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Tech Savvy Millennials Take Over Spending From Boomers

26 May 2014

For marketers, Millennials are the most important generation to come along in the last 100 years, according to a recent Adroit Digital study. This group of young adults is the largest generation by number. Millennials number more than 80 million in the US, a population larger than the Baby Boomers, and it outnumbers Gen X almost 3:1. Millennials came of age in the wake of massive advancements in technology, unparalleled communication access, and media exposure that allowed people to spread information faster to a wider, more diverse audience than in any generation before them.

As Baby Boomers move closer to retirement, they will take with them close to $400 billion in annual spending in the US alone. Retailers are scrambling to secure the loyalty of the Millennial tech-savvy and fast-paced crowd, which spends $600 billion a year.

By 2030, Millennials will outnumber non-Millennials. In addition to growing up as digital natives, Millennials entered college in the face of the largest recession since the Great Depression. Many of those who completed their college education are accompanied by massive student loan debt, and they also entered college knowing a bleak job market faced them. They also see things differently because they are culturally different. Millennials are the most racially and ethnically diverse American generation ever, with over 20 per cent of the population now identifying as Hispanic and 13 per cent as African American.

When asked about how they think about brands compared to how their parents think about them, and how brands can gain their future loyalty, 64 per cent of Millennials are more brand-loyal or as brand-loyal as their parents. 24 per cent consider themselves to be more brand-loyal than their parents. Rest assured, says the report, this generation demonstrates strong brand loyalty.

To gain insight into how Millennials view brands and their thoughts on brand loyalty, 60 per cent of Millennials said that social advertising has the most influence over them in how they perceive a brand and a brand's value. Traditional media, outside of TV, fell flat. In the realm of influence, radio, billboards (OOH), and magazines finished last with mobile and online, both display and video, comfortably in the center.

To read the full article on MediaPost click here.

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