Millennials and Multiculturalism

"The Global Society" by Frits Ahlefeldt-Laurvig
licensed under Creative Commons

It may seem obvious, but it is worthy to drive attention to the fact that majorities are shapers of trends and trends often carry the seeds of its own perpetuation.

There is much talk about the multiculturalism characteristic of the global era, and there are global factors that justify this trend. Of course, the fact that we can connect to Google+ and chat with someone in India or Korea instantly and at a very low cost is one of the key drivers of the multicultural society. But this explanation undoubtedly important, can hide another explanation of a more local and less noticeable order. In the United States (a giant in the field of building culture, through its leadership in the area of music, film, etc) Millennials are the most racially diverse generation in history. According to the 2014 census 43% of Millennials are descendants of Hispanic, Asian or other foreign groups, and the United States Census Bureau forecasts that, not only 50% of the millenials, but about half of all the total population of the country will be "non-white" around 2043 [i] . This circumstance leads to brands and Marketing companies to measure diversity in terms of demographics and calculate the audience based on figures derived from the census. However, as noted at the beginning, "majorities are trends’ shapers" and the impact of the change in the demographic composition does not stop there, in the relation one to one, one Asian, one more consumer of thai food , but that change has a multiplier effect: the "generation of diversity" is an agent that promotes acceptance of transforming and multiplying multiculturalism with energy.

As the advertising consultant Eddie Yoon points out in his article in the Harvard Business Review , culture is not strictly determined by the racial origins or membership of an individual, but is the product of the choices that each person makes about how they spend their time and money. "The essence of culture is a passion shared  by different experiences in common” says Eddie Yoon in his article. This approach to the concept of culture might explain a phenomena such as this one:  the largest consumers of hip hop are not black colored and urban millenials, but 80% of this music is consumed by white men from the suburbs.

However, companies are running their campaigns mistakenly thinking their consumers as a result of a binomial demographic function. The logical corollary of this misunderstanding is the loss of many opportunities in the global market.

[i] United States Census Bureau

The Market in Global Times

Stock myBCN - Barcelona Expert
above picture
of Antoni Llena under
Creative Commons License  

The “David and Goliath Economy”

In the New "Global" or "Digital " Paradigm the consumer is invested with a power that humanity has never seen before: there are many cases in which social networks such as Yelp or Foursquare propel the resounding success of a business or, in some cases, even its ruin. This consumer’s power outlines a sort of David and Goliath economic model.

With the popularity of social networking, dissemination of supply and demand for goods is accessible with scarce resources. It is also immediate, which implies that the "opportunism" (in a good sense, that is, the ability to bring the good demanded at the right time) gives unprecedented competitive advantage, giving room to  phenomena such as Uber, where an initially small company with little investment ends up putting in check giants of the Industry.

 

Here are some of the competitive disadvantages of the old giants:

  

In general, they have invested heavily and have a coarse structure to maintain, what takes them to minimize risks and be stingy with their know-how, while creative entrepreneurs whose major goal is to be known, lavishly spread their knowledge. Are largely regulated, having to deal with taxes and some other impositions, while, on the other hand, law regulation still fails to classify new business’ practices aroused under the digital paradigm; and thus many new startup are, as a matter of fact, at least temporarily away from regulations burdens (as in the case of Airbnb who, mediating between supply and demand for accommodation, has moved from its leadership position more traditional hotel companies.

Telecommute: The proliferation of telework

Estimations show that there are about 30 million independent workers in the United States, and that this figure will rise to 40 million by 2019. It is expected that this phenomenon will expand globally to the extent that technology products are more readily available in other countries.  What will the Millennial do in this new situation? Will they develop their creativity and surprise the world with a massive impact with no precedents? Or, conversely, will they succumb to the weight of the old re-aligned giants, generating a catastrophe in the Social Security system?.

 
I would venture to say that the answer to this question will not take many years to come.