h1

MILLENNIALS TAKE OVER SPENDING

April 23, 2014

As Baby Boomers (born 1946-1964) move slowly into retirement, they will take with them close to $400 billion in annual spending. So who will replace them? Millennials (born 1981-2000), according to a recent study reported by MediaPost. Millennials are the largest generation by number in American history: 80 million. it is a population larger than Baby Boomers and they outnumbers Gen X (born 1965-1980) almost 3:1.

This tech-savvy and fast-paced crowd, which spends $600 billion a year, is the key to future marketing success for almost every business in America. In just sixteen years (2030), Millennials will outnumber non-Millennials. These consumers are vastly different from the other five living generations:

  • The grew up totally in the digital/online world.
  • They went to college during the largest recession since the Great Depression.
  • Many have degrees and massive college debt.
  • They entered college knowing a bleak job market.
  • They are the most racially and ethnically diverse American generation ever. Over 20% of the population is Hispanic and 13% are African American.

Want to learn more about the millennial market? Stay tuned, I will be covering this critical market in my next few posts.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: