Millennials

Florida: Not Exactly Fifty Shades of Gray

If you think Florida is the land of more than fifty shades of gray, think again!

A recent article in the Tampa Bay Times reports St. Petersburg as the #1 draw for millennials in Florida with Tampa nipping at its heels as the #3 most attractive market for ages 20-34. It appears that millennials (your basic under 40 crowd) are invading Florida.

Since 2010, St. Petersburg’s millennial population has increased 6 percent. Tampa, due partly to the University of South Florida, boasted a 7 percent increase in millennials; that demographic now accounts for 24 percent of its residents.

Curious as to how these statistics have had an effect on private clubs, Private Club Marketing checked in with a few clubs in the St. Petersburg/Tampa Bay area. Here are our findings:

Something better than “Young Professionals”

Does the term “Young Professionals” get under your skin? Are you tired of hearing it? Is there a better term out there?

We’ve set out on a path to re-brand “Young Professionals” and their target demographic. Every since the conception of the category, the demographic has included people of various ages, backgrounds, professions, and expertise, and the term “Young Professionals” doesn’t accurately describe who we’re trying to attract, retain and represent.

5 New Exigents For Luxury Brands

Despite ongoing economic concerns, the last few years have largely been good for the financial performance of luxury brands.  The “Deep Dive” survey on luxury within the April 2013 Mendelsohn Affluent Barometer suggests the good times may continue to roll.

Consider the findings among Ultra Affluent – the 4% of the U.S. population with $250,000 or more in annual household income (their average HHI is over $500K). One-fifth of the Ultra Affluent plan to spend more on luxury in the next 12 months, compared to only 3% planning to spend less.

Are Millennials the Silver Lining?

If there is a bright side to the enduring economic recession that, for now, seems to be receding, it is the degree to which club owners and operators have learned the importance of paying attention to the evolving preferences of Members and guests. The pressures of the recession reinforced that no demographic can be ignored, and that old, misconceptions must be cast aside in the harsh light of new realities.

Positioning for Millennials

To determine the most important trend affecting your future sales growth, there’s no need to look further than the up-and coming Millennial generation.

Millennials, ages 18-34, represent about 30% percent of the U.S. population. They are entering your restaurants, guest rooms, tee boxes and gift shops. They represent about $200 billion in direct purchasing power and $500 billion in indirect spending due to their influence on older generations.