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Thursday, September 19, 2013

On the Millennial Consumer

In Time:  More intent on Browsing than on Splurging?

" ... The millennial generation is easily the most studied demographic since their parents, the Baby Boomers. This is not only because Americans are always fascinated by youth culture, and that millennials are growing up during a period when technology and economic forces are changing rapidly, but also because—to put it bluntly—Gen Y represents big bucks. Roughly 80 million American millennials spend $600 billion annually, and by 2020, it’s expected this generation’s spending will hit $1.4 trillion per year, or about 30% of all retail sales....

America's 80 million millennial consumers are on track to account for about 30% of all retail sales by 2020, but the group can be a tricky demographic when it comes to figuring out what they'll choose to spend on, according to recent studies. Gen Y consumers love to shop but make fewer purchases than their older counterparts, according to NPD Group, in part because they love a bargain and in part because many of them have less money.... " 

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