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About The Observer. (La Grande, Or.) 1968-current | View Entire Issue (Jan. 29, 2020)
BUSINESS & AG LIFE WEDNESDAY, JANUARY 29, 2020 THE OBSERVER & BAKER CITY HERALD — 3B How do Millennials spend? Event helps Oregon’s working S oon to be the largest generation in our country’s history, Millennials are roughly considered to be ages 22-38, and it’s estimat- ed they will have well over $1 trillion in buy- ing power this year. Traditional advertising practices do not reach these customers and it’s important for businesses to understand what motivates them to buy. Millennials are perhaps the most socially and environmentally conscious genera- tion and want to do business with those companies they believe share their values. Millennials also expect businesses to give a signifi cant portion of their sales back to these causes. This age group purchases brand name items, subscription services (including for clothing) and the latest in technology. Accord- ing to a recent article in Forbes magazine, written by Gui Costen, more than half do not have credit cards and most have less than $1,000 in savings, if any at all. Millennials are driven by discounts, do research and shop for nearly everything online using their mobile devices and tab- lets. Having grown up in the digital world, they expect instant responses and desire customer-centered buying experiences. They communicate by text. As important to understanding where Mil- lennials spend their money, it’s vital to know where they don’t: • Cable television • Home remodeling materials VIRUS Continued from Page 1B up, recovering to a 10% an- nual rate in the second half of the year. “From what we know, it’s likely to be similar this time,’’ said Andy Rothman, investment strategist at Matthews Asia. “People shouldn’t get panicked that growth is going to slow sharply’’ over a sustained period. Still, the Chinese econo- my isn’t the dynamo it was in the early and mid-2000s when growth routinely hit double digits. The IMF expects China’s growth to drop from 6.1% in 2019, already the slow- est since 1990, to 6% this year and 5.8% next. The slowdown refl ects China’s diffi cult transition from fast but unsustainable growth built around often-wasteful investments to steadier but less striking growth built on consumer spending by the country’s growing middle class. The Chinese economy has also been buffeted by a trade war with the United States. The two countries signed a truce earlier this month that was expected to provide some economic re- lief. Then the viral outbreak hit. As part of the so-called GREG SMITH SMALL BUSINESS DEVELOPMENT CENTER • Travel What do they buy? • The latest smartphones • Conveniences • Food that often makes a political state- ment and refl ects their lifestyle in unique dining establishments • Brand name clothing and other retail items • Subscription services • Older Millennials are buying homes How do business owners successfully mar- ket to Millennials? Digital and social media platforms are the key. Research also suggests they read blogs before making a purchase and enjoy being engaged by companies on social media. A signifi cant percentage (especially younger Millennials) reportedly have fl ed Facebook (although Nielsen reports it is still the largest platform accessed by their mobile devices) utilizing Snapchat, Instagram and YouTube instead. Bottom line? Traditional advertising does not reach nor appeal to Millennials. They’re changing the way the business world works, and businesses wanting to reach this group of consumers (and their pocketbooks) must quickly and continually adapt. Phase 1 deal, China agreed to increase purchases of U.S. products by $200 billion over this year and next. That goal sounded ambi- tious even before the viral outbreak isolated tens of millions of Chinese consum- ers and delivered a wallop to consumer and business confi dence. Rothman suspects the United States might give the Chinese a little leeway. “Both governments really want the deal to work,’’ he said. “If it is clear that (Chi- nese purchases) are off to a slow start not because the Chinese government is not trying its best but because of the virus, the Trump administration is likely to be sympathetic.’’ There has been no imme- diate impact on China’s vast manufacturing industries because factories already were closed for the Lunar New Year holiday and weren’t due to reopen until this week or later. “I think the fi rst quarter looks like it will take quite a signifi cant hit,” said Rajiv Biswas, chief Asia economist for IHS Markit. “This still is escalating, so it’s hard to talk about when this will be contained.” Further delays in restart- ing production could send shock waves through Asian suppliers of components and exporters of iron ore, copper and other commodities as far away as Australia, Brazil and Africa. Foreign suppliers usu- ally see a surge in Chinese orders as factories restock after shutting down for 10 days or more during the holiday. “The loss of economic output could be quite substantial, and that has consequences for the Asian manufacturing supply chain, because orders won’t come in the way people expect,” Biswas said. The impact in other devel- oping Asian countries might reduce their 2020 economic growth by 1.5 to 2 percent- age points, according to a forecast by Edward Glossop of Capital Economics. lands change hands Rogue Farm Corps PENDLETON — In Oregon, 10.5 million acres, or 64%, of the state’s farm and range land is expected to change hands over the next 20 years as the average farmer and rancher reaches retirement age. For farmers, ranchers and foresters who have questions about passing their land on to the next generation, and for begin- ning farmers and ranchers wondering how they can access affordable land, the Oregon nonprofi t Rogue Farm Corps is convening a day-long event on Feb. 13 in Pendleton. “Changing Hands: A Workshop on Farm Succession Planning and Ac- cess to Land” will feature the critical tools and resources needed to keep Oregon’s working lands working. Farmers and ranchers preparing for succession will learn from an attorney how they should prepare. They will also learn how to communi- Growth in Asian emerg- ing markets “will slow sharply in the fi rst quarter of the year,” Glossop said in a report. Japanese Economy Min- ister Yasutoshi Nishimura told reporters Tuesday that Japanese exports, produc- tion and corporate profi ts could be pinched by the new virus, stressing that he was closely monitoring the situation. A more direct hit is already coming from the decline in tourist traffi c from China. Nishimura said Chinese travelers usually account for about a third of tourists from abroad. Chinese tourists to Japan tend to be relatively big spenders. The virus has hit right at the time when cate with family members about farm and ranch transfer with Sherri Noxel of Enter- prising Generations. “Getting the family united around a major transition of the farm business is important for long- term success,” she said. While the subject of farm and ranch transfer can be a diffi cult subject within fami- lies, the subject is critical to discuss. Diana Tourney, of the Clackamas Small Busi- ness Development Center, said of the importance of starting a transition early: “Think of it as another crop you will grow — this one is your future.” Given the climbing average age of farmers and ranchers, planning how to pass down or pass on family land is becoming more critical. “The tidal wave of farmland transition isn’t coming — we’re in the middle of it. But we also have the solutions at our fi ngertips,” said said Nellie McAdams, a workshop Chinese travel for the lunar new year. Japan’s economy suffered from the SARS outbreak in 2003, but the damage was limited to several months. The big difference is that Japan has far more Chinese tourists these days. Now “the impact on the Japanese economy would be far greater,” said Takahide Kiuchi, executive econo- presenter from the Oregon Agricultural Trust. “This event is designed to help people discover and take the next step toward transition- ing or accessing land.” The workshop also will have sessions for new and beginning farmers and ranchers and those looking to expand. Participants will learn about business plan- ning, fi nancing, leasing and ag real estate. “The goal of the Changing Hands workshop is to educate and to help build the connections among cur- rent, retiring and new opera- tors that might become leases or other business opportuni- ties,” said Nella Mae Parks, the event’s coordinator. The workshop will be held from 10 a.m. to 4 p.m. at the Blue Mountain Com- munity College campus. The registration fee is $20 ($10 for current ag students) and includes lunch. Registration and more information is available at www.rogue- farmcorps.org/planning. mist at Nomura Research Institute, while adding that much depends on how widespread the outbreak proves to be. “There is hardly anything good that can be hoped for economically because of the new virus,” he said. Increased sales of masks and other protective gear, he noted, will hardly pick up the slack. 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LOOK BEFORE YOU LEAP Checking the classified ads before you shop can save time and bucks. THE DEADLINE for placing a CLASSIFIED AD is 11:00 A.M. ONE BUSINESS DAY BEFORE PUBLICATION Publication Days: Mondays Wednesdays and Fridays 114 Self-Help Group Meetings AL-ANON, Cove. Keep coming back. Mondays, 7-8pm. Calvary Baptist Church. 707 Main, Cove. AA MEETINGS Wednesday Nights, 7-8:15pm. Fort Union Grange Hall, corner of Mc Alister & Gekeler Lanes. For more info, call 541-786-1222 DO YOU HAVE............ HURTS, HABITS and/or HANG UPS? 12 Step Biblical Support Harvest Church 3720 Birch St. Baker City Thurs., 6:30 - 8:30 PM Classifieds get results. LA GRANDE NOW HAS A GAMBLERS ANONYMOUS MEETING! Every Friday Night @5pm, 2107 Gekeler Ln, LG, Church of Christ basement. For more info please call 971-219-8411 Fax: La Grande - 541-963-3674 Baker City - 541-523-6426 114 Self-Help Group Meetings PARKINSON’S SUPPORT GROUP, open to those with Parkinson’s/Caregiver’s. Con- tact Judith Sather at 208-855- 9199. Group will resume the Third Monday in April 2020 at 4:30pm at GRH AL-ANON FAMILY GROUP (support for family & friends of Alcoholics) Tuesday evenings Joseph Methodist Church (basement on northside) Joseph, OR 6-7pm. Contact 541-398-1398 ALZHEIMERS-DEMENTIA Support Group meeting 2nd Friday of every mo. 11:30 am to 1:00 pm. 1250 Hughes Lane Baker City Church of the Nazarene (In the Fellowship Hall) 541-523-9845 DEADLINES: LINE ADS: Monday: noon Friday Wednesday: noon Tuesday Friday: noon Thursday DISPLAY ADS: 2 Days Prior to Publication Date 114 Self-Help Group Meetings 114 Self-Help Group Meetings AL-ANON NARCOTICS ANONYMOUS Goin’ Straight Group Meetings Mon., Thurs., & Fri.,; 8 PM Episcopal Church Basement 2177 1st Street ࢹBaker City Wed., 4 p.m. ࢨ Halfway Library (Please use back door) Corner of Church St. /Gover Ln. Halfway, OR (541) 540-5326 SAFE HAVEN Alzheimer/Dementia Caregivers Support Group 2nd Friday of every month at 11:45 AM Fellowship Hall (right wing) Nazarene Church 1250 Hughes Lane, Baker City AL-ANON Concerned about someone else’s drinking? Saturday, 9 a.m. Northeast OR Compassion Center 1250 Hughes Ln. Baker City (509)420-0495 AA MEETING: Survivor Group Mon., Wed. & Thurs. 12:05 pm-1:05 pm. Presbyterian Church, 1995 4th St. (4th & Court Sts.) Baker City. Open, No smoking. NORTHEAST OREGON CLASSIFIEDS offers Self Help & Support Group Announcements at no charge For Baker City call: Julie (541)-523-3673 For LaGrande call: Devi- (541) 963-3161
