Generation Z: A To Z: Matt Britton Live Keynote From Amsterdam; Calik Denim Event 10/22/19

Foreign. After that intro, I'll hug you for a lot longer if you want me to. I appreciate that. So by show of hands, how many people in the audience, I could barely see you with these blinding lights. Did not grow up with the Internet in the household. So when you grew up, there was no Internet. Wow. Okay. So for all you who raised your hand, who are old like me, sometimes it's very hard for us to understand the new consumer, because Gen Y and Gen Z, Gen Y, otherwise known as Millennials, and Gen Z, the new consumer of today, did grow up with the Internet in the household. And that is the shift in humanity, that is the shift in consumerism that has created one of the biggest accumulations of wealth that we've ever seen out in Silicon Valley. And these technology companies, tremendous disruption, New companies going out of business every single day. It's ultimately that simple. People who grew up with the Internet in the household have brains that are wired differently. So when Millennials became a thing, I often got asked, why are millennials such a big deal? And the reason why is these were the first people who didn't actually pick up the phone and talk to people when they wanted to talk to their friends. Right? They would text them or they would direct message them when they wanted to do research. They didn't have to go to the encyclopedia, right? They could just Google whatever they wanted. Now, to us, these are things that are commonplace right now. But to think, when I was growing up, I could have been on Google, and what I've actually could access, for better and for worse, it's no wonder that it's so hard for major companies to get their arms around. Things are going. And one thing I really think we're going to see in the next couple years is the millennials. The oldest millennials are now 41 years old. And what's gonna start to happen is millennials are about to enter the C suite. So for the first time ever, we have people that grew up with the Internet household that are in a C suite of major organizations. And they're gonna walk in on the first day and say, why are we spending 90% of our advertising budget on television when young kids don't even watch traditional linear television anymore? Right. Why do you still have a VCR in your conference room? Right. What are those things that you call phones that are on desks? And you're gonna see the disruption happen from the inside out. To date, most of the disruption at major organizations has been from the outside in. Changes happened from the sidewalks, right? You had people Creating massive followings, incredible disruptive businesses to take down institutions. But what I think you're gonna see moving forward is a lot of these companies actually start to disrupt themselves from the inside out because they have Millennials in a position of power. So when you talk about demographics, and by the way, I've spent my entire career, the last 25 years helping major brands understand these changes. And by the way, I'm going to be sending out this deck to everybody in this room. So you're welcome to take pictures of the slides, but I'll also be sending out the deck. But this is basically a breakdown of generations. To me, the gap between Gen X and Gen Y is far more severe than the gap between Gen Y and Gen Z. The biggest change with Gen Z being while Millennials grew up with, with the Internet in the household, Gen Z grew up with the mobile device in the household, which is right now, because I have two kids that are Gen Z. You know, the phone is basically an appendage to their body. It's like an extension of their hand. So no technology is now one with human when it comes to Gen Z. And that creates a whole new realm of opportunities and challenges for major brands. So what I'm going to be talking about today is I'm essentially going to be going through every letter of the Alphabet, A to Z, and each letter I'm talking about a trend that's being embraced by Gen Z that first got knocked down by Millennials. That's going to forever change the way we look at business, the way we look at targeting consumers, the way we look at building brands. So I'm going to take a sip of water because I think it's quite ambitious to have 52 slides in a 26 minute presentation, but we're going to rock it. My Twitter handle is on every slide, so feel free to tweet me if you have questions and I'll be around afterwards. And let's have some fun. Thanks everyone for having me as well. So a A is access over ownership. One thing that's become quite apparent at this point is the notion of owning things, whether it be owning a car, whether it be owning a home, in some instances, whether it be owning clothes, which we'll get into in a minute. Music as well is nowhere near as appealing as accessing those things. Because this generation is. They like being fleet of foot. They don't like being tied down to a mortgage payment or a car lease or any overhead that will stop them from pursuing their new version of their dreams, which doesn't have to do with settling down, it has to do with unleashing themselves. So access of our ownership is impacting businesses everywhere because companies are starting to realize that they need to create marketplaces versus transactional relationships with customers. Consumers are also fickle. I mean, remember the song Despacito? I'm sure you're happy you didn't buy that right now, right? You use Spotify, you can listen to it as much as you want, but you're probably not pulling it up on your iPhone anymore. And that's really emblematic of how fickle consumers are. So I think we're going to continue to see industries continue to shift towards an access over ownership model or a rental model. For consumers, it gives them choice, it gives them less overhead, allows them to give flexibilities. And for companies, it creates tremendous gross margin profiles and recurring revenue. Because if you get recurring revenue as an organization, you can scale, you can forecast out. And this is a trend I definitely think is going to continue moving forward. B stands for the barbell economy. And what I mean by the barbell economy is, and this isn't necessarily a good thing, but it's my job to solve the world's problems. It's my job to tell you where business is heading so you can take advantage of it. But the barbell economy means that the wealth disparity around the world is at an all time high. The middle class in many developed nations is simply becoming eroded because when technology hit, it created a big world of haves or have nots. The eight richest men on this planet control as much wealth as the entire southern hemisphere or the poorest 50% of people on this earth. Terrible social issue, but from a business perspective, it's where the world is right now. And what it's done is created opportunities on the value side and the luxury side and not a lot in between. If you go onto Rodeo Drive in Beverly Hills, the Champs d' Elysees in Paris, you will see booming stores like Chanel and Prada and Louis Vuitton. Right? And these companies, Louis Vuitton, Moet Hennessey just announced record earnings. The iPhone can get away with a $1200 phone costing more than homes in most areas around the world. Why? Because the luxury class is booming. New millionaires would be creating every day, especially millennial millionaires, based upon this technologically driven wealth implosion that's actually happening right now. And at the same time, we're seeing tremendous opportunity on the value side of the equation. Dollar Tree, Dollar Store, Dollar General, Vizio sells television, I'm sorry, for $150, right. These are companies that are winning through supply chain innovation, giving you the best possible product at the lowest possible cost. But who's losing? Who's really struggling? Well, I'll take it back to our industry, but the Gap, the Gap, recently, last year, I think they closed 40% of their stores in the United States. A global brand that's really struggling. And the reason why, and I asked this, why is the Gap struggling? Well, to me it's quite simple. They're selling $100 jeans and the. There's not much of a market for $100 jeans anymore. There are consumers that will buy Lee Band jeans at Walmart or a big box retailer for $50. And then there's a luxury consumer that's buying JJ brand or AG or a luxury brand of jeans. But in the middle, there's tremendous pressure right now. And this is something that's right now happening in America, but I see it happening in developed countries. So we, when it comes to the apparel industry, I think you're going to start to see a big divide because that same company, Gap, owns a brand called Old Navy, which is a value brand that is thriving right now. And it's not just about fashion. I think every major brand companies have grown in a mass market like Tide, right? The number one laundry detergent maker owned by Procter and Gamble. Now, Tide built their business in a world where there's five channels on television and the family would come home at the end of the day and they would watch TV together and Tide would run TV spots and they were able to build a brand that catered towards the middle. But in this barbell economy, the consumer has a choice. On the value side, they're going to buy a private label brand like Purex, which is $8 for 100 ounces of laundry detergent. The luxury market, they're going to buy method detergent, non harmful, non toxic, organic ingredients in your detergent. They're okay, bang, $20 for the same bottle. And Tide, where they're selling right up the middle, right? And that's why companies like Tide, companies like Coca Cola are saying, we're going to buy Vita cocoa water, because that's going to be on the luxury side. We know the value side is going to buy private label automotive companies, airlines, I think you name it over and over and over again. So every company needs to pick a side. Can they pick both? Yes, but you have to obviously have major brand extensions and you know, then you're carrying in two different Customers, I think this is a trend you're definitely going to see continue moving forward. C C is for cities. The version of the dream when I was growing up was graduate college, meet somebody, move out to the suburbs, start a