Reaching out to Millennial Customers
Next year, they will become the country’s largest and most powerful consumer bloc and over time will become the most economically and culturally impactful generation in U.S. history, outspending even Boomers over their life span. They are expected to account for an estimated $1.3 trillion in overall direct annual spending, according to PLMA consumer research. And they are only in their 30s!
Who are they? They are the Millennials.
Born between 1980-2000, they already carry very heavy wallets, which this year alone are projected to account for between $600 million and 1 trillion in sales. In decades to come, their economic impact will increase dramatically as the generation becomes completely of age and reaches peak buying power. “Millennials will account for nearly one-third of total U.S. spending by 2020. Even through the economic tumult of the past five years, their spending has grown by three percent a year,” according to McKinsey & Co. Pew Research, calling them “The Next America.”
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