Millennial Consumer Buying Power Exceeds Previous Generations
A recent conversation with Jeff Fromm, who is executive vice president at Barkley, centered on some interesting buyer dynamics. About 80 million consumers make up the Millennial generation: one of the wealthiest generations ever, spending an estimated $200 billion annually. And it is expected to only increase. Born between1977 and 1995, the youngest will be 21 in just four years. Here are some other stats Jeff shared about the Millennial generation. As a group, they are:
- Tech-savvy. 77% of them use laptop computers at home and 59% had smartphones.
- Very social. Their online sociability extends to businesses. More than 60% rate products and services on the web, nearly 53% say they like checking out brands on social media sites like Facebook and Twitter, and more than 33% said that they like a brand more when it uses social media.
- “Always on." Your business needs accurate, mobile-ready information available to them when they want it. While they're out and about, they're going to want to know your address, hours and what kinds of deals they can get when they arrive.