family. White picket fence, 1.7 children, two car garage, you're good to go, right? But cities is now the world where young people imagine for themselves. Cities are becoming safer all around the world. The parks are becoming better, the schools are becoming better and the 24 hour news cycle. The action is not happening in the suburbs, it's happening in the cities, which is changing the footprint of many major cities all around the world. Gentrification is a major byproduct of this. Stores, retailers that have been around 50, 75 years are shutting down because they can no longer afford the rent that they've been able to pay for years because major developers come in and first you have a Starbucks come in and you have an Apple store come in and then nobody can afford to be there. And this is happening in major markets everywhere because young people do not want to leave. And what it's doing is it's pushing the livable boundaries further and further outbounds. This is New York where I live. If you see the turquoise, the light blue, that's the working class, right? The tan is the service class and the purple is probably what many people in this room are creative class. You don't see many blue on this map, do you? When I was growing up, it was the rough and tumble inner city blue collar worker. But the reality is in New York the blue collar work is actually being pushed to the suburbs. And what's starting to happen is as more of the creative class, as more millennials stay in cities, it's driving up the price of real estate, making home buying unaffordable and really putting pressure on the traditional retail model which is affecting your very industry. So as long as this persists, and obviously there's the contrarian thought that they're going to get sick of it, the reality is that as of right now, this new generation Gen Z will gladly give up the space and the privacy of suburbs for the community and connectivity of living in cities. And that has a trickle down impact that's massive. One is my D, which is delivery. Delivery is the notion that consumers in cities with two income households expect on demand services. This is wag, it's a company where you push a button and a dog walker shows up. I don't know if it's worth the 600 million that SoftBank said it was Worth when they invested in it. Whole other story. But it's emblematic of what these consumers expect because again, these are consumers that grew up with the Internet in the household. They don't want to have to pick up a phone and call a dog walker. They want to be able to hit a button and have the dog walker come to them. And in the city, a, a model like this makes sense. Nike is going into subscription based models. Again, access over ownership. In a world where most consumers, younger consumers are saying I don't want to buy a car. The cost of owning a car with gas, tolls, parking insurance, we don't see a lot of cars here in Amsterdam, but you do in many other major cities. Young people don't want to buy cars anymore. They'd rather use Uber and Lyft and save that money for escaping and traveling. And just like they like to subscribe to Uber, subscribe to a car. Nike thinks that consumers will want to subscribe to sneakers. This is a new product called EasyKicks. It's a subscription based service because one thing about kids feet is they grow very fast. It's targeting parents of kids. As soon as your kid grows out of any pair of sneakers, Nike will send you a new pair. Great business model. Again, recurring revenue for Nike, higher margins, more predictability to targeting a more luxury sector because this is something that isn't cheap. But Nike's realizing who their customer is and where they are. E is probably the biggest change I see, which is experience. The status update is a new status symbol. The status update is a new status symbol. In the 80s 90s, early 2000s, people would represent who they were to society by the cars, houses, watches and sneakers that they wore. That was a social currency. If you think about it before Instagram was created, if you had an amazing experience, right, you climbed to the top of Machu Picchu or you met David Beckham and you got a selfie with him. When back then they were really just autographs. The only people who would actually see those pictures were the people who could see your photo albums. Remember that? But now with Instagram, with over 1 billion with a B monthly active users, experiences have now created social currency that can scale. And now consumers are pursuing these experiences and as a new social currency over brands. So I think while luxury brands are having a heyday right now, once millennials get older and Gen Z gets older, I'm not sure these luxury brands are going to be what they are today. But as of today, they're catering to the Gen X audience which still does value luxury based on their upbringing. So the focus on experiences has created a movement. I talk about my book, Youth Nation, called Diffty or did it for the Instagram. Experiences are so impactful at representing who you are in society, the relationships you get into, the job offers you get. People are pursuing experiences not only to enjoy them, but to prove that they were actually there. This is Mission Peak in Fremont, California. It's been around for a very long time because of the mountain. Okay. But in the last three to four years, Mission Peak has been plagued by overcrowding, complaints from local visitors, pollution. Why? Because Mission Peak, while it looks like this lovely lady just climbed to the top of Mount Everest, just. Just had a quick, leisurely 15 minute stroll up the side of a hill. You don't see that with her Instagram photo, do you? And she knows all of her friends who are laying in their bed on a Sunday morning eating Doritos and watching Netflix are going to feel bad about themselves. And this is her social currency. And that's why Mission Peak is overcrowded. And that's why if you are a retailer and you can integrate experiences into your offering, you're going to win. Because consumers are not spending Saturdays and Sundays at the mall anymore. Right. Shopping in a Gen X world used to be the social activity. People would hang out at malls because the stuff that you got dictated who you were. The Rolex, the Nike. Right. The Prada bag. But that's way less the case right now. And shopping is no longer the social activity that it used to be. Again, consumers. And this is for f. My fashion is consumers are much more okay and open to renting clothing. Now. Rent the Runway is something that this business model I really believe in. The way Rent the Runway works is you pay subscription service every single month. How many people in here are a customer? Rent the Runway? Not a lot. All right, wow. So it's coming here. Maybe it's not even in Europe yet. But this notion of on demand clothing rental, if you actually return the clothing to one of the receptacles, you actually can get your new shipment the same day. And there's a line around the corner every morning in Brooklyn, where I live, of women because they want the new shipment coming back that same day so they can get more clothes coming in and out. Now, what does this mean for your industry? I mean, I think from a sustainability standpoint, it's interesting. How does it impact your revenue model and your margins? Very interesting. Another presentation. But this is something I don't see going away now. You have companies like Urban Outfitters getting a subscription services as well. Gaming is another huge activity, which is my g. Gaming is something which essentially disproves the notion that technology has brought consumers further away. Esports is gonna one day be as big as live sports. This is a stadium full of people watching other kids play video games. And this is not a fad. This is something that continues to grow because young kids, what I don't think they can be messy. They actually think that maybe they can be a future professional video gamer. So for them, it's actually the possibilities. And this is a massive industry that I see growing. H is housing. As consumers stay in cities, as the prices of houses go up, consumers are realizing I can no longer buy a house. So I often get asked, how can consumers afford all these experiences? Well, they're not buying cars and they're not buying houses and they have a lot of extra money to to spend on experiences. And you actually see this taking place and they're using platforms like Airbnb to rent out other people's houses, et cetera, when they travel. And companies are seeing this is jobs. J Consumers actually not wanting to move out to the suburbs because they're staying in cities. Big companies like Microsoft are saying maybe we should move closer to city centers. So as a result of this, what we're starting to see is a lot of large companies who, who traditionally have moved out to the suburbs for sprawling campuses and tax concessions actually move closer towards the city center so they can recruit the right people. Influencers is I hot topic, especially in the fashion space. There's a big story today in the Wall Street Journal about all the fraud that's going on in the influencer space. My take on influencer marketing is you're gonna see a lot less one night stands and a lot more marriages going back to where it was in. In my era where brands are going to do major sponsorships with a list celebrities versus trying to chase the influencer du jour because they just can't trust their reach. They can't trust what they're going to do. And that's how I see the influencer space shifting. It's not going to go away. It's just going to kind of be redefined in some ways. Go back to where it all began with celebrities. Another thing with jobs. So wework, obviously we're reading crazy things about wework right now. And while that company has has its own issues, I actually think the model of collaborative workspaces is here to stay. Because what a lot of Younger consumers want to be is they want to be the CEO of themselves. They know if they go to work for a company on the Fortune 500, there's a good chance that company would no longer be around. But if they come up with a marketable skill set like a YouTube search engine optimizer or a Ruby on Rails developer or a graphic designer, they know they can become the CEO of themselves, work out of a WeWork and make an enviable career with tremendous freedom and flexibility by becoming the CEO of them. And that's why I think models like WeWork are really here to stay. Google last year reportedly had more contract workers and full time employees at the entire company. K Don't judge me. The Kardashians. What I think the Kardashians have actually done really has set the roadmap for what influential marketing means moving forward. Believe it or not, the Kardashians have actually impacted more people, not necessarily substantively, but they have touched more people and drove more buying decisions than the Beatles did in the 60s. Right? Think about all the tentacles that they have. Think about Kylie Jenner having a billion dollar cosmetics business, their impact on fashion when they post something on Instagram, how quickly it sells. They have created the model of creating a large brand on television and taking it into digital and taking it all the way down to the point of purchase. And I think they've really again created, created the blueprint for influencer marketing moving forward. L is for Love In a world where there's two income households, in a world where nobody wants to settle down, love is being redefined with this generation. Obviously the dating apps don't really help. And as a result of all this, consumers are getting married far later in life, if at all. The marriage rates are dropping in major markets all around the world, which also means that that the fertility rates are dropping in major markets all around the world, which means if you sell maternity clothes, it's going to be to a much older consumer, which means that consumers will want to dress younger far later in life because they're single far later in life, which means that you can market more fashionable goods leading edge fashion to consumers at an age that's a lot later for them, which is definitely a new development in this industry which creates my next slide, which is grow up quick, get old slow. While young consumers with their phone grow up so fast and get access to everything. Adults actually have access to what younger people are doing and it's actually making them live much younger far later in life. This is Burning Man. It's a crazy party that goes on in the desert every single year. Cash has not accepted. It's basically a one week long party. And Eric Schmidt, formerly CEO and then chairman of Google, arguably the most powerful company in the world, got his job at Google because he went to Burning man dressed like this to meet Larry and Sergey, the founders of Google. So talk about re establishing social norms. Imagine somebody dressing like this in the 80s to get a job of a major bank as a CEO. Wouldn't happen, right? So people are holding on very closely to the ideals of youth so they can live younger later in life, which impacts how they spend their time, their money and obviously how they dress. Next is optimism. So one of the biggest changes between Gen Y and Gen Z is that since when Gen Y came about, there was almost like an Internet gold rush and everyone was kind of trying to be a professional life liver meaning they were chasing opportunities, they were really focused on creating content. They were trying to build their own personal brands. We have seen a shift for Gen Z to much more of a social responsible outlook on life. They see the big picture. A lot of them have seen their parents go through tremendous stress with the financial collapse and that's a major shift that we see happening. And at the same time, Gen Z is also very optimistic. P is for products, consumer products and the world of consumer products are going to have a dramatic shift right now. It used to be that if you sold Duncan Hines brownie mix and you went to Walmart and Target or Miniso or a big box retailer and got a couple of extra inches of shelf space, your product was going to sell. But as consumers stay in cities as they don't roll up with their SUV and throw in products, but instead order on Amazon, this traditional retail model is no longer the case. You can no longer rely on a consumer pushing a shopping cart and based upon your packaging, throw something into your shopping cart and forget about shopping malls. Because while it used to be the heyday where they used to hang out, there's tremendous landscaping going on in many shopping malls. But it's not because they have good landscapers. Right? The plants have actually started to take over and the retailers are feeling the pressure. So what we're starting to see is a lot of big box retailers say, you know what? We're going to sell sandwich bags for a dollar less than the premium brand and we're going to promote it. So if you're a brand like Ziploc, one of the largest manufacturers of of sandwich bags, you're getting squeezed by consumers buying on Apple and you're, I'm on Amazon. And you're also getting squeezed by consumers going into a traditional retailer and just buying a private label brand. So there are so many large companies that have thrived over the years with a traditional retail model that I think are going to go out of business. And I think we're going to see some of the most tried and true brands around the world no longer be able to survive based upon this disruption. I think it's coming very quickly. Amazon is probably obviously the leading reason why. And Amazon's coming up with all these little nooks and crannies to get much more touch points to consumers. Right now the average Amazon prime shopper spends between five and six thousand dollars a year. And in the next two to three years they're gonna get that number up over $10,000 a year. They bought a company called Ring, which is a smart doorbell company where if an Amazon delivery person rings the doorbell, you can let them into your house while you're at work. Making it more easier than ever to make Jeff Bezos even more rich private label brands. Amazon themselves has a litany of their own brands. They will see that a volleyball is selling very well on Amazon and you know what they'll do? They will actually make it slightly cheaper from a better manufacturer and put it up right next to the small business that started it and knock them out. So that's something I think they're going to have antitrust issues with moving forward. But it's something that Amazon's done really lever their position in the marketplace and, and really eliminate a lot of competition in the space. We talk about social responsibility and I kind of go back and forth whether it matters or not. When I look at Gen Z, social responsibility matters to the extent that they can tell everybody else they're being socially responsible. So if they can do something like TOMS Shoes is a great example. You buy a pair of shoes from TOMS Shoes and a pair gets sent to a developing nation where kids can't afford shoes. But what Tom Shoes did that was really a brilliant idea, is they allowed the consumer very easily to share that they were actually making an impact. Because the personal brand matters so much that with any of these things it needs to be a movement, not a campaign. It's not enough just to stick a pink ribbon on the side of your advertising. You need to allow consumers to participate, to talk about it and they will get behind your brand. And that's where I think the big distinction is the that a lot of companies are Missing t is for TikTok. Has anyone here gone on TikTok yet? Okay, so you're a big tiktoker. I gotta follow you. So this is probably one of the most underestimated channels in digital right now. The amount of momentum that TikTok has, I don't even know what the numbers are because they get bigger every single day. They've nailed it with the user experience. It's all about expression. It's. It's easy for consumers, young people to share videos. It's not focused on popularity, contest or likes. And this is the Gen Z app, right? So if the Gen Y app was Instagram, if the Gen X app was Facebook, TikTok is it, right? You guys are laughing at Facebook. I use Facebook. What's up? Just trying to say I'm old. And then the baby boomer app was the phone book, right? But TikTok is saying, I don't see going away anytime soon. Travel is another huge thing. We are in the middle of a hospitality revolution. Because when you talk about the status symbol being the new status update, what better way to build your status update than traveling, right? The bucket list. Checking things off. And when she travels, wherever she's going, she's no longer going to a guidebook. She's looking at the influencers and the celebrities she cares about most, seeing where they took their pictures, and that's where she's going to travel in each market. So if you're a restaurant, if you're a hotel, if you're a retailer, create a shareable experience from your retail location that people will want to take photos and share with, and then your brand will go along for the ride. And not enough companies are doing. There are awful hotels that people stay at because they have a nice lobby with a pink bunny in the lobby, and everyone actually goes there. I was in Austin, Texas this weekend. There's a giraffe in the front of it, and all the young women are there taking a picture with the giraffe. And the bar has a line around the corner. Not better music, not better drinks. This could be more of a fad, but something that is definitely taking off and is not too late for retailers to really jump in on this. U is for utility, and this is something that I created when I was asked a question at a conference earlier this year in Barcelona. I was asked, what does it take based upon everything I'm saying, for brands to succeed? We talked earlier about experience, and those are your companies that. That are on the right. We talk about luxury and value Right. Because the middle class is eroding. So that's the top and the bottom. And the one thing I haven't mentioned yet is utility. While experiences give consumers the best version of what they want, utility gives consumers the best version of what they need, right? It's there to save them time or save them money. The luxury side, they want time saving stuff cause that's the one thing they can't buy, right? The value side, they want things to actually save them money. So if you're a brand, in my opinion, you actually need to position yourself in one of these quadrants. You either need to be a brand that provides luxury utility based services. Like I pay a lot of money for this platform called Clear, which allows me to go into the airport without showing my driver's license because it saves me two minutes every time I go to the airport. And that adds up over a year, right? So that's a luxury utility. A value utility is something like Ikea, right, Which allows consumers to buy furniture they wouldn't otherwise be able to afford. Luxury experiences. You know, there's Amman Resorts, there's a company in New York called Blade which is shuttling people back and forth to airports. So it's both an experience and a utility. Starbucks is even a luxury experience because their platform is built for consumers actually spend time there and then value based experiences. This is where things like wework come in and class pass, right? Allowing even rent the Runway, allowing consumers to kind of access things they wouldn't otherwise normally be able to buy. To me, this is the roadmap moving forward because we are seeing that wealth disparity, we are seeing consumers focus on experiences to build their personal brands. And the same side consumers, the wealthy consumers, want to save time. And as there's much more of an economic downward push in certain markets, there's a lot of consumers that want to save money. And to me, if you can figure out where you fit here, you have a good chance of succeeding moving forward. Television or video, the TV is slowly going to become a giant iPad hanging on your wall. Young kids go up to televisions and they try to swipe them because they think that the TV should be a giant iPad on your wall, right? If you ask kids what a TV network is, they don't know what it is because they're spending all their time in YouTube and all these major brands that I said are in trouble built their brand when there was five or six TV networks and they just advertise and pound the people over and over again. But as that model goes away. I think what's going to happen is the playing field is going to be level for smaller businesses to be able to build their brand and the disruptions are going to continue moving forward. So I'll wrap it up with this. Globalism is huge. I think when you're thinking about your kids and if you have kids and actually what this means for them, it's actually to make sure that either they're going deep into an art or deep into a science. Deep into an art. You're being a writer, you're being a designer, you're doing things the machines can't, or you're going deep into a science load, how to code, build and operate the machines. Because if you're in the middle, you're going to be in trouble. And in a global world, I think education systems and many developed markets around the world are in the backward looking mirror. Because I don't think kids should learn how to do handwriting personally or actually how to actually do even basic math when they can just ask their iPhone things. Because in places like Japan, kids are getting taught how to write algorithms at age 9. And that's the world that we're going into in a global world moving forward. And it's something I spend a lot of time thinking about is what does it mean for the future of education. So to wrap it up with my X, Y and Z, which my easiest three letters, Gen X are the old people like me, right, who did not grow up with the Internet in the household. Gen X is getting to the phase right now where it's kind of like ride or die. They need to understand because I know so many people who are successful and in banking or legal that don't know how to actually operate social media, that don't even know how to work an iPhone. And while they may get away with it for a certain period, Gen X needs to gravitate towards this because this is not, we're not going backwards. And I think there's a big opportunity in almost any industry helping Gen Xers who are now senior level executives, a lot of companies understand and embrace technology. Gen Y. Gen Y is about to enter the workforce again. The oldest millennial is 41 years old. These are people who are going to be the CEOs. These are people who are going to be the new age politicians that are going to shake things up. And their impact, in my opinion, is really just getting started. And then lastly, my Z. Gen Z, Gen Z. Again, it's everything Gen Y had and even more because again, the phone is an appendage to their hand. Their intuitive understanding and knowledge of technology is unlike anything we've ever seen. They they are the most sophisticated consumers that have ever existed based upon their access to information and real time understanding. And they have a very large expectation for things being delivered instantly. And because of that, you really need to rethink that consumer. So I think I got through everything. My throat's about to fall out. I saw a lot of head nodding and stuff. If you go to this link, you can enter your information and I will get you the presentation tomorrow, as well as a ton of other stuff. You guys have been an amazing audience and looking forward to hanging out with you guys later. Thanks so much.