This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2018/12/27/the-spending-power-of-millennials-and-industries-were-not-killing/
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by Harsha Cuttari, CTO of AQUA Intelligence
From avocado toasts and pumpkin spice lattes to pricey Yeezys and international vacations, Millennials and their 200 billion-dollar buying power have a great deal of influence over the economy. But, how exactly are Millennials spending their money and to what extent do companies have power over them? Millennials are moving away from material objects and spending a lot more money on traveling. The travel industry has the opportunity to sink or swim, prompting industry leaders to explore new ways to satisfy customers, including tapping into the potential of blockchain technology.
According to Lexington Law, in 2018, Millennials in America had an average expenditure of $47,112 and they pumped $600 billion into the US economy. That number is only expected to grow, surpassing one trillion USD by 2020. How does that compare to other generations? Well, when it comes to entertainment, Millennials shell out two thirds more when compared to GenX and Baby Boomers. Even though they are spending more, Millennials are currently shelling out less on material items.
So what do Millennials care more about than the hippest of avocado toasts and the trendiest of designer shoes? They are taking more vacations, way more than previous generations. In fact 78% of Millennials anticipate using all or most of their vacation days, while only 69% of Baby Boomers are expected to do the same.
Other than spending habits, Millennials may also have a reputation for being capricious, but that’s actually unfounded. They are fiercely loyal when it comes to brands. The AARP study, Travel Trends, mentions that nearly 60% of Millennials remain loyal to brands. The study, also reveals that Millennials are less likely to be members of loyalty rewards pro… Read More
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