Members of Gen-Y or the millennial Generation—18-to 29-year-olds—were hit harder with pay cuts and unemployment during the recession, but their spending habits have not significantly changed. In addition, the diversity of this multicultural generation is increasing. According to Packaged Facts’ recent Gen-Y research, it is expected that these freer-spending millennials will be critical to American economic recovery. The different attitude and behavioral profile of this culturally diverse and technologically advanced group is important for marketers to take into account, adjusting strategies accordingly.
- Of the 51 million millennials, approximately 42 million are employed and have a mean income of nearly $24,000
- Aggregate Gen-Y income is approaching $1 trillion
- Packaged Facts expects that the aggregate income of 18- to 29-year-olds will total $1.2 trillion in 2015, for a cumulative growth of 18% during the 2010-2015 forecast period
- Millennials are at a stage in life where money earned is money spent—not saved. In the past few months, their spending has increased.
- An increase of nearly 2 million 20- to 29-year-olds is expected between 2010 and 2015, generated by Hispanic, black and other multicultural population groups
- This group's tech-savvy and multicultural profile is different from other generations
- Millennials are optimistic about the future