Despite a series of bruising local elections, Britain’s governing Conservative Party remains confident of winning the June 8 parliamentary election. Opinion polls show Theresa May is poised to win dozens of seats, giving her leverage in Brexit talks with the EU. Exodus Predicted If Labour Wins Next Election
But what does that mean for small business?
1. Millennials
The millennial generation is starting to outnumber boomers on the electoral roll, and that could spell trouble for parties relying on older voters to drive turnout. The surprise rise of Donald Trump in America and this spring’s rout for the right in Australia suggest that progressive-minded millennials will not wait long to dump parties that have been playing to an ageing audience. Exodus Predicted If Labour Wins Next Election
This generation is not the footloose, fancy-free kids of popular imagination. Many are now parents, wincing at rocketing nursery bills and apprehensive about the future of their pension pots. Many are also at ease with identity politics and roll their eyes at crude culture wars.
They are, according to research by think tank Onward, more left-wing than average on social issues and prioritise equality over economic growth. They want higher wages, and are more likely to favour wealth taxes on luxuries they can’t afford – second homes, buy-to-let empires and share portfolios – than lower income tax.
2. Generation Z
Gen Z is the generation that comes after Millennials. They’re a highly collaborative cohort that values diversity and self-discovery. They have a strong appetite for personal financial education and are eager to establish stability by opening savings accounts at younger ages.
They’re digitally savvy and tend to choose brands that are environmentally conscious, flexible, and relevant.
Unlike the Boomers who were born before the Internet, most Gen Zers have never lived without it. They communicate with each other via text and messenger apps, but prefer short bursts of information over long face-to-face or phone conversations [source: Trunk]. They have no desire to wait for direction and can find all the information they need on their own.
3. Gen X
But is this a mistake? Stephen points out that parties often talk about the last election and fail to understand what’s actually on voters’ minds. Is it time for them to try a different approach? The question is: can they do so without alienating the younger generations?
4. Baby Boomers
The Boomers have an enormous footprint on the housing market, occupying 46 million owner-occupied homes worth an estimated $13.5 trillion.
Having lost faith in the traditional employment safety net, many Boomers are choosing to buy their own businesses. “They want to be in control of their destiny,” says Minda Redburn, a lifelong career counselor at LifeLong Career Options needs read more hear.
