Millennials Get a Rebrand

Plus: Back to school and Smokey the Bear

Happy Monday! As August toils on, the WSJ decided to check in on our beleaguered Millennials and their finances. But first…

📡 ON OUR RADAR

• From Wall Street to “Y’all Street,” Dallas is now only second to NYC in finance industry employment. Fewer business regulations and lower taxes are drawing big banks to Texas and putting New York City’s longstanding dominance at risk.

• From Impossible Foods opening its first brick-and-mortar to Lands’ End selling tote bags for a single dollar to claim a new group of loyalists, brands are going all in on reinvention to find their “cool” factor. And one brand already has it on lock.

• Back-to-school looks a little different across the U.S. this year. Schools are being increasingly impacted by new state laws related to LGBTQ+ expression, race, and religion. The result: bans on DEI programs, gender and sexual orientation discussions, and books and materials that touch on these topics. As culture wars rage on across the country, real students will start to feel the effects this fall.

💡 ON OUR MINDS: Millennials Get a Rebrand

• Once poster children for avocado toast-induced poverty, Millennials have achieved the ultimate glow-up.

• No longer dismissed as the “lost generation” with questionable financial habits, they’ve now outpaced previous generations in wealth accumulation and investment savvy, one home purchase and portfolio adjustment at a time.

• Despite enduring an era of economic chaos, crashing markets, student debt, and grossly misunderstood calls for peace (see: “Leave Britney Alone”), Millennials have transformed perceived participation trophies into pure gold—$14.2 trillion in wealth, to be exact, with average household wealth tripling since 2016.

• While significant inequalities persist and inflation remains a reality, the narrative has shifted. Millennials are no longer the wayward 'kids' of yesteryear. In fact, many are now parents and astute investors.

• Millennials are blending financial smarts with wanderlust while charting their own paths. Brands that align with this dynamic, resilient generation will undoubtedly find themselves ahead of the curve.

🥊 QUICK HITS

In case you missed these reads:

• Brands are using AI-powered tools to assess influencers’ brand safety ahead of the U.S. election.

• A lesson in staying true to your brand values: Smokey Bear turns 80 this year.

• Careful what you sign up for — Disney’s attempt to get a wrongful death suit dismissed due to a loophole in the Disney+ subscription agreement.