Academic journal article Journal of International Business Research

Factors for Attracting Baby Boomers and Millennials to Downtown Living: Implications for Revitalizing Guam's Downtown Hagåtña

Academic journal article Journal of International Business Research

Factors for Attracting Baby Boomers and Millennials to Downtown Living: Implications for Revitalizing Guam's Downtown Hagåtña

Article excerpt

ABSTRACT

The convergence of two generations of proportional sizes-Baby Boomers and Millennials-lends itself to a potentially attractive market for urban businesses, particularly for those situated downtown. There are implications of this market trend from an economic development standpoint, particularly as an additional revenue stream for local governments and businesses already situated in downtown areas. In effect, to what extent are culture, arts, restaurants, shopping activities, mass transit accessibility, and walkability, the driving forces for downtown attractiveness? A study of a sampling of both generations who live on Guam will explain the factors that are perceived to be important towards driving either generation to move downtown, as well as the policy implications for making downtown living a reality. Further, the efficacy of exploring downtown revitalization as a sound economic development strategy will be explored.

INTRODUCTION

In 2006, it was estimated that members of the American Millennial generation between 20 and 29 years old would grow to 44 million by 2015. It was also estimated that the members of the Baby Boomer generation between the ages of 50 and 59 years would reach 44 million by the same year. This changing population distribution has already affected market trends. For the Baby Boomers, we will see more empty nesters moving towards dense urban centers seeking community and entertainment. For Millennials, a generation that has exponentially grown in its social consciousness in sync with technology, we will see a desire for mixed-use living that is convenient and accessible to work and play. Both generations are more environmentally conscious than their forefathers Henry Ford and the like who envisioned an infinite amount of space and gasoline, where every American would have room to sprawl out. These two groups, young professionals and empty nesters, are the primary driving force behind a phenomenon that could be coined "reurbanization."

The reasons for this living trend are varied, complex and generation specific. According to Kennedy, Millennials grew up in suburbia; bland environments dependent on others for mobility. They are entering the adulthood seeking lifestyle: vitality, diversity, and community. There are those who assert that Millennials want to move downtown due to desire of mixed-use, walkable neighborhoods, and are not as interested in large dwellings as they are towards small rentable units. Besides a place to live in an urban center, millennials want retail conveniences like neighborhood grocery stores. Other attractions include drugstores and mini-markets, wireless network access, and mass transit such as a trolley bus transportation system (Mason, 2007). But, Millennials are not the only ones who will be driving this sea of change from suburban to high quality urban environments. Baby Boomers will soon be retiring in increasing numbers.

The safe enclosed traditional retirement community is no longer as attractive as one may perceive. Kennedy posits that retirement communities in their current form resemble warehouses more than they do the most desirable of retirement "villages" - real communities where retirees can be independent and empowered, such as the upper East Side and Key West." (Kennedy, 8). A recent report by the United Hospital Fund noted that the city is "a good place to grow old." Services and amenities needed by many older Americans are more plentiful and accessible in the city. In one empty nester couple's experience, they indicated that aside from the museums and cultural events that serve as attractions and make downtown living fun, there are also restaurants, stores, a sense of vitality on the streets, and the diversity of age and ethnic groups. It's a lively atmosphere to live in." (AARP Bulletin Today, 2004) In the United Sates, Baby Boomers have had a substantial impact on downtown housing, particularly after transitioning from full-nesters to empty-nesters (Volk and Zimmerman). …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.