Millennials are just getting started!
In 2017, they spent $600 billion in the United States. What part of that number did you capture?
Their appetites are still diverse, but they are the product of technological advancements and major cultural shifts that have altered consumer mentality from the day they were born.
The Lexington Law Blog wrote:
“As Millennials will soon become the largest living generation in America there is a growing need for brands and companies to pivot their sales tactics … The full impact of Millennials purchasing power and brand preferences will come into full effect in 2020 when their purchasing power is projected to reach $1.4 trillion. With Millennials becoming a major part of the US economy it is important for brands to stay educated on the spending habits of this growing power house.”
How much of that figure WILL you capture?
The following are a few statistics from their research –
- 48% of Millennials report that they are living from paycheck to paycheck. [Source: Wells Fargo]
- 60% of Millennials remain loyal to brands they purchase. [Source: Forbes]
- 74% of Millennials would switch to a different retailer or brand if they had a negative customer service experience. [Source: ICSC]
Read any financial product study out there and you’ll see that relationships and value added – not just in the product(s) purchased, but more importantly, in the experience created – are what provide a “retaining” experience with your customer.
“Although no generation behaves the same as the last, Millennials are attributed to changing much in America due to their sheer size … it is growing important to learn about their spending habits and purchasing preferences.”
Cash Discount Team