One of the largest generations in history is about to move into its prime spending years. Millennials are poised to reshape the economy; their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business for decades to come.
The infographic from Goldman Sachs attempts to define Millennials in the following categories…
- Who Are They?
- Housing
- Love & Marriage
- Access, Not Ownership
- Brands and Retail
- Wellness
And of course, the Takeaway…
The Millennial generation is the largest in US history and as they reach their prime working and spending years, their impact on the economy is going to be huge.
Millennials have come of age during a time of technological change, globalization and economic disruption. That’s given them a different set of behaviors and experiences than their parents.
They have been slower to marry and move out on their own, and have shown different attitudes to ownership that have helped spawn what’s being called a “sharing economy.”
They’re also the first generation of digital natives, and their affinity for technology helps shape how they shop. They are used to instant access to price comparisons, product information and peer reviews.
Finally, they are dedicated to wellness, devoting time and money to exercising and eating right. Their active lifestyle influences trends in everything from food and drink to fashion.
These are just some of the trends that will shape the new Millennial economy.