EPIC SHIFT: A FIRESIDE CHAT UDI Okanagon Luncheon May 29, 2014 - - PowerPoint PPT Presentation

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EPIC SHIFT: A FIRESIDE CHAT UDI Okanagon Luncheon May 29, 2014 - - PowerPoint PPT Presentation

EPIC SHIFT: A FIRESIDE CHAT UDI Okanagon Luncheon May 29, 2014 Presented by: Ben Smith Vice President Rennie Marketing Systems TODAYS AGENDA 1. Demographic overview War Babies Baby Boomers Gen X Gen Y 2. Fireside chat Epic


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EPIC SHIFT: A FIRESIDE CHAT

UDI Okanagon Luncheon May 29, 2014

Presented by: Ben Smith Vice President Rennie Marketing Systems

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Epic Shift: A Fireside Chat | May 29, 2014

TODAYS AGENDA

  • 1. Demographic overview
  • War Babies
  • Baby Boomers
  • Gen X
  • Gen Y
  • 2. Fireside chat
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Epic Shift: A Fireside Chat | May 29, 2014

WAR BABY (1920 – 1945) Ages 69-94

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Epic Shift: A Fireside Chat | May 29, 2014

  • Mortgage free
  • Retired from single family income
  • Already downsized
  • Live close to family / friends
  • Likely to have lived in same house /

neighbourhood most of life

  • Thrifty (grew up in/after depression)
  • Heavy healthcare costs
  • Savers, want to pass on $$ to kids if any

left after healthcare

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Epic Shift: A Fireside Chat | May 29, 2014

“I bought my house for $15,000” “I don’t need anything as long as I have my health” “I don’t want to live in an old folks home”

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Epic Shift: A Fireside Chat | May 29, 2014

INVENTIONS IN THEIR LIFETIME

  • Credit cards
  • Contact lenses
  • McDonalds
  • Barbie
  • Hydrogen Bomb
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Epic Shift: A Fireside Chat | May 29, 2014

Sitting on over $50billion in clear title real estate in Greater Vancouver. Will likely be forced to sell for health related reasons… either to accommodate care or to pay for it.

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Epic Shift: A Fireside Chat | May 29, 2014

BABY BOOMER (1946 – 1964) Ages 50 - 68

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Epic Shift: A Fireside Chat | May 29, 2014

  • Mortgage free or almost
  • Mostly double income families
  • 8,000 bb retiring per day (in US)
  • RRSP’s hurt in 2008, most equity in homes
  • Excessive. Grew up in consumerism
  • Looking to downsize – “downfloor”
  • Active and in pursuit of recreation
  • Won’t necessarily stay in neighbourhood

they raised their family in

  • Spenders, will help kids after they set

themselves up first – one wallet

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Epic Shift: A Fireside Chat | May 29, 2014

“I want to enjoy the fruits of my labour” “I eat well, I exercise, I hope to enjoy a long retirement” “I deserve to be happy” “My kids have been spoiled”

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Epic Shift: A Fireside Chat | May 29, 2014

INVENTIONS IN THEIR LIFETIME

  • Cassette tapes
  • Mainframe Computers
  • Breast Implants
  • Artificial Heart
  • LSD
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Epic Shift: A Fireside Chat | May 29, 2014

Sitting on over $113billion in clear title real estate in Greater Vancouver. Occupy 30% of housing stock 1/3 of housing stock has more bedrooms than people 70% of all law firm partners in the US are baby boomers. Not enough Gen X to fill holes

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Epic Shift: A Fireside Chat | May 29, 2014

GEN X (1965 – 1978) Ages 36 - 49

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Epic Shift: A Fireside Chat | May 29, 2014

  • Heavily mortgaged
  • Average salary $50 – 70k
  • Mostly double income families w/ small kids
  • Small RRSP’s if any
  • Most “savings” in home equity
  • Upsizing within means
  • Those with war baby parents have small

inheritance coming once parents dead

  • Those with baby boomer parents likely to

get small help with down payment now

  • Location rules, followed by size
  • Highly educated, socially conscious
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Epic Shift: A Fireside Chat | May 29, 2014

“Will I have to take care of my aging parents” “My options are limited by what I can afford” “I’m drawn to difference makers not to authority figures” “My kids and my family are what’s most important to me”

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Epic Shift: A Fireside Chat | May 29, 2014

INVENTIONS IN THEIR LIFETIME

  • Walkman
  • VCR
  • CD’s
  • Rollerblades
  • Video Games
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Epic Shift: A Fireside Chat | May 29, 2014

More likely to be going from 2 cars to 1 than from 1 car to zero Generation population gap from Gen X to boomers is filled by immigration** Gen X is bridge generation between two largest population segments and drastic generational differences

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Epic Shift: A Fireside Chat | May 29, 2014

GEN Y (1979 – 1993) Ages 21 - 35

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Epic Shift: A Fireside Chat | May 29, 2014

  • Rent or live with parents
  • 1st time buyers as couples or w/ parents
  • First career job (making $30k – 60k)
  • Most underemployed generation
  • Little savings, significant school debt
  • Parents just entering retirement
  • Lifestyle most important
  • Want to be close to lifestyle pursuits
  • Living for today
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Epic Shift: A Fireside Chat | May 29, 2014

“My parents will give me a downpayment” “I’m working on a few different projects” “I’m saving to go travelling” “I’ll probably get married and have kids in my mid 30’s”

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Epic Shift: A Fireside Chat | May 29, 2014

INVENTIONS IN THEIR LIFETIME

  • Internet
  • Email
  • Personal computers
  • Cell phones
  • DVD / Blueray
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Epic Shift: A Fireside Chat | May 29, 2014

22% exclusively use cards no cash 30% don’t have a check book 20% don’t write more than 2 checks a year 48% getting downpayment from parents Twice as many Gen Y get news online than do baby boomers. Only 6% read the newspaper

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Epic Shift: A Fireside Chat | May 29, 2014

Questions:

  • 1. What product best suits your target market

commercial, industrial, residential?

  • 2. Who will buy baby boomer McMansions?
  • 3. Who will buy baby boomer business / office?
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Epic Shift: A Fireside Chat | May 29, 2014

Thank-you.