Millennials are most every marketer’s darling demographic, and for good reasons too. There are 80 million millennials in the United States, and together they represent the single largest market segment since their Boomer parents came of age.
Speaking of coming of age, millennials are coming of age quickly, and represent the only market segment that has growing levels of disposable income, not only from rapid career growth, but from inherited wealth as well.
Put altogether, millennials represent the future of retail – by 2020, millennials will be responsible for 30 percent of retail in the United States, representing over $1.4 trillion in total spend.
Now, millennials often don’t enjoy being grouped into one large market segment for a variety of reasons, in no small part to the often portrayed negative stereotype of the post-graduate slacker still living at home. But, for retail marketers, there’s a lot to learn from understanding the behaviors of this eclectic group of individuals. To that end, Alliance Data recently conducted some generational research Mobile Marketing Watch recently incorporated in the infographic below that shares some key distinctions in a “typical” millennial’s path to purchase.
- [INFOGRAPHIC] Millennials & Their American Dream Blog
- [INFOGRAPHIC] Mobile’s Continued Retail Disruption Blog