Reason-Rupe has a new survey and report
out on millennials—find the report
here.
Reason-Rupe’s latest poll of millennials finds a majority
(55%) hopes to start their own business one day, while 43 percent
don’t have this desire. More generally, millennials have a positive
view of business, entrepreneurship, competition and profit.
A plurality (47%) say that the “strength of this country today
is mostly based on the success of American business,” while 33
percent say “American business gets more credit than it deserves
for keeping the country strong.” A fifth aren’t sure what to think
about American business.
There are predictable differences across political ideology,
particularly driven by white liberals. Sixty-one percent of
conservatives agree U. S. strength depends on business success, as
do 50 percent of moderates. Only 38 percent of liberals agree,
while a plurality (41%) says business gets more than its due
credit.
Millennials aren’t too concerned about business making too much
money or paying too little in taxes either. Less than half of
millennials say American companies make too much in profits (44%)
and the same amount says companies pay too little in taxes (44%).
Instead, a majority (54%) says business profits are either the
“right amount” (42%) or too little (12%). Similarly, a majority
(55%) says companies’ taxes are either the “right amount” (37%) or
too high (18%).
Partisan differences exist, as more millennial Democrats than
Republicans say companies are making too much in profits (54 to 31
percent) and paying too little in taxes (56 to 27 percent). The
partisan differences appear partly driven by white Democrats, while
non-white Democrats are more favorable toward business.
While millennials are pro-business, they still believe
government regulation is necessary to protect the public interest.
A plurality (46%) believe, “government regulation of business is
necessary to protect the public interest, ” while 37 percent say
“government regulation of business usually does more harm than
good. ” Another 18 percent don’t know what to think about business
regulation. Nevertheless, 63
percent are still concerned that regulators prioritize special
interest over the public.
Millennials Like Profit and Competition
“People Not Profit” signs may be popular at Occupy Wall Street
rallies, but hostility toward profit is not representative of the
average millennial. Instead, young Americans are favorable toward
the concepts and values that undergird business and
entrepreneurship, including profit and competition.
Seventy percent agree that competition “stimulates people to
work hard and develop new ideas. ” (Nearly a third have a highly
favorable view and 40 percent have a somewhat favorable view). A
quarter generally has an unfavorable perception of competition,
because it is “primarily harmful” and brings out “the worst in
people. ”
Sixty-four percent are favorable toward profit because it
“encourages businesses to provide valued products to attract
customers. ” (More than a quarter has a strongly favorable view and
37 percent have a somewhat favorable opinion). A quarter has a
primarily unfavorable perception of profit, because it “encourages
businesses to take advantage of their customers and employees.
”
Less Expensive Imports Trump American-Made
When it comes to buying products at competitive prices or
products made in America, millennials are divided. Fifty-two
percent say they’d prefer to purchase a lower-priced product of
equal quality made in another country, but 45 percent would prefer
to purchase a higher-priced product of equal quality made in the
United States.
Despite Republicans’ rhetorical support for free markets,
country loyalty may come first. A slim majority (51%) would rather
purchase a higher-priced product made in America while 43 percent
would choose a less-expensive product of equal quality made in
another country. Nearly the inverse is true of millennial
Democrats. Fifty-four percent Democrats opt for the lower-priced
product made abroad and 44 percent would rather the more expensive
American-made product. Independents are nearly identical to
Democrats on this issue.
To
learn more about millennials, check
out Reason-Rupe’s new report.
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