramatically.”
In other words, Pollack said, millennials are now ready to marry, start families and buy homes because they are paying down — or paying off — student loans that they delayed marriage and families for.
During a Tuesday presentation at the Greater Phoenix Chamber of Commerce’s Economic Outlook 2019 breakfast, Pollack also said a looming labor shortage could drive wages higher, which also means good news for millennials.
“You’re having much more employment growth than you are (having) labor force growth. Therefore, there’s going to be pressure on wages,” he said, meaning wages could get higher.
The bottom line, Pollack said, is “95 percent of millennials plan on owning a home someday.”
The talk also touched on global trends in information mining and data sharing and the national economic outlook.