By now, all retailers and marketers should be very familiar with millennials. If not, well, it’s probably too late.
You see, there are over 80 million millennials in the United States along, and they’re coming of age quickly, reaching not only peak levels of disposable income, but also inheriting baby boomer wealth as well. And, by 2020, millennials are expected to account for 30 percent of retail, speaking over $1.4 trillion annually.
Yeah, millennials mean business, literally and figuratively.
In compiling its recent 30 Under 30 list, Forbes surveyed nearly 500 millennials to get a broad overview of the segment’s values, beliefs, preferences and behaviors. The infographic below, originally published in the April 11 issue of Adweek magazine, provides some fantastic insights into this often misunderstood demographic market.