So who exactly are millennials? Good question. So despite headlines of economic challenges - crippling student debt, low home ownership rates, and financial setbacks stemming from the 2008 recession - millennial spending power is an essential focus for marketers in a wide range of industries and will continue to be for many years to come. While they may not have reached their peak spending potential yet, in the coming years, millennials will become higher earners as they progress further in their careers. millennials representing approximately $1.4 trillion in disposable income in 2020, they are currently the largest consumer demographic making up more of the workforce than any other age group. Tech-savvy, socially-conscious, and increasingly experience-driven, millennials are both desirable and elusive. When it comes to targeting the right consumer segment, many modern businesses have become obsessed with appealing to millennials. This is closely linked to income, particularly disposable income, but can also be influenced by inflation, tax rates, availability of credit, and interest rates. There are many factors consumers consider when making a purchase decision: how much utility, value, or happiness they'll gain what the shopping experience is like and of course, realistically, what their budget looks like.Ĭonsumer spending power is generally defined as the capacity of an individual or group to purchase certain amounts of goods or services.
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