Nine JET Alumni members in DC met with a visiting delegation of Keizai Doyukai (Japan Association of Corporate Executives) for a special discussion about Millennials at the Halcyon House in Georgetown on December 7. Keizai Doyukai’s Americas-Japan Relations Committee organized a mission trip to DC and New York to engage with think tank specialists, universities, corporations and JET alumni to gather information about the Millennial generation (ages 15 to 35) and their potential impact on consumer purchasing trends. The delegation was particularly interested in learning about Millennials’ view of corporate brands, product preferences, types of corporations they empathize with; and to test whether general generational assumptions are correct. Some of the key assumptions include a preference for sharing rather than ownership; a focus on environmental protection, sustainability and climate change; a preference for spending money on experiences rather than objects; and active use of smart phones and social networking.
The Keizai Doyukai delegation was led by Izumi Kobayashi, chairman of the Americas-Japan Relations Committee and Vice Chairman of Keizai Doyukai. Other mission delegates included Minoru Fujita of Ogilvy & Mather Asia Pacific; Eiji Hirano of MetLife Insurance K.K.; Hiroyuki Kamano of Kamano Sogo Law Offices; and Akira Okada of All Nippon Airways Co., Ltd.; as well as Tom Oku and Ken Kuribayashi. The JET alumni members in attendance included JETAADC President Ryan Bedford, JETAADC Vice President Joy Champaloux, JETAADC Volunteer chair Jessica Burbach, JETAADC Social co-chair Aaron Freidus, JETAADC JET Ambassadors co-chairs Tricia Kubrin and Paul Champaloux, JET Program consultant Christopher Gray, and JETAADC members Shreena Patel and Rachel Reed.
Keizai Doyukai delegates posed a number of questions to the JETAA members and learned that corporate transparency and coming of age during the Great Recession play a large role in shaping their consumer preferences and trends. Student loan debt, underemployment and wage stagnation have also delayed some lifecycle purchases such as cars or homes. The JET alumni noted a preference for spending money on experiences over objects, and DC urban life reduces the need for a car given the alternative services available. They do not always pay more for organic groceries, but knowing where the food comes from and how it was cultivated is an important factor to make healthy choices. There is also a geographic influence that informs some purchasing preferences. The increased awareness of discriminatory comments by CEOs as well as different corporate missions that include social good were other topics under discussion.
JETAADC member and S&R Foundation Marketing and Communications Manager Shreena Patel gave a brief tour of the historic Halcyon House to JETAADC members. Dr. Sachiko Kuno and Dr. Ryuji Ueno purchased the Georgetown house in 2011, which underwent a significant renovation. Since 2013 Halcyon House has been granted a special permit for S&R Foundation’s nonprofit use for its Halcyon Incubator Program that supports social good entrepreneurs for a unique fellowship.
JETAADC members introduce themselves to JCAW member, Mr. Tetsuo Iguchi of Toshiba’s DC office.
CEPEX appreciates the wonderful hospitality by S&R Foundation and especially Dr. Kuno for making this special event possible.
