The ‘Rise of the Millennials’ infographic provides a quick breakdown on people born between 1981 and 2000, showing what kind of influence they will have on businesses, as both employees and consumers. Stats show that Millennials are roughly equal in terms of men and women, but it’s one of the most culturally diverse and powerful generations yet. By 2020, Millennials, will have over $1.4 trillion in spending power. Millennials are set to become “the next Boomers” and surpass the spending powers of Baby Boomers even sooner, by 2018.
One of the points on this graphic notes that “Millennials love to spend money” on travel, apparel and dining out. Brand loyalty and the influence on social media on purchases is also incredibly high and should definitely be noted by marketers.
The Rise of the Millennials infographic comes from Badgeville, a platform that helps businesses improve customer loyalty and employee behavior through gamification.
What's Driving This Trend
- Millennial Spending Power
- The rise of Millennials will result in a significant increase in spending power, creating opportunities for businesses to cater to their preferences and needs.
- Cultural Diversity
- The culturally diverse Millennial generation presents an opportunity for businesses to create inclusive products and services that resonate with a wide range of consumers.
- Social Media Influence
- The high influence of social media on Millennials' purchasing decisions opens up possibilities for businesses to leverage online platforms and build strong, engaging digital marketing strategies.
Who This Affects Most
- Travel and Tourism
- The passion of Millennials for travel presents a potential growth area for businesses in the travel and tourism industry to create unique, personalized experiences that cater to their preferences.
- Fashion and Apparel
- Millennials' love for spending on fashion and apparel offers opportunities for businesses in the fashion industry to innovate and align with their values, such as sustainability and inclusivity.
- Food and Beverage
- The willingness of Millennials to spend on dining out provides a chance for businesses in the food and beverage industry to create unique dining experiences, convenient food delivery services, and innovative culinary offerings.
