Millennials and the Future of GamblingSource: Getty Images
Millennials comprise roughly 31.5 percent of the world’s population. Born between 1981 and 1996, this generation, also known as Generation Y, is the first exposed mostly to living in the Information Age. This demographic is also known for another unique trait: the possibility of ending the concept of the 9-to-5 job. Within the next three years, 60% of Millennials can be expected to leave their companies, costing certain industries significant money to replace the employees. Among these industries are casinos as they learn to adapt to the challenges brought on by this younger generation who are not as interested in gambling and slot machines. All Slots Casino blog investigates how Millennials may affect the landscape of corporations in general and what that means for land-based and online casinos.
Why Millennials Are Leaving the Workforce
As many Millennials prepare to leave the regular day job workforce within the next few years, a survey from Research Now suggests that Americans who work for themselves may reach 42 million by 2020. This shift may also cost 87% of companies between $15,000 and $25,000 to replace each Millennial employee, making it necessary for many industries to pay attention to changes brought on by Millennial’s needs and priorities.
Why are Millennials so set on working for themselves in the booming gig economy and freelancing world? Likely, this predisposition for entrepreneurship and “the hustle” is because of this generation’s need for flexible work hours, work with a purpose, and their economic concerns.
Flexibility – Time is a big to deal to Millennials. 45% of Millennials have been found to choose workplace flexibility over pay to keep complement their priorities in balancing work and family and eschewing the corporate office life. Having the ability to enjoy flexible hours and staying home to work instead of commuting or dealing with a cubicle farm is valuable to Millennials.
Meaningful Work – Millennials are also wanting to step away from a 9-to-5 culture because they are seeking work that is more impactful. As a generation interested in creating social changes and developing social sustainability, many seek jobs where they feel they can make an impact or help make the world a better place. As a result, social entrepreneurship has developed in multiple business schools, adapting to the priorities of Generation Y.Source: Influencive
Millennials also are interested in work being a second family of sorts and want the culture of their workplace to jibe with their personal priorities and values. Overall, personal fulfilment is important to Millennials in a way that Baby Boomers and Generation X were not raised to feel. If Millennials do not think their job is a good fit, they will simply move on until they find work that does fit their life goals and resonates with their beliefs.
Economic Concerns – Finally, Millennials are also concerned about their economic statuses. Most generations are, but Millennials are especially wise about overspending because they entered the job market during the recession. Unemployment rates for 20-to 24-year-olds are currently about 13%. They have felt economic grief for most of their lives and are prepared to do whatever they need to do (save, invest, and wisely budget) so they do not find themselves wanting.
Economic issues have also defined what career decisions Millennials make. Many have a second job and prefer work with flexible requirements, such as telecommuting and work-at-home positions that rely heavily on technology.
Also, it is necessary to note that Millennials are unlikely to act on risks, compared to older generations. Rates of alcohol and drug use and sexual activity are less among this group, pointing to their desire to protect themselves and promote personal sustainability.
How Millennials Will Affect the Future of Casinos
Knowing what we have learned about Millennials, their values, and their outlook on the workaday world, it is necessary to think outside the box when it comes to marketing gambling to Generation Y.
First of all, their hesitation to indulge in risks means that casinos have to be packaged in a completely different way. They are not as likely to want to throw money at slots just for the sake of playing, whether in land-based casinos or even on mobile sites. Instead, Millennials will venture a chance at gambling if the payout is high enough and if the game plays on their need to solve puzzles or excel at skills. Millennials also enjoy adventure and entertainment. Especially if a casino is investing in virtual reality tech, Generation Y will be interested in playing this new wave of gambling creation.
Above all, casinos looking to remain solvent as Millennials dissolve the 9-to-5 job structure and challenge the landscape of many industries will need to keep up with Generation Y’s need for fun entertainment in a safe and secure package. If casinos step up in these areas, they will not have to worry about Millennials not lining up in Vegas; gambling companies will have them thrilled over the next casino tech available on their mobile devices.