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Millennials play a crucial role in the future of consumer spending. With 200B in direct purchasing power and an additional 500B in indirect spending through influencing their Baby Boomer parents – they’re a force to be reckoned with. They’ve got significant spending power, but they’re also significantly stressing. Could it be that the student loan debt this well-educated generation racked up is causing this anxiety or maybe it’s their passion for traveling that has left them feeling financially tense?
Despite their adversities, this generation is still spending more today than they were just one year ago, which is why it is necessary to focus on the Millennial audience in your upcoming media plans. Marketers will have to adapt to the Millennial mindset and understand them on a personal level as they move through major stages of life.
Learn how marketers are reaching this unique generation by checking out our commentary below on this key generation.