Economy

The consumer economy is changing.  As millennials grow professionally, we are seeing their spending habits differ greatly from Boomers and Gen Xers.  Some economists are betting that millennials will assume the spending habits of the Baby Boomers once they have the means.  Economic trends disagree.

Online consumer spending is increasing and people are turning to the internet more and more for their shopping needs. Services that deliver food to your doorstep are changing the way families share meals. What does that mean for Nevada County? Our small businesses must adapt in order to attract customers.

If we are going to stay economically competitive in Nevada County, we must move from a consumption economy to an experience economy.  It is not enough to have a restaurant with decent food or a shop with interesting items. Consumers are looking for an experience.

 

The good news is that Nevada County is already perfectly poised to move into the next era of consumer spending.

 

Organizations like Grass Valley’s Downtown Association, the Greater Grass Valley Chamber of Commerce, the Center for the Arts, and so many more, are providing Nevada County’s residents and visitors with more than just retail and dining.  With events like the Wild and Scenic Film Festival and Music in the Mountains’ annual Brewfest, Nevada County is already on the map.

 

The hard work of the Nevada County Arts Council partnering with the cities of Nevada City and Grass Valley to have Western Nevada County granted State Cultural District designations is a great example of how governments and community organizations can partner in order to raise our community’s visibility as both a great destination and a great place to live.

Economic trends disagree: http://www.latimes.com/business/la-fi-the-millennial-factor-20161010-snap-story.html

Online consumer spending is increasing: https://www.forbes.com/sites/timworstall/2017/07/14/us-retail-sales-fall-possibly-a-result-of-amazon-and-online-sales-price-pressure/#62033e1971f7

Food to your doorstep: http://www.consumerreports.org/food/meal-delivery-services-put-dinner-on-your-doorstep/

Experience Economy: https://www.forbes.com/sites/danielnewman/2015/11/24/what-is-the-experience-economy-should-your-business-care/#3a56dc121d0c

Cultural district: http://www.theunion.com/news/nevada-county-designated-as-state-cultural-district/

Sacramento office of innovation and entrepreneurship:  http://www.cityofsacramento.org/RAILS/index.html

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