Aging Population and Millennials Are Influencing Business, Dean Freeman Says in WSJ

in Dean Freeman, News
December 2nd, 2013

The Wall Street Journal‘s online portal “The Experts,” which features video chats and short online posts from an exclusive group of industry and thought leaders, posed this question to Allen Questrom Professor and Dean Ken Freeman: How do you think changing demographics in the U.S. will influence business in the coming decade?

Dean Freeman tells companies to mind two contrasting demographics—the aging and the rising:

The aging population, and the millennial generation are changing the business landscape.

All aspects of health care from direct services, to digital and life sciences technology, to ancillary industries such as real estate, financial planning and the like will be the beneficiaries. Health care is poised for substantial sustainable growth.

In contrast, the Millennials are very idealistic and have lost confidence in the political process. They want change, and they want it now. They want to save the world, which raises the bar for all businesses in focusing on sustainability and social responsibility. They expect to be pampered with goods and services, rely on constant digital communications and are committed to a better planet. Business must focus on sustainability, and digital technology to earn the trust of the rising new generation of consumers.

View “The Experts” post here